My personal experience - Lost 5,000 USD in 4 months Forex. Please advice. | Page 6 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Your thoughts/experience/advice on trade management? 3 replies

seeking advice for next steps... a bit lost 9 replies

Advice please Forex vs Spread Betting 3 replies

My first live experience - Personal reflections and journey 6 replies

Please advice me a good forex brooker 2 replies

Attachments: My personal experience - Lost 5,000 USD in 4 months Forex. Please advice.
Exit Attachments

My personal experience - Lost 5,000 USD in 4 months Forex. Please advice.

  • #101
  • Jan 18, 2008 4:15am Jan 18, 2008 4:15am
Quoting loser
Can you link me to the Jacko's thread you recommending? Thanks!
Jacko's Forex House of Pleasure and Pain

Try it on a demo account with Oanda. I don't know of any other US-based companies giving free accounts so there may be much better ones. (I'm based in the UK.)

www.tradindex.co.uk do a demo account, but it closes daily at 9pm GMT which may be a problem for you. Also, it isn't very good but does have access to thing other than currency and gold & silver.
The market reveals who we really are...
  • #102
  • Jan 18, 2008 4:43am Jan 18, 2008 4:43am
Hi loser i have been following your thread for some time and i hate to see people lose

Please pm me i will help you learn to trade and use mm and get a system i have used for years working for you there is no charge i just want to help.

Talk soon
Talent does what it can; genius does what it must.
  • #103
  • Jan 18, 2008 5:35am Jan 18, 2008 5:35am
Quoting loser
Thanks everyone. I just had a shower and I thought it would go away everytime as I feel fresh again.

I will start again on a demo, and I don't know which system should I start with? I am not able to trade the london session, I can only trade the US session which should be opening soon.

Can someone tell me what I should do?

I am absorbing every minute right now. Thanks.

One more thing, it seems like EVERYONE here is making lotsa money, and some people even with 300 USD able to make 5 figure then. I am not jealous, I should look forward to how to become them but tell me how.

Maybe you should consider trading daily charts with larger stops.

At least you won't get stopped out by the noise.

Less stress.

Check out my thread from time to time. I will update it regularly.

Making 10% or 100% a year is still better than losing.

Go slow and steady.
  • #104
  • Jan 18, 2008 1:51pm Jan 18, 2008 1:51pm
1/12/08: Trading Thoughts -- The Proper Way To Gamble

Trading is of course gambling. You won't hear such a frank admission from the mouths of most financial experts because they are loathe to admit that Wall Street has more to do with Vega than with Main Street, but hey, let's call a spade a spade.

We practice the art of predicting the unknown. We gamble. And so do weathermen, pollsters, buyers for Bloomingdale's and a host of other professions where uncertainty is at the core of the game.

Instead of denying it we should embrace this idea, face the truth and perhaps become better traders as a result. There is a right and a wrong way to gamble. The wrong way is to throw ever increasing money into the pot hoping to recover your losses. That is what all losers do, be they at the craps table at the Bellagio or holding a bad EURUSD position in their book.

The key to gambling properly is do so only with the houses money.

Rebuttal
by Greg Wilson

Re: "Trading of course is gambling." While this statement is an interesting hook to draw the reader in, I don't agree with it taken at face value. There is all the difference between throwing a pair of dice across a craps table versus thoughtful technical or fundamental analysis prior to pulling the trigger on a trade.

It might be argued that a single trade is gambling -- however if a trader is consistently in the win column over time it's not merely because of Lady Luck.

I'll agree with your statement only in this sense: An individual who is most often in the loss versus win column over time is indeed a gambler. But "gambler" and "trader" are two different terms and their meanings shouldn't be blurred.

Throwing a pair of dice isn't a "skill" which improves one's win percentage over time, and neither is merely pulling the trigger on a trade (gambler).

Anyone can throw a pair of dice. Very few will trade successfully over the long haul because trading is a learned and earned skill (trader), requiring a mature commitment and devotion to the craft.
  • #105
  • Jan 18, 2008 2:49pm Jan 18, 2008 2:49pm
mama mia loser. here's some tough love for ya

i hate it when people lose money, but then again you just seem so pathetic. Asking for direction, pleading for help, I mean seriously. Have you ever picked up books on forex and read it from front to cover? Have you ever browse this forum and spent time reading past posts and threads? (esp the beginner's post notes). I'm not against people asking for help, but there's a fine line between legitimate question from your own research and plain laziness.

It takes a lot of work to be successful at anything. You just like a little kid wanting someone to hold your hand. It just a disrespect for everyone who is working hard on their own and asking legitimate thoughtful questions (rather than "can you tell me what to do? what system I should use")...

snap out of it!
  • #106
  • Jan 18, 2008 4:52pm Jan 18, 2008 4:52pm
I'm a noob so I don't have much in the way of advice other than how about starting a trading journal here with a demo account? You could invite some of the successful veterans here to observe your trades and critique them. Just a thought.

