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  • #3,521
  • Oct 12, 2008 10:45pm Oct 12, 2008 10:45pm
Hey Steve

For sure you will be back.

The worst loss I ever experienced was about $300k when trading client funds and whilst at the time it felt like the world had ended it turned out to be the greatest (and most expensive!) learning experience ever. It was also at a time in my trading career when I had just started trading client funds and had been on a good run for about 6 months and then disaster struck. The good news is that pain goes away and new opportunities always come along.

Here is a few things I learned from my losses that I would like to share with everyone:

1. Trading with wide stop losses and small profit targets works 9 out of 10 months but it is the one month when it doesn't work that can potentially wipe out all the previous months profits or worse;

2. In an extreme volatility event if choosing to trade reduce risk dramatically;

3. Extreme volatility is most likely going to be caused by an extreme change in market fundamentals. When this happens the beneficiary currencies tend to be the Yen and the dollar. With this in mind if someone is trading from a technical basis it may be best to ignore all short Yen and short dollar signals;

4. If trading from a trend following perspective then ATR is a great tool for catching some really significant trends;

5. Black swan events happen more often than we think;

6. Considering inter market relationships can also be used to filter technical trading - for example if the price of oil is going down dramatically it may be worth ignoring long EUR/USD signals. Or if the price of oil is going up dramatically then it may be worth ignoring long USD/CAD signals. There is much to be said for looking at the yield curve and seeing which currencies are expected to strengthen against others.

7. Trading client funds works better with 7 figures plus

I guess in conclusion my 'disaster day' caused me to take a good look at market fundamentals and somehow incorporate them into my trading model.

I remember reading in 2006 I think it was about that natural gas trader who blew up a $6B fund and a few months later he was able to launch a fund with about $1B of new funds! Amazing but tells me that life will always give you a 2nd (and more!) chance!

Good luck for the future!
  • #3,522
  • Oct 13, 2008 2:52am Oct 13, 2008 2:52am
Hi Steve,

Well, hard to say anything besides DON'T YOU EVER GIVE UP!
Trading can be and is a very profitable business.

Steve, I remember when you were explaining your strategy, there was something along the lines:
- when the trend is up we look for support to buy, when the trend is down we look to sell around resistance areas.
Or am I mistaken?
So OK, assuming you saw some support on M5 or M15 and kept buying, but surely it is a falling market on H4, D1, W1, so... I don't clearly understand why you weren't selling around the resistance areas? That would at least cover some losses if not make you good profit.

The other thing is: I understand how the investor couldn't stomach the losses, but all in all how much was it in percentage?
I mean d/d of 10-20% should be fine to tolerate. Over 40%- that's hard.

Look, I wasn' doing well for long time in forex. Only recently (second half of this year) I started to have some results. I understood that my mistakes came from changing some major elements of my strategy, while I should be playing with some minor ones. So I started to optimize, count the resullts, take holidays to let the steam out, and then sit and backtest everything again with some new ideas. Finally some good things started to show up, my r/r ratio picked up, I cut many pairs and stick to 3-4.
Also, psychologically all has improved, too.

Anyway, just some main points:

1. Take a vacation. You need it.
2. Don't you even think of taking laptop with you! No TV or radio allowed either!
3. After you're back, don't look at live markets. Check old charts. 20 years or more. Think. Ideas will start to pop out.
4. Test them all. Not just "take a look". Test them in detail. Sometimes seemingly good ideas will loose you money, and the silly ones may prove to be valuable. IMPORTANT: find something that will divide the market into bull or bear. Be it moving average, s/r lines, fibs, trendlines on weekly, whatever. Then perform trades in that direction. Less trading, true, but on a long term you'll still be trading, while others not.
5. Test your system/strategy against the worst market you see in your charts. Perform 3 tests, each 40 trades minimum, 2 in "ugly markets" one in "nice one". Write everything down, count every pip, every SL, time it took to get in profit or for SL to be hit, etc. If it doesn't work, repeat points 1-5
6. If it works - Take another holiday. This time a nice book will help.
7. Come back, test it on 2-3 other markets. If it doesn't work, repeat points 1-5.
8. Another holiday - well, even weekend in some nice place will do.
9. Now you're ready to start trading. Luck is on your side.

From my experience - that's all I can say. I hope some of it will help you!

I mean, really man, I wish you all the Best from my heart!

George
  • #3,523
  • Oct 13, 2008 6:17am Oct 13, 2008 6:17am
Tom,

Yep, agree with a lot of what you say here.

