blew out another account...Just venting...

Interesting. What time period charts do you use for your 3 day trades? Just curious what most use for "swing trades".

If you fall off of a horse, you pick yourself up, dust off your hat and you jump back on the horse.

I hope that you are able to get back on the horse and become a better rider.

Have a plan and stick to it.

"If you fail to plan you plan to fail"

Darkstar's right on to it!

Find a system to help with disapline.

...then use what you've learnt to improve on that system and select the better trades.

A lot of trades I'm making HAVE TO line up with one of James16s systems as well. This particular system is good at keeping me on the right side of momentum.

An example:

The basic 1-2-3 Setup pattern. If I come across a setup for this pattern....

I won't enter until it gives one of his trade setups.(Nearly always is one to match up with it. If you wait a little.)

Controls my patience. Builds my disapline. Gets me in at great price points where price is about to go my way, rather than seeing it go 20 pips against me straight away. ..Luvin' that!!

Cheers,
B

Something I'm playing with tonight, abit mechanical so atleast the very short term trend has a high odds on being my direction.


1Min Chart, MACD 4 and 10, if you want to go long don't do it until this goes positive and vice versa, no point buying against a short term trend, I plan to use this to stop me trying to pick bottoms and tops during fast moves.

4EMA and 10EMA on the chart if you prefer the cross point is also good.

Hopefully it'll also solve my un able to get on the trend, due to risk of the short term correction going against me, even though I know 80% of the time the longer term trend will prevail.

( ofcourse this solves my problem IF I can stick with it, you've got to find what fixes yours )

Ohhhh and off the Demo account land to for a week or 12.

Agreed. I couldn't explain better than these. very true.

Since everyone is commenting on how many accounts they have blow out I thought I may aswell. Ive blew 7 accounts before I got it right. The usual reaons for me. Leverage was to high letting my loses ride and cutting my profits short just to say I had a good trade. Now things are different. I trade many pairs at 1:1 leverage and only on trends. Ive never looked back since then. I found that leverage was the key aswell as trading many crosses as if one trade goes bad I usually have many trades doing well. This way my floating p/l is always in the green. I also found that using the D1 chart is pure gold. It is more uniformed than most and with a little patience bring in the big wins.

FJ

LOL

one way to spot a real trader is by how he talks about his losses

trading is such a humbling experience, even after many years the market can still turn you white, pasty and sick. my respect for risk grows every year. loss is a big part of trading and one must come to grips with that.

I don't think that there is any trader that has not blown his account at least once or several times. I did too. But if you are blowing an account of $ 300-$500, then consider yourself lucky that you have paid relatively small change to learn this game. Learn from your mistakes and start again. Successful traders have also been through this phase, so you are not alone. They are now successful because the hard lesson they have learned has served them well. Keep learning, never give up !

Blowing your account is blowing your account. Whether it's $500 or $5000. Not everybody that comes into the forex world are on the same economic level. A dollar is valuable to one person but maybe chump change to some.

I mean, we did a poll on here and most traders on this forum are in their 20's. I'm sure losing $500 is not a small matter

I'm pretty sure people who blow off their account did it not because they had bad systems. They just risked too much. Opening a $250 account with forex.com and trading standard lots will kill you in couple of weeks. It's all about the simple money management. We can excuse people back in the day who traded because back then, micro lots wasn't available for those with little capital. But now, blowing one's account should be a thing of the past since many brokers allow micro trading for those with little capital

"I mean, we did a poll on here and most traders on this forum are in their 20's. I'm sure losing $500 is not a small matter"

I wonder why that is.. i mean it must be something about FX that attracts young (I'm assuming majority male) people. must be coz it's exciting and risky and etc...

which maybe trading FX is not for the more mature, sensible type ? .. i dunno

Sigh... I blew up stock and currency accounts. My family loves me right now. Anyways, yea...

P.S. Made a bad trade? Do pushups to failure for each bad trade. Then meditate on white noise for about 15minutes. Google creativity machine. If you blow your account, you'll at least have a nice chest to show for it.

Hey guys,

Great thread here. It's refreshing to hear some honesty because you never hear about losses in chat rooms. Everyone is a winner. lol

Lots of wonderful suggestions here and I'll throw my hat in the ring. As much as us kind hearted souls would like to help and tell another trader "how to do it", it's impossible imo. Each and every trader has to develop his style, his pace, his "being as a trader"(kind of zen, but still true).

Something unique that I used from my background as a semi-professional poker player. (Yes, it's true I made every cent I earned in a 3 year span before finally making a few pips in this game). When I play high stakes games many many many players would change their game dramatically. A small adjustment is necessary but if you are thinking about how much you CAN win or lose ...well then you have already lost. I focus on the details when playing cards. When I started to apply a similar mentality trading it was miraculous. Don't focus on how many pips you are winning or losing. Focus on what is happening in the market. Levels being hit/tested/volatility/divergence/etc....Also, try to focus on YOUR personal trading quirks....try being introspective and analyzing yourself. In a trading forum it's refered to as detachment and it helped me lots and lots.