By the way, I see what appears to be some good advice here. I'm taking notes.
  • #107
  • Jan 18, 2008 5:31pm Jan 18, 2008 5:31pm
Quoting RickyRudy
how about starting a trading journal here with a demo account? You could invite some of the successful veterans here to observe your trades and critique them.
OK, I think that's a good idea. So let's do it. RickyRudy,... what charts do you look at?? which broker do you like ?? I'm game for this experiment. I'll help you set it up.
And Hey,... "The Artist Formerly Known As loser",... charts?? Broker?? What do you like ??
Nothin' to lose,... so what do you say, MT4?? Oanda??
  • #108
  • Jan 18, 2008 7:20pm Jan 18, 2008 7:20pm
Quoting loser
One more thing, it seems like EVERYONE here is making lotsa money, and some people even with 300 USD able to make 5 figure then. I am not jealous, I should look forward to how to become them but tell me how.

Really------REALLY read and digest these threads here. I promise you sir, not EVERYONE is making LOTS of money. You will need to discern who is making money and who is "saying" that they are making money. I find that those who are writing about trading fundamentals--taking their valuable time to answer questions--and initiating discussions on tehnicals, psychology, methodology and so forth are the ones who are most likely your successful traders here. I will have to say, that all of my successful trades are because of what I have learned rigt here on FF. I have been reading this forum through the months of trading my demo account. Had enough success with demo trading that I opened my live acct this past Jan 9. I am so impressed by some here that I knew that I would need posting permission in order to give me more advantage in trading. My attitude here is that I WILL NOT be a consistant supply of liquidity to the forex. I WILL be a student. Every day I tell myself that I am a trader, and I will hone my craft to be successful. I will be successful NO DOUBT ABOUT IT. You must be deturmined enough to trudge through some of the boring but important information. You need to manage your stress and participate in stress relief. For those who are making big pips in forex thats wonderful! You are in no competition with them. Compete with yourself. Be a better and more informed trader tomorrow than you are today.

Now, to keep things in perspective here---All of the above are simply my observations and experiences in trading thus far. I may be a victim of beginners luck. I am under no illusions that I KNOW SHIT at this point except that I will do what it takes to be successful.

Best of success to you-

KissFan
  • #109
  • Jan 18, 2008 7:35pm Jan 18, 2008 7:35pm
Quoting gregwilson
1/12/08: Trading Thoughts -- The Proper Way To Gamble

Trading is of course gambling. You won't hear such a frank admission from the mouths of most financial experts because they are loathe to admit that Wall Street has more to do with Vega than with Main Street, but hey, let's call a spade a spade.

We practice the art of predicting the unknown. We gamble. And so do weathermen, pollsters, buyers for Bloomingdale's and a host of other professions where uncertainty is at the core of the game.

Instead of denying it we should embrace this idea, face the truth and perhaps become better traders as a result. There is a right and a wrong way to gamble. The wrong way is to throw ever increasing money into the pot hoping to recover your losses. That is what all losers do, be they at the craps table at the Bellagio or holding a bad EURUSD position in their book.

The key to gambling properly is do so only with the houses money.

Rebuttal
by Greg Wilson

Re: "Trading of course is gambling." While this statement is an interesting hook to draw the reader in, I don't agree with it taken at face value. There is all the difference between throwing a pair of dice across a craps table versus thoughtful technical or fundamental analysis prior to pulling the trigger on a trade.

It might be argued that a single trade is gambling -- however if a trader is consistently in the win column over time it's not merely because of Lady Luck.

I'll agree with your statement only in this sense: An individual who is most often in the loss versus win column over time is indeed a gambler. But "gambler" and "trader" are two different terms and their meanings shouldn't be blurred.

Throwing a pair of dice isn't a "skill" which improves one's win percentage over time, and neither is merely pulling the trigger on a trade (gambler).

Anyone can throw a pair of dice. Very few will trade successfully over the long haul because trading is a learned and earned skill (trader), requiring a mature commitment and devotion to the craft.
I agree with you Greg. I would say it this way. To gamble is to venture in a game of chance for stakes. To trade is to exchange a less valuable or desirable item for a more valuable or desirable one. Some of us are better at this than others.

Best regards-

KissFan
  • #110
  • Jan 18, 2008 8:32pm Jan 18, 2008 8:32pm
this has been a great thread so far with all the advise from veterans..