Trouble with me is I do take the odd day off & invariably they turn out to be the days I would've made a killing lol.

Just as an aside, I've started today implementing a combined strategy and have so far banked 400 pips on my normal method and am 80 odd pips up on a longer term daily trade

Kind Regards
Steve
Quoting tdion
Steve,

I think we should ask the critical question: What is causing the volatility?

And I think the answer is pure uncertainty. If this is the case, IMHO it is better to sit on the sidelines. Why? Your analysis (whatever it may be) will lose its predictive edge, because you are trading into pure chaos.

Not all markets are equal. I believe when everyone knows uncertainty is driving the market.... and every news release will have an irrational price break, we should know better.

The fact of the matter is, during world economic crisises, the number of players increases. It's kind of like when the lottery goes over 150 million.... everyone comes out of the woodwork to buy a ticket.

This is my simple assessment.

-TD
  • #3,524
  • Oct 13, 2008 6:37am Oct 13, 2008 6:37am
Thank you so much for this post - it's encouraging to hear first hand of people who've been in a similar situation & have come out the other side
Quoting Monaco
Hey Steve

For sure you will be back.

For sure!

The worst loss I ever experienced was about $300k when trading client funds and whilst at the time it felt like the world had ended it turned out to be the greatest (and most expensive!) learning experience ever. It was also at a time in my trading career when I had just started trading client funds and had been on a good run for about 6 months and then disaster struck. The good news is that pain goes away and new opportunities always come along.

That is very comforting to know!

Here is a few things I learned from my losses that I would like to share with everyone:

1. Trading with wide stop losses and small profit targets works 9 out of 10 months but it is the one month when it doesn't work that can potentially wipe out all the previous months profits or worse;

Agreed, that's why I'm trying to combine the small profit target strategy with a longer term strategy targeting anything from 100-1000 pips. Also when we are experiencing the larger daily ranges as now I think it's prudent to increase targets on the 'small profit target' method too.

2. In an extreme volatility event if choosing to trade reduce risk dramatically;

Yes, see (7)

3. Extreme volatility is most likely going to be caused by an extreme change in market fundamentals. When this happens the beneficiary currencies tend to be the Yen and the dollar. With this in mind if someone is trading from a technical basis it may be best to ignore all short Yen and short dollar signals;

Good advice - yen, which I trade is often seen as a 'safe haven' currency in times of uncertainty.

4. If trading from a trend following perspective then ATR is a great tool for catching some really significant trends;

Yes, as I said to Tom in an earlier post I was maybe too quick to dismiss ATR too hastily as a way of staying with the trend on longer term trades especially.

5. Black swan events happen more often than we think;

True - always easy to look back & say ''I'd have got through that OK using xxx method''. Sometimes the reality of actually trading through it is very different lol.

6. Considering inter market relationships can also be used to filter technical trading - for example if the price of oil is going down dramatically it may be worth ignoring long EUR/USD signals. Or if the price of oil is going up dramatically then it may be worth ignoring long USD/CAD signals. There is much to be said for looking at the yield curve and seeing which currencies are expected to strengthen against others.

I only trade GBPJPY but these things are good to know. I still have much to learn!

7. Trading client funds works better with 7 figures plus

Funny you say that! Although I was trading with $100k initially, after taking into account I'm only receiving 25% of profits, its essentially the same as trading a $25k account of my own. Easy to over-leverage when you're looking to provide enough over a year to live on.

Following discussions over the weekend, I may have the opportunity to trade a 7 figure plus account soon. We are waiting for the markets to settle down a little and it obviously gives one the opportunity to trade much more conservatively.

I guess in conclusion my 'disaster day' caused me to take a good look at market fundamentals and somehow incorporate them into my trading model.

I remember reading in 2006 I think it was about that natural gas trader who blew up a $6B fund and a few months later he was able to launch a fund with about $1B of new funds! Amazing but tells me that life will always give you a 2nd (and more!) chance!

Good luck for the future!

Once again, thank you so much for this post - a great start to the week

Kind Regards
Steve
  • #3,525
  • Oct 13, 2008 6:49am Oct 13, 2008 6:49am
Thanks for your kind words George

I'm overwhelmed by the number of responses and the encouragement & support from people. I guess I can't go quietly so the only answer is to dust myself off and keep going haha.

