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

  • #21
  • Aug 15, 2009 4:26am Aug 15, 2009 4:26am
i busted two mini accounts, $300 each. These happened about three years ago.

The first time, i made 100% profit in six months. Two months later, busted. Second time, $300 to $800. About two months later, busted again. I have learned my lesson since--do not EVER be afraid to take a loss.
youtube.com/@jimstradingjournal
  • #22
  • Aug 15, 2009 7:24am Aug 15, 2009 7:24am
Quoting syfx
$300 to $800. About two months later, busted again..
lmao , seems like u r posting my story , hehe . But that was year ago .
Winners never quit and quitters never win. Vince Lombardi
  • #23
  • Edited 4:12am Aug 16, 2009 3:53am | Edited 4:12am
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...
I personally think..greed in check is very important..greed causes traders to enter the market without proper signals and therefore take bigger risks..which lead to downfall
I think the biggest problem caused by greed is if it is allowed to manifest in ones trading ..the mechanical nature of trading approach goes out of the window..the market will do anything nothing is in stone and EVENTUALLY the market will make u pay the price. traders need to play with cash which in theory have no bearing on emotions..


I do agree thou u have to be greedy thou to make loads of cash in trading otherwise u make small % return per year IMHO
  • #24
  • Aug 16, 2009 4:00am Aug 16, 2009 4:00am
Quoting syfx
i busted two mini accounts, $300 each. These happened about three years ago.

The first time, i made 100% profit in six months. Two months later, busted. Second time, $300 to $800. About two months later, busted again. I have learned my lesson since--do not EVER be afraid to take a loss.
change yur risk to reward..make yur stop smaller and go for bigger pip rewards..when yur at a stage where u can have 10 losses and 1 win and be profitable then i think your ready for the big stage..

This is what i myself want o achieve b4 i try live trading again..i never thought when i first went live i could get so emotional over money..i almost wet myself the first time i placed a trade

i keep saying to myself..grow a set of balls man!
  • #25
  • Jan 20, 2010 7:20pm Jan 20, 2010 7:20pm
Quoting 3013
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..
My account was real close to being blown. I took the advise I read somewhere else. They said to only trade one pair and only make one trade a day. This slowed me down. It made me really think about if this trade was really the best trade I could make. I was over trading and had too many indicators and charts. My account is now showing a profit.
  • #26
  • Jan 21, 2010 3:11am Jan 21, 2010 3:11am
Hey I think I will "surpass" most of you. I blew up 50% of my $2K account in just two days. I never doubled it or tripled it before, went in, made a few trades, stumbled upon the worst possible trades with high leverage and booom!

Now in demo, think to be profitable sooner or later, preferably sooner.

Good luck to ya'll!
  • #27
  • Jan 21, 2010 3:53am Jan 21, 2010 3:53am
Things to consider …
How much risk capital do I have available?
How large are my average stop losses?
How many stops could I sustain before re-funding my account?
How much would I like to trade per pip?
What is my experience level? Will my account accommodate mistakes?
Am I psychologically equipped to trade my desired pip value?

If you decide one of the previous examples of 2 or 5% would be a suitable strategy for you, the capital required would be calculated as follows.

Step 1 : Decide how much per pip you wish to trade
Step 2 : Decide the maximum stop you are prepared to risk on each trade (this may vary)
Step 3 : Calculate your account margin
Example 1 (max 2%risk)
Step 1 : I want to trade 1 $ per pip
Step 2 : I do not wish to risk more that 2%
Step 3 : My stops are no larger than 30 pips
Step 4 : (30 x $1) / 2% = $1500 required in your account.
Example 2 (max 5% risk)
(More aggressive leverage ratio)
Step 1 : I want to trade $1 per pip
Step 2 : I am willing to risk up to 5 % on any given trade
Step 3 : My stops are no larger than 30 pips
Step 4 : (30 x $1) / 5% = $600 required in your account.

Any questions guys please dont hesitate to msg me!.

Cheers

Jesse
  • #28
  • Jan 23, 2010 11:14pm Jan 23, 2010 11:14pm
I blew about 6 accounts, the pain etched on my soul
Never said I was Batman,all I'm saying is you'll never see us together.
  • #29
  • Jan 24, 2010 2:22am Jan 24, 2010 2:22am
This is one of the dumbest threads on the forum. Some dumb traders here wear demo trading and blown up accounts as badges of honour. Don't listen to them. It is all shite. Blown up accounts is not a indicator of becoming a good trader. If you think you have to blow up your account on the way to learning how to trade, then you are as dumb as them.
  • #30
  • Jan 24, 2010 5:47pm Jan 24, 2010 5:47pm
I blew 3 accounts before being consistent. I started trading as a teenager so my first few accounts blown were a few hundred dollars large, but it was decimating at the time.

I started winning when I decided that I wasn't trading for ego, I was trading for my wife, children, and charity.
  • #31
  • Apr 3, 2010 8:20am Apr 3, 2010 8:20am
Quoting forexmick
This is one of the dumbest threads on the forum. Some dumb traders here wear demo trading and blown up accounts as badges of honour. Don't listen to them. It is all shite. Blown up accounts is not