How many real accounts have you blown before consistently making money in FX? | Forex Factory

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How many real accounts have you blown before consistently making money in FX?

  • #1
  • First Post: Nov 3, 2007 10:58pm Nov 3, 2007 10:58pm
I myself have blow up 3 real account before start to do well in forex market.. it is very painful..but now i am doing ok..

The worst one is my usd1000 mini account blow in 2 trading days for trading gbp/jpy.

The main reasons for it.....are poor money management, and psycology

How about you guys....i just curiuos to know..

Did you consistantly making money from the start of opening live account? How many accoount have you blown if any?

Or tell us your experience before u consistantly profitable..
  • #2
  • Nov 3, 2007 11:24pm Nov 3, 2007 11:24pm
i myself have blown up 2 acc before this
all this due to poor management and greed
and am starting to start all over again rite now
hope it wont fails me after this
such an experience
  • #3
  • Nov 3, 2007 11:41pm Nov 3, 2007 11:41pm
Quoting laut
i myself have blown up 2 acc before this
all this due to poor management and greed
and am starting to start all over again rite now
hope it wont fails me after this
such an experience

Don't give up..

As i have experienced the pain before, my advice to u is to trade demo until u become profitable in every demo accounts and then only fund your real acount for the third time.

Good luck to you. You still did better i am 3 you 2.

The success don't come without pain (at least for me..)
  • #4
  • Nov 3, 2007 11:42pm Nov 3, 2007 11:42pm
me, ve blown trice on mini acc (FXCM), GBP/JPY n AUD/USD. as u guys perhap, deal with emotional part, greed, poor timemanagement less acknowledgement following daily finance news n undiscipline. now i'v to start trading slowly with less than $2H for tomorrow, hopefully luck upon me to grow a bit n a bit these week.
  • #5
  • Nov 3, 2007 11:54pm Nov 3, 2007 11:54pm
Quoting aimanJaslan
me, ve blown trice on mini acc (FXCM), GBP/JPY n AUD/USD. as u guys perhap, deal with emotional part, greed, poor timemanagement less acknowledgement following daily finance news n undiscipline. now i'v to start trading slowly with less than $2H for tomorrow, hopefully luck upon me to grow a bit n a bit these week.
Good luck in your 4th attemp. We are draw....
  • #6
  • Nov 4, 2007 12:21am Nov 4, 2007 12:21am
currently i'm trading with my live funds balance from acc 2
around 2+ dollars left,out of 900 at the beginning
so as i only trade based on usd
so i predict usd will always weak
and so if i play ucad or gu
i always siding on sell and long
us having a prob of crude oil rite now
and i dont think can be settle in short time
so far no prob using my technique
besides, i practice using SL as my protection as i dont practice before those 2 past acc
that is due to my confidence level that the pair will be back to normal
but what i can say, it still go against us
until i got a margin call, what a day
but still got a long way to experiment it
what do u guys think bout my opinion

but rite now, i'm still not look like doing trade
cos when i make profit
a day later i got a SL instead, or even an hour later
usually the ones going to SL is the one i'm going against my thinking
when i'm putting buy at ucad and short at gu
besides my opinion, sometimes i fell that those pair are far too overbought or oversold
thats why i'm against my first opinion

there goes my profit
  • #7
  • Nov 4, 2007 2:08am Nov 4, 2007 2:08am
Just a question. Why would you open a real account when you get a practice account to play with until you have mastered 1. a strategy 2. Proper money management, 3. Psychology, and 4. when to trade and when not to trade?

I'm no expert and have suffered some losses, but haven't blown a whole account. Just a few tips for you guys that are considering opening a real account. Search the forums and READ,READ, READ then PRACTICE, PRACTICE, PRACTICE with a demo account. No one gets all of the pips. Trade what you SEE and not what you THINK!

Another tip. If you trade the Geppy (GBP/JPY) between 2-6 am, wait for the trend to develop and you can make 100 pips a night easy, just trade your system and don't get greedy.
  • #8
  • Nov 4, 2007 3:04am Nov 4, 2007 3:04am
Quoting DollaBill
Just a question. Why would you open a real account when you get a practice account to play with until you have mastered 1. a strategy 2. Proper money management, 3. Psychology, and 4. when to trade and when not to trade?

I'm no expert and have suffered some losses, but haven't blown a whole account. Just a few tips for you guys that are considering opening a real account. Search the forums and READ,READ, READ then PRACTICE, PRACTICE, PRACTICE with a demo account. No one gets all of the pips. Trade what you SEE and not what you THINK!

Another tip. If you trade the Geppy (GBP/JPY) between 2-6 am, wait for the trend to develop and you can make 100 pips a night easy, just trade your system and don't get greedy.
Demo account is only for us to get used to the platform. Knowing where to click(setting trade, tools, alarm, etc etc) and all. But for trading practise, it is useless. Espicially when comes to psychology, as you mention above. Alot of books talks about fear and greed. Yes, I do agree that fear is our enermy, but greed? I dont agree with that. Greed may not be such a bad idea. Lets take this for an example:

Assume that you open a $10k account. How long would it take to double your account? Keep in mind 10k is a small amount. How could you ever make 6-7 digits with in, say 10 years if you keep on risking 1-2%/trade? An are you sure you system will still be working say 5 years from now? Beeing greedy with combination of some intelligence is the only way IMO. Yes, you will loose in the long run if you keep on risking high. That is why intelligence is nessecery. There are time you need to take advantage of the market(when it is trending) and there are time you need to take cover. Bottom line, greed isnt nessecery a bad thing.