My strategy I've been using over the past year uses both long and short positions and works very well when the market ranges or we have a nice genle trend. The 700 pip drops in an hour as we've had a few times these last weeks are where we can get into trouble, at least short term.

You'll have seen from my recent replies that I now intend to combine this method with one from the daily and 4 hour charts. These have much larger targets and will invariably more than cover these huge moves we have been experiencing.

Mistakes were made for sure re the investor's account. We chose to increase lot size by too much at the worst possible time. If we'd stayed with the same lot size through this period, yes drawdown would have occured undoubtedly, however we'd have been back to where we started from. Still not great, but we could have stepped bck and maybe employed the combined strategy from then on to take into acount these freak events.

Great advice as always George and I'm so pleased things sound like they are working out extremely well for you

Kind Regards
Steve
Quoting GeorgeW
Hi Steve,

Well, hard to say anything besides DON'T YOU EVER GIVE UP!
Trading can be and is a very profitable business.

Steve, I remember when you were explaining your strategy, there was something along the lines:
- when the trend is up we look for support to buy, when the trend is down we look to sell around resistance areas.
Or am I mistaken?
So OK, assuming you saw some support on M5 or M15 and kept buying, but surely it is a falling market on H4, D1, W1, so... I don't clearly understand why you weren't selling around the resistance areas? That would at least cover some losses if not make you good profit.

The other thing is: I understand how the investor couldn't stomach the losses, but all in all how much was it in percentage?
I mean d/d of 10-20% should be fine to tolerate. Over 40%- that's hard.

Look, I wasn' doing well for long time in forex. Only recently (second half of this year) I started to have some results. I understood that my mistakes came from changing some major elements of my strategy, while I should be playing with some minor ones. So I started to optimize, count the resullts, take holidays to let the steam out, and then sit and backtest everything again with some new ideas. Finally some good things started to show up, my r/r ratio picked up, I cut many pairs and stick to 3-4.
Also, psychologically all has improved, too.

Anyway, just some main points:

1. Take a vacation. You need it.
2. Don't you even think of taking laptop with you! No TV or radio allowed either!
3. After you're back, don't look at live markets. Check old charts. 20 years or more. Think. Ideas will start to pop out.
4. Test them all. Not just "take a look". Test them in detail. Sometimes seemingly good ideas will loose you money, and the silly ones may prove to be valuable. IMPORTANT: find something that will divide the market into bull or bear. Be it moving average, s/r lines, fibs, trendlines on weekly, whatever. Then perform trades in that direction. Less trading, true, but on a long term you'll still be trading, while others not.
5. Test your system/strategy against the worst market you see in your charts. Perform 3 tests, each 40 trades minimum, 2 in "ugly markets" one in "nice one". Write everything down, count every pip, every SL, time it took to get in profit or for SL to be hit, etc. If it doesn't work, repeat points 1-5
6. If it works - Take another holiday. This time a nice book will help.
7. Come back, test it on 2-3 other markets. If it doesn't work, repeat points 1-5.
8. Another holiday - well, even weekend in some nice place will do.
9. Now you're ready to start trading. Luck is on your side.

From my experience - that's all I can say. I hope some of it will help you!

I mean, really man, I wish you all the Best from my heart!

George
  • #3,526
  • Oct 13, 2008 6:56am Oct 13, 2008 6:56am
Hey Steve,

If I can do it, then you definitely can do it because I learned most of it from you , Just never give up, no matter what happens.

Re-think about your strategy and if you want to learn a new indicator or two (Gann hilo/QQE), just let me know and I'll teach you everything I know about them
Trade what you see, not what you think.
  • #3,527
  • Oct 13, 2008 7:08am Oct 13, 2008 7:08am
Thanks mate

Funny that! I taught my younger brother how to play cricket too and he turned out far better than me

Maybe I should have become a teacher - shame there's not a lot of money in teaching lol.

Seriously thanks! I have done a great deal of thinking and now need to apply this to the markets. I know you're extremely successful with what you do but as you know I'm a firm believer that if you can trade, you'll be successful with whatever strategy suits your personality. In other words its the trader, not the system

Speak soon
Steve
Quoting karmostaji
Hey Steve,

If I can do it, then you definitely can do it because I learned most of it from you , Just never give up, no matter what happens.