Good luck

Hi The Hun,

your story made me smile It's not just me then....?! haha!

I'm not a frequent contributor to forums anymore, so excuse my bluntness... but you need to get your head straight!!!

The good news is though it's an easy process! (haha)

First of all, you'll need some scissors, plastic sheeting and duct tape - kidding... firstly, work out and backtest a method (maybe you've already got one) that produces at least 7-8 out of 10 AND which your average 12 year old can understand without too much difficulty - if it's too complicated you'll never remember it.
Then write it down and learn it... then... and this is the important bit, visualise yourself in every scenario that your method has, so when that scenario appears in real life, you've wired your brain to respond in the desired manner. Walking round the house or in the car, before you go to sleep, wherever - go over it and over it again until from memory you have an auto response to each and every eventuality or scenario in your method that presents itself (this is why it should be kept relatively simple).

With a simple money management and risk per trade strategy, account growth just occurs on weekly and monthly basis. It's this kind of training and wiring of your brain which creates the finanicial freedom and lifestyle that this vocation provides. It's not difficult, it's really pretty simple and.... it's the way to get a couple of years trading experience under your belt in a much shorter period of time and without any more busted accounts - Do this, it works.

I'd highly recommend reading Tom Demark (Mouteki's system on this forum which is a take on TD's trendline system is good), Patrick Mikula and Larry Pesavento books, some of the NLP stuff (google it) really helped me too. I've not joined the subscription forum here, so I don't know about it, however by some of the comments I've read from the longer term guys like Diallist and Merlin on other threads, there's definitely very experienced and I'm sure very profitable traders on this forum.
Good traders on forums are like gold dust in your first year or two. Not many of them seem to come out of the woodwork much though. I've been lucky enough to know a few over the years (mainly just by harrassing and stalking them for info in forums ) , and the common denominator I've found between all of them is that their methods are sometimes quite diverse but actually really pretty simple in their own way.

These traders are very relaxed and disciplined, but I ended up asking myself what the word 'discipline' actually meant, as it seemed to be directly related to their profitability and not mine...
After some time knowing these guys, I discovered that my definition of what I thought the word 'discipline' meant was wrong - from my own opinion of what I thought it meant, I'd use other words like 'resolve', or 'sticking to the rules' to describe it, these are just phrases that try to describe a physical thing that these guys have actually done to themselves that looks like discipline on the outside. The word 'discipline' actually means, they've conditioned themselves (hard wired their brain) to a certain set of beneficial actions and rules in response to outside factors when it came to trading and life. Believe me, their accounts and lifestyles attest to this fact!

... the best bit of 'trading' advice i was given, was, apart from looking out for news, look at the higher charts and trade from the 240 and the 60 minute charts, this is where governments, the big boys, hedge funds and banks live, they tell you where the market is going, so why fight it... also, and thank the big trader in the sky, it's soooooo much less screen time.... 1-3 trades in a week provides a good chunk of the pips for that week, leaving you free to do the other things that you like doing, learning or experiencing - which is the whole reason I wanted to learn to trade in the first place!. Why did you want to learn to trade?.

- be it trading, or for anything else you want, or want to achieve:

"Never give up, never quit. Ever.
Never stop learning, never stop growing. Ever.
Never stop believing in yourself, never surrender to doubt. Ever.

Dial"


Good luck! (and use stops!)

Yes, Daily chart is the gold. I agree. With right tools, it tells us the trend most accurately ...

You might want to read my thread.. I blew off 4,000 USD myself. Not much to some but a lot of enlightenment there.

I think this thread interests alot of people on this forum, as i'm guessing 85% are newbies ie: trading demo, or getting to grips with how there brain works when trading live.

I think it's almost inevitable that i'll also blow my account, but slowly getting grips to trade what you originally planned to.

Like someone said before, i think blowing an account is probably more valuable experience than going on a course.

Dear Loser


I though, you were gonna change your name...

What Happen...

i have lost 27% of my starting balance: why??


1. i forget to trade corectly if the volume is down
2. i used stopp losses only for its porpouse
3. i was scalping the market not even know that there was any news in
the sky
4. i wasnt whatching the weather in gulf of mexico
5. i havent close the positions or lock the profit if i was good
6. I didnt do paper trade, what to do if, what to do if, what to do if,...
7. o yee i did go long at the top....

to be honest 30 mini accounts diminished,....so pls dont open a tread if u have lost 1....spare that to us...

BUT i have learned and the TIME is still on my side,...the money wasnt mine anyway, i fell soory for those who have it on the bank, for others to learn....

One of the main points I learned from blowing my first mini account was: do not try to intraday in off-hour markets. You just dont have the momentum needed for intraday trading, price butts around and what should have been an easy 20 pip ride becomes a nightmare.

Ever since I stuck to London session I am doing much better.