Anyways..back to the topic...guys....Even if we have no tutor to teach us about proper trading, still we need to pay some fee (ya know what I mean?). How much we need to pay, it is all up to us. I havent mention how long it will take us to be successful, did I? Below 24 months is bull. Even a rocket scientist probably will loose

I am not saying that I am already successful but I know people who are successful and unsuccessful. And I could tell the diffrent. Its obvious. I learn alot from this both parties. However, I am curious tho...why are they some unsuccessful people pretend to be THE KING OF TRADING? Watchout newbies for this kind of people. They are around. I myself got caught by this kind when I first started trading. Result : BLOW MY FIRST ACCOUNT.

Thanks for reading.

--TNT--
I Love Forex Factory!
  • #9
  • Nov 4, 2007 3:59am Nov 4, 2007 3:59am
I have blow up 3 accounts with 3 diferent brokers -forex.com,cmsfx,saxo bank.Was about 6000$.Forex.com was the worst broker I ever tried.But now I am doing ok with good system
{Promotion Removed}
  • #10
  • Nov 4, 2007 4:01am Nov 4, 2007 4:01am
Quoting --TNT--
Demo account is only for us to get used to the platform. Knowing where to click(setting trade, tools, alarm, etc etc) and all. But for trading practise, it is useless. Espicially when comes to psychology, as you mention above. Alot of books talks about fear and greed. Yes, I do agree that fear is our enermy, but greed? I dont agree with that. Greed may not be such a bad idea. Lets take this for an example:

Assume that you open a $10k account. How long would it take to double your account? Keep in mind 10k is a small amount. How could you ever make 6-7 digits with in, say 10 years if you keep on risking 1-2%/trade? An are you sure you system will still be working say 5 years from now? Beeing greedy with combination of some intelligence is the only way IMO. Yes, you will loose in the long run if you keep on risking high. That is why intelligence is nessecery. There are time you need to take advantage of the market(when it is trending) and there are time you need to take cover. Bottom line, greed isnt nessecery a bad thing.

Anyways..back to the topic...guys....Even if we have no tutor to teach us about proper trading, still we need to pay some fee (ya know what I mean?). How much we need to pay, it is all up to us. I havent mention how long it will take us to be successful, did I? Below 24 months is bull. Even a rocket scientist probably will loose

I am not saying that I am already successful but I know people who are successful and unsuccessful. And I could tell the diffrent. Its obvious. I learn alot from this both parties. However, I am curious tho...why are they some unsuccessful people pretend to be THE KING OF TRADING? Watchout newbies for this kind of people. They are around. I myself got caught by this kind when I first started trading. Result : BLOW MY FIRST ACCOUNT.

Thanks for reading.

--TNT--
I agree with you 100%. Best case, find something that works for you and stick to it.
  • #11
  • Nov 4, 2007 4:35am Nov 4, 2007 4:35am
Quoting DollaBill
I agree with you 100%. Best case, find something that works for you and stick to it.
I agree with you too. Its like you buying a piece of land and hold it for as long as you can. It will pay off in the end or atleast in most cases.

BTW DollaBill, I like your avator.

Thanks.

--TNT--
I Love Forex Factory!
  • #12
  • Nov 4, 2007 5:00am Nov 4, 2007 5:00am
Quoting DollaBill
Just a question. Why would you open a real account when you get a practice account to play with until you have mastered 1. a strategy 2. Proper money management, 3. Psychology, and 4. when to trade and when not to trade?

I'm no expert and have suffered some losses, but haven't blown a whole account. Just a few tips for you guys that are considering opening a real account. Search the forums and READ,READ, READ then PRACTICE, PRACTICE, PRACTICE with a demo account. No one gets all of the pips. Trade what you SEE and not what you THINK!

Another tip. If you trade the Geppy (GBP/JPY) between 2-6 am, wait for the trend to develop and you can make 100 pips a night easy, just trade your system and don't get greedy.
Congratulation that u never blown an account....

But for me blowing usd500 account still better/ give better lesson than losing usd3k from usd10k account...

I am glad that i have gone through it and profitable now.

If you said making 100 Pip (nett) per night is easy...i agree. But i don't say it is easy but it is acheveable but not every day.
  • #13
  • Nov 4, 2007 5:03am Nov 4, 2007 5:03am
Quoting Pinkpanter
I have blow up 3 accounts with 3 diferent brokers -forex.com,cmsfx,saxo bank.Was about 6000$.Forex.com was the worst broker I ever tried.But now I am doing ok with good system

The 3 account i blow up was about usd2500.