Re-think about your strategy and if you want to learn a new indicator or two (Gann hilo/QQE), just let me know and I'll teach you everything I know about them
  • #3,528
  • Oct 13, 2008 9:05am Oct 13, 2008 9:05am
Steve,

Look for the silver lining bro. This is a good thing in disguise. Remember we just experienced one of the most remarkable events in financial history. Now is the time to figure what filter one can have to withstand what occurred. You often mentioned and am sure have reflected upon that you took trades on that "gut feeling" as you saw the price action unfold. Perhaps we got rigid, who knows. I know you will see through this and will emerge even better than before. Reflect back on what Monaco says in his post. Lick the wounds and get back at it.

Cheers
Pete
  • #3,529
  • Oct 13, 2008 9:54am Oct 13, 2008 9:54am
Hey there Pete! Long time no speak!

Monaco's post has a lot of great information in...

Today, on my own account of course I've started putting that 'filter' in to help when prices move in one direction quickly.

So far picked up 500 pips on 5 positions (all longs of course from 169.80) and also have a 'filter' trade on the break of the daily pin from 172.45, currently up 260 pips.

Lots to think about and those few refinements made but should help in these volatile times.

Kind Regards
Steve
Quoting Northpro
Steve,

Look for the silver lining bro. This is a good thing in disguise. Remember we just experienced one of the most remarkable events in financial history. Now is the time to figure what filter one can have to withstand what occurred. You often mentioned and am sure have reflected upon that you took trades on that "gut feeling" as you saw the price action unfold. Perhaps we got rigid, who knows. I know you will see through this and will emerge even better than before. Reflect back on what Monaco says in his post. Lick the wounds and get back at it.

Cheers
Pete
  • #3,530
  • Oct 13, 2008 1:17pm Oct 13, 2008 1:17pm
Quoting steviet
...Another option would be to look at the ATR (as Tom suggested) and, rather than stay out of the market, increase my targets. Each individual position I have a target of just 50 pips. I could look to increase this to say 100 should the daily range exceed 500 pips....
If memory serves, you prefer to keep your charts as uncluttered as possible. I don't want all the historical data that the conventional indicator has... just the current day and an average to compare it against. With this indicator you can opt for the Range for the current day to be prorated. So if the Range is 100 so far and you are 1/2 way through the day it will project it out to 200. If it helps...
Attached File(s)
File Type: mq4 ATR.mq4   1 KB | 354 downloads
  • #3,531
  • Oct 13, 2008 1:21pm Oct 13, 2008 1:21pm
Thanks Jay
Quoting Gandolf
If memory serves, you prefer to keep your charts as uncluttered as possible. I don't want all the historical data that the conventional indicator has... just the current day and an average to compare it against. With this indicator you can opt for the Range for the current day to be prorated. So if the Range is 100 so far and you are 1/2 way through the day it will project it out to 200. If it helps...
  • #3,532
  • Oct 13, 2008 9:52pm Oct 13, 2008 9:52pm
Very true Steve - too easy to over leverage with only a 100k account. If you look at many of the risk profiles of currency hedge funds they will allocate about 20 basis points of risk per trade (0.2%) which is a whole lot more meangingful with 7 figure plus accounts.

My opinion when it comes to managing client funds is to insist upon a management fee of 2%. Then work out what you need to live on and ensure that there are enough client funds whereby the management fee can cover the cost of living. Trading small accounts of 100k makes it all the more tempting psychologically to over leverage and over trade as a minimum amount must be made in order to cover the cost of living, family etc. This often time leads to failure as the market does not seem to care that traders need to make a certain amount every month in order to cover the cost of housing, food, kids etc lol Trading becomes alot more enjoyable and less stressful with that management fee is my advice

The reality is that anyone who can produce a consistent return of 15% per year without significant drawdown and with reasonable funds (low to mid 7 figures) can attract significant capital. I have found that the number one question most investors ask is regarding the size of drawdown. It is also good to show mark-to-market results on a daily basis so investors can see the daily distribution of returns. That way they can begin to measure the volatility of your returns.

Last piece of advice is that it is well worth getting the securities exams offered by the Securities Institute. The 4 to go for are Financial Regulation; Investment & Risk, Securities, Derivatives. They won't make you a better trader but it will make you alot more credible and would be essential if you ever wanted to become an approved person by the FSA in the UK at an authorised firm.

Good luck with getting the new client and keep learning.

Quoting steviet
7. Trading client funds works better with 7 figures plus

Funny you say that! Although I was trading with $100k initially, after taking into account I'm only receiving 25% of profits, its essentially the same as trading a $25k account of my own. Easy to over-leverage when you're looking to provide enough over a year to live on.