Here is my little experience..
Open mini with $250, trade 0.01 lot for a month... if survived + some greens pips, add new fund for another $100 - 200 (and still trade 0.01 lots), if survive another month + some more green pips, add another $100 - 200 (and still trade 0.01 lots). Do this for a year, by end of 12 month, you are wiser, and ready to trade standard.

good luck
green pips
  • #111
  • Jan 18, 2008 9:27pm Jan 18, 2008 9:27pm
Think the market is your slave but you also have to get a plan to control it.

but if the market punish you, punisht it hard. with rogue, counter trading, aggresive entries. and then laugh at it.
then say it....
baby, see why you cant win??? you better be my friend or you have not chance. hehe this craziness has helped, also dont trust indicators, look to them as scammers who offer you profits but nothing.

you just have to probably listen them when all of them agree the same and fundamentals (news, bank reports, advisors), also inspirative watch the hot girls at bloomberg and forextv, uh and the models in thestreet.com .
what a girls


final of history, is you know be better good or you dont have any chance to talking any of them.

this mix of potatoes with fruits has helped me a lot.
i have a message for the market about last week, """i owned you""",
my babe the market gave me good account % return.

everyone has a different tale, you just look for the one you think it works.
if you have to trade naked, or in the top of a tree to be good, do it.
  • #112
  • Edited 10:13pm Jan 18, 2008 9:30pm | Edited 10:13pm
Quoting loser
Hi guys,

I'm back from a break but still in hell, I blew another 500 USD in a Mini, and during the past one year, I blew another 1000 USD. Total amount to date is 6,500 USD and I am still in a lost.

I thought I have found a winning system but everytime I tried to trade, I ALWAYS lose. I wanted to win but it seems I can't. It's been a year since I last posted here.

Guys and gals, please please I really want to trade for a living as I have chosen it to be my life and my career but it is a joke right now and the loss stands at 6,500 USD.

Please help me and tell me a system that you are trading now and how much do I REALLY need to deposit in order to make money.

I am sad, I am in a loss and I did not go to work as consistently as before and I am lucky to be able to stand afloat in that job. If I'm sacked, I would be the Harry Banes of Forex, albeit a losing trader.

I tried to shed away the losing mentality and I've had. I read the "Science of Getting Rich" too, but whenever I login to my account I forgot everything. Can someone out there please help me with your utmost sincere effort? I'm sad not because I lose money, I'm sad because I am not able to bring money in to the field I love most. I am able to talk whole day about trading and know almost every single term in Forex, but it is no point knowing if I do not put it into real action. I need someone, I need to instill something in my mind again.

I don't know how to carry on, I shall stop here.
I don't think you want to trade for a living. You don't want trading to be your "chosen life and career". Why do I say this about you? Because its been a year and you have implemented nothing from this thread that you started.

Have you read any advise that's on this thread? Reread it again.

If it's a system you want, are you be willing to study it and practise it for months before you use real money? (my guess, the answer is 'no"). It took me 14 months before I took my first live trade and that was with a mico-account not a mini-account.

I'm not trying to be mean, but it sounds like you are not willing to take the necessary steps to become a trader.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #113
  • Jan 18, 2008 9:38pm Jan 18, 2008 9:38pm
Quoting loser
Thanks everyone. I just had a shower and I thought it would go away everytime as I feel fresh again.

I will start again on a demo, and I don't know which system should I start with? I am not able to trade the london session, I can only trade the US session which should be opening soon.

Can someone tell me what I should do?

I am absorbing every minute right now. Thanks.

One more thing, it seems like EVERYONE here is making lotsa money, and some people even with 300 USD able to make 5 figure then. I am not jealous, I should look forward to how to become them but tell me how.


hello winner

try the ACD method by Mark Fisher. It is a completely mechanical method which requires NO THINKING, I suspect this can be perfect for you! You can find this method in Mark Fisher's book The Logical Trader. Follow this system and do not change the plan. There's a journal of this method in the journal factory ..

Send me a PM with your e-mail I'll give you the book.
  • #114
  • Jan 18, 2008 9:49pm Jan 18, 2008 9:49pm
Quoting hilmy83
mama mia loser. here's some tough love for ya

i hate it when people lose money, but then again you just seem so pathetic. Asking for direction, pleading for help, I mean seriously. Have you ever picked up books on forex and read it from front to cover? Have you ever browse this forum and spent time reading past posts and threads? (esp the beginner's post notes). I'm not against people asking for help, but there's a fine line between legitimate question from your own research and plain laziness.

It takes a lot of work to be successful at anything. You just like a little kid wanting someone to hold your hand. It just a disrespect for everyone who is working hard on their own and asking legitimate thoughtful questions (rather than "can you tell me what to do? what system I should use")...

snap out of it!
i agree with him , wake up , stop pleading , learn ,do ur own stuffs ... u r interested in making money quickly , before that u need to learn to make money slowly ... and above all don't bend the truth , its worst than a lie
To Live is the rarest thing in the world , Most people exist , that is all
  • #115
  • Jan 18, 2008 9:50pm Jan 18, 2008 9:50pm
Quoting bobblong
hello winner

try the ACD method by Mark Fisher. It is a completely mechanical method which requires NO THINKING, I suspect this can be perfect for you! You can find this method in Mark Fisher's book The Logical Trader. Follow this system and do not change the plan. There's a journal of this method in the journal factory ..