I consider it as tuition fee...
  • #14
  • Nov 4, 2007 5:18am Nov 4, 2007 5:18am
if your testing, creating or proving in ea's , seems to me demo's can be of high value....

the weak link in backtesting is the inability to account accurately for spreads.... running ea's in demo accounts will expose most troubles in that area....

the demo account will also point out if orders are stepping on each other or other errors along that line.....

i have multiple live accounts but 3 times as many demo accounts ..... those demo accounts are flat full of running ea's making hundreds of trades a day..... true, those trades are not makin money yet still valuable knowledge can be gleaned from them.....

a couple more usefull uses of demo's also come to mind......h
to trade and code, keep both simple... no call to impress....h
  • #15
  • Nov 4, 2007 8:32am Nov 4, 2007 8:32am
Quoting 3013
The 3 account i blow up was about usd2500.

I consider it as tuition fee...
solute u 3013, u've surpass me, mine just gone us1800. hopefully the balance acc will grown drasticly so u r 3013 n surpass our loses a month o a year. now lets concentrate n be wise during our trading day, the profit will be on our side yeah. gd luck to u all trader
  • #16
  • Nov 28, 2007 3:56pm Nov 28, 2007 3:56pm
I just blew my $1000 account............

Very pitiful b'cos i raised it to $9,000

Poor money management I guess

Now, i am trying to fund my account
Everything is bare Making the best out of pips
  • #17
  • Edited 3:19pm Mar 1, 2008 3:17pm | Edited 3:19pm
Quoting --TNT--
Demo account is only for us to get used to the platform. Knowing where to click(setting trade, tools, alarm, etc etc) and all. But for trading practise, it is useless. Espicially when comes to psychology, as you mention above. Alot of books talks about fear and greed. Yes, I do agree that fear is our enermy, but greed? I dont agree with that. Greed may not be such a bad idea. Lets take this for an example:

Assume that you open a $10k account. How long would it take to double your account? Keep in mind 10k is a small amount. How could you ever make 6-7 digits with in, say 10 years if you keep on risking 1-2%/trade? An are you sure you system will still be working say 5 years from now? Beeing greedy with combination of some intelligence is the only way IMO. Yes, you will loose in the long run if you keep on risking high. That is why intelligence is nessecery. There are time you need to take advantage of the market(when it is trending) and there are time you need to take cover. Bottom line, greed isnt nessecery a bad thing.

Anyways..back to the topic...guys....Even if we have no tutor to teach us about proper trading, still we need to pay some fee (ya know what I mean?). How much we need to pay, it is all up to us. I havent mention how long it will take us to be successful, did I? Below 24 months is bull. Even a rocket scientist probably will loose

I am not saying that I am already successful but I know people who are successful and unsuccessful. And I could tell the diffrent. Its obvious. I learn alot from this both parties. However, I am curious tho...why are they some unsuccessful people pretend to be THE KING OF TRADING? Watchout newbies for this kind of people. They are around. I myself got caught by this kind when I first started trading. Result : BLOW MY FIRST ACCOUNT.

Thanks for reading.

--TNT--
I agree with you very much. Never blown an account. I'm yet to overcome the fear of losing out.
(as in never got on my live account). The guy who put me through stuffs just blew his account. The systems work on the Demo but like you said it does nothing to excercise your psycological 'skill'.

“To get profit without risk, experience without danger, and reward without work, is as impossible as it is to live without being born” – A. P. Gouthev
  • #18
  • Mar 1, 2008 11:04pm Mar 1, 2008 11:04pm
Quoting osaze
I just blew my $1000 account............
Very pitiful b'cos i raised it to $9,000
Poor money management I guess
Now, i am trying to fund my account
Here is some free advice. You should always withdraw your profits on a regular basis. You made 900 per cent profit and did not withdraw. That's a bad mistake, my friend. Banking profits allows you some breathing space when you have a bad run. You could well have banked 5k at the time and you would have lost only the remaining 4k. Which allows you to send 5 times 1k for trading in the future; lots of opportunities and breathing space. But we all learn.
  • #19
  • Mar 1, 2008 11:11pm Mar 1, 2008 11:11pm
lol, i blown at least 10 account when i first got started each funded with $1,000 but blown more then that because each account did grow on average to $5,000 each, i was overleverging and i paid a heavy price for that, ive since learn my lesson and now make my living from trading forex, 99% of traders in this business goes thru this, i guess it's part of the learning process.
If I Go Broke Trying Then I Will die happy.
  • #20
  • Mar 1, 2008 11:27pm Mar 1, 2008 11:27pm
I have came close to blowing it all but have stopped trading before getting killed!

I taught my Brother a simple system and he started with $250.00 account with IBFX within 6 trading days he had it up to $2,500 then within the next 2 days he was down to about $50.00!... Why Money Management and GREED!

I kept telling him he was over levereged but he insisted he was fine then he started lossing and went "All In" on some trades.

Now he is no longer trading and still trying to get his head back in order before he starts again....

Its a tough one to manage when you first start out.

They say that 90+% of traders loose... thats incorrect... it's 90% of people that open accounts loose!

There is a difference in a trader and a person just trying to trade...

Trades are long term and have trained themselves to overcome greed.

Hope this help gives a different look at why people blow accounts
M4X............ Hedging My Way To Profits!
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