Following discussions over the weekend, I may have the opportunity to trade a 7 figure plus account soon. We are waiting for the markets to settle down a little and it obviously gives one the opportunity to trade much more conservatively.
  • #3,533
  • Oct 14, 2008 4:43am Oct 14, 2008 4:43am
Quoting steviet
Well, following recent events my investor has decided to withdraw his funding which is quite understandable. My methods simply cannot cope with the kind of movements we've been seeing this last month or two. Incredibly bad timing but that's just me.

As for myself, I now have no job and no funds to trade so I guess this will be my last post here.

Thanks to everyone for their encouragement and support over the years and I wish you all well.

Kind Regards
Steve
Steve,

Don't give up!

Your light is too bright to be darkened.
  • #3,534
  • Oct 14, 2008 6:11am Oct 14, 2008 6:11am
Well just two days into the week and the addition of a daily/4hourly trade has saved my ranging system from too much of a battering.

Since London open yesterday, GBPJPY has risen the best part of 1200 pips with little retrace. Not very condusive to my ranging method!!!!

However, yesterday morning took a long off the break of the daily pin at 172.45, currently +840 with nearly 400 pips locked in so far. Target (id=f it gets there before s/l being hit is 184.43).

Ideally would like the pair to consolidate around here so I can pick up some pips on the range method but it doesn't want to play ball just at the moment lol.
  • #3,535
  • Oct 14, 2008 2:11pm Oct 14, 2008 2:11pm
Quoting steviet
Well just two days into the week and the addition of a daily/4hourly trade has saved my ranging system from too much of a battering.

Since London open yesterday, GBPJPY has risen the best part of 1200 pips with little retrace. Not very condusive to my ranging method!!!!

However, yesterday morning took a long off the break of the daily pin at 172.45, currently +840 with nearly 400 pips locked in so far. Target (id=f it gets there before s/l being hit is 184.43).

Ideally would like the pair to consolidate around here so I can pick up some pips on the range method but it doesn't want to play ball just at the moment lol.

Hey Steve,

At the risk of teaching grandmothers to suck eggs I'd like to make an observation.

I also range trade and the trade you took on GBPY was a range trade and entirely condusive to your method.

My eureka moment came when I realised that all currencies 'range' all the time - just in different time-frames......In between they trend.

The GBPJPY is currently ranging between 240 and 160 approx on the monthly timeframe.

So don't give up on your range trading - you just need to expand the timeframes.

This is the monthly chart and I also took this trade at 165 but I was range trading not trend following.

All the best
Stew.

A.L.O.T.B.S.O.L.......lol

Attached Image (click to enlarge)
Click to Enlarge Name: steve.gif Size: 82 KB
  • #3,536
  • Oct 14, 2008 7:07pm Oct 14, 2008 7:07pm
Quoting stewrigh
Hey Steve,

At the risk of teaching grandmothers to suck eggs I'd like to make an observation.

I also range trade and the trade you took on GBPY was a range trade and entirely condusive to your method.

My eureka moment came when I realised that all currencies 'range' all the time - just in different time-frames......In between they trend.

The GBPJPY is currently ranging between 240 and 160 approx on the monthly timeframe.

So don't give up on your range trading - you just need to expand the timeframes.

This is the monthly chart and I also took this trade at 165 but I was range trading not trend following.

All the best
Stew.

A.L.O.T.B.S.O.L.......lol

Attachment
This is a very good observation. Let me throw a few things here.

1) We had a major change in fundamentals that will likely affect all markets for the years to come. Usually when big fundamentals change - in FX the unwinding of the carry trades - volatility picks up dramatically and markets tend to break out of their historic ranges.

In fact, look at the Australian dollar getting hammered along with all other high-yielding currencies. Look at the greenback reversing its downtrend against all the majors. Look at oil prices. Look at the stock indices.

This is a big trend change happening all over the place. It's history in the making.

2) When the above happens, you are facing two options: a) play the trend and exploit the huge volatility b) take a break and wait for things to settle down and a new reliable range to establish itself

The main problem is that it may take a long while - a few months - before a new reliable range is there for you to play.

What I think you should really focus on is that if your trading style doesn't perform well with volatility, well...that would get me worried a bit.

A good trader loves volatility. A good trader makes a killing with volatility. Volatility is a trader's paradise.

I embrace volatility and worship it. It's a gift from heaven and I'll be depressed when the vix goes back down to 10-15. Seriously.