Send me a PM with your e-mail I'll give you the book.
This guy is good. trust him.

i am even now investigating who is Mark Fisher, gonna test it and if it works, hope this does not change much my trading style .
  • #116
  • Jan 18, 2008 11:37pm Jan 18, 2008 11:37pm
Hold in there buddy. 4 Months is short of nothing. You still have a long way to go and honestly a lot more money to loose. I recommend you don't consider trading any live funds whatsoever until you're consistently making profit for at least 2 to 3 months using minimum 1:1 Risk/Reward per trade at 2% to 4% risk over your capital.

Try reading: Japanese Candlestick Charting Techniques by Steven Nison
Introduce yourself to Heiken Ashi candles and the Stochastics indicator in detail, then combine that together with Support and Resistance, try not to complicate things.

Best of luck.
E. Lang
"One Grows Tall After Walking Through A Forest Of Tall Trees."
  • #117
  • Jan 19, 2008 12:34am Jan 19, 2008 12:34am
Sorry to hear about the 'lost' my friend. You may wonder why I put the word LOST in the inverted commas... and the REASON is you actually havent lost YET untill GIVING UP in forex trading.

Forex trading is not as simple as one may think. It require a continuous learning.

As I can read in this journal, most of the traders advise you to trade on demo account 1st b4 u proceed to live trading... and I must say that I'm totally agree with them.

'"persistence pays..." so when you're trading on demo account make sure you can keep the persistence in terms of you daily target. As for me 50 pips on GBP/JPY is my daily target.

Try to focus only on one pair 1st so u can learn the 'character' of that particular pair.

So much so, please take a very good care of your MM.

Never give up my friend.

Keep on learning, ok.

Cheers!
  • #118
  • Jan 19, 2008 2:35pm Jan 19, 2008 2:35pm
I say you take out a loan!. And go for it!. Just let er rip....
The market NEEDS YOUR MONEY!. Here's a thought. Put in a trade in both direction. -- at the end of the day... close the one in profit if it goes a hundred... The other one should retrace at least 50 ... Bingo! you made your cash!
  • #119
  • Jan 19, 2008 3:43pm Jan 19, 2008 3:43pm
I read/saw/heard somewhere that you get from the market what you ask for. It would seem the proof of these words lies in this thread.

I trade only to protect my account. Everything I do is to manage my money in a way that it is protected. I wait for probability to be in my favour, and trade with confidence.

Having a name like loser and bleating on like a kid who wants an ice cream is just not quite the mark of a trader IMO.
  • #120
  • Jan 19, 2008 6:59pm Jan 19, 2008 6:59pm
I have never posted here before, however, I have been using this site and reading threads for quite some time now. I thought I would add my two cents for what ever it's worth since all of us have traveled a unique journey in our desire to become sucessful traders.
As with most people, ambitious to learn how to suceed in this venture, I have been to numerous seminars, bought systems, books, etc. This is what I have discovered and what works for me......

Before: My focus was making money.

After: Executing one system, especially during drawdowns. I have found that when I focus on how much I am going to profit/loss, I lose sight of following my trading plan....then succumbing to subjective thoughts instead of seeing what the market is telling me by closing above/below support and resistance.

Before: I didn't know or believe that Money Management and Trade management were apllicable to ME....

  1. After: This is the crux, I believe, in being sucessful. Never risk more than 1 to 2 percent of your equity.
  2. Never over leverage ( I learned about this from James 16) There are two different kinds of leverage...this has been defined in detail in this forum...an absolute necessity if you want to preserve your capital
  3. Your risk/reward ratio, make sure that per each trade you stand to gain more than you stand to lose
  4. Never buy/sell at current market price...wait for price to retest a significant support and resistance level before entering, you'll find that your stop loss will be shortened by doing this as well as being in a positive position quicker as price bounces very nicely in these areas
  5. Price will either bounce at layers of support and resistance or close above/below and travel to the next area of support and resistance...therfore, before entering a trade, identify these key levels so you know in advance where price is likely to go...
  6. take responsibility and ownership of your business....when you have a losing trade, don't make excuses....identify why, did you execute your plan flawlessly? This isn't a game, this is a business, at least for me. What ever your system happens to be, execute it consistently. Everyone here can give you a plethora of advice and information, however, nothing can and will compare to "market time" watching price action.

If you want to suceed, you must be willing to sacrafice. You must be willing to devote time. Demo. Demo. Demo.
Keep a journal. I use wisdom-soft to capture pictures of the market before and after I enter and exit trades. Reviewing what I did right, what I did wrong is an invaluable tool.

Angela

0 traders viewing now