You must find a way to exploit these huge moves.

And as someone posted above, risk:reward is key to successful, stable and consistent trading.

Small stops and bigger targets is a very healthy recipe for profitable trading. It also relieves you from the pressure of having a high win rate.

However, I think I suggested this in the past and I don't wanna get into it. You are the pilot, you are in control and you know better than me.

GL
  • #3,537
  • Oct 15, 2008 1:50am Oct 15, 2008 1:50am
Quoting ItalianSharp
I embrace volatility and worship it. It's a gift from heaven and I'll be depressed when the vix goes back down to 10-15. Seriously.

You must find a way to exploit these huge moves.


GL
I have to agree with Italian there....Black Swans are real I have been at it on and off for 8 years. In the last 30 days I have made the best trades of my life. Best R:R was 62 to 1. My point being that I'm just an average trader, never managed a 7 figure account etc. I don't have half your drive or stick to it ness. Man you have the hart of a prize fighter to quite your job and go full time. I know when you make friends with volatility the world will be your oyster!

best wishes,

Jason
May the fish in your stream of life always bite.
  • #3,538
  • Oct 15, 2008 7:57am Oct 15, 2008 7:57am
OK, firstly a big 'thankyou' to monaco, stew, Italian Sharp & aSandman for your valuable input

I've been trading this method now for over a year and during that time have only had two losing months. Trouble is the losing months have been biggies as my method is not great during volatile periods.

So, do I just ditch everything and just watch out for volatility or do I tweak what I have to take volatile periods into account? Just looking to go with the trend is all well and good but brings it's own problems. If you can't avoid the whipsaws you can lose much of what you made catching the trend in the first place.

I know there are loads of other options as we all trade in different ways to reach our goals but I need to find something to enhance what I do rather than start from scratch. I also know that I'd have made far more in the ranging periods if I hadn't been at work so there's that to consider too.

Today for example has so far been a pretty 'normal' GBPJPY day, bouncing between 176 and 179 - perfect for my normal method and I've benefitted.

However, I have been putting on additional trades from the 4 hour & daily charts this week. When the market is volatile there will be many set ups here which should offset the ranging method. When the market calms down there may be only 3 or 4 daily set ups a month on the daily's and a few more on the 4 hour charts.

These additional trades have been.....

Trade 1. Long GBPJPY from 172.45 from daily chart on Monday (break of pin bar). Initial stop loss was 165.70 & target 184.43. At Tuesday close, stop loss was moved up to 176.52 and was duly stopped out for a 443 pip gain.

Trade 2. Short GBPJPY from 177.45 from 4 hour chart yesterday (bearish engulfing pattern). Stop loss was 180.92 and target 176.02. Target was hit for a 143 pip gain.

Trade 3. Short GBPJPY from 176.46 from daily chart today (break of pin bar). Initial stop loss is 181.69 and target 170.13. This trade is still running and stops will be moved accordingly if target not hit.

Of course, not all these trades will be successful and some may run for days but if the market consolidates for a few days then we pick up on the range method.

So far so good...

Kind Regards
Steve
  • #3,539
  • Oct 15, 2008 2:26pm Oct 15, 2008 2:26pm
Well, pretty much a perfect day for me with the pair ranging between 176 and 179 for most of it.

Trades 1 and 2 closed out for 407 & 143 pips and the ranging system has so far netted a further 850 pips today.

Trade 3 (short from 176.46) from the daily is currently up around 200 pips & set a further trade too.

Trade 4 - short following break of support on 4 hour chart, from 175.51, target 173.76.

Steve's had a good day with the two systems working together well
  • #3,540
  • Oct 16, 2008 6:17am Oct 16, 2008 6:17am
Hi Steviet


I am new to seeing your thread. I began trading a live account on 3 October 2008. My account size was $1973


I had been demo trading since the begining of July. I thought I had some decent methods and was ready for a live account.

Well, on the day that the AUD/USD totally tanked...it was my second day trading and I lost 35% ($708) of my account in one trade. That hurt.


I trade full time with this small acc from home and since that loss I have lost a further 24% of my account.

Anyway, I can feel your pain of what it is like to lose money in Forex. I'm still hanging in there. I think that this market is great. I say that because these are probably the worst conditions we'll see in forex for many years to come but at least we know what it is like.

I just wanted to say, don't give up and try to find strategies that work in the market today. Nothing is a sure thing in trading IMO and we need to constantly adapt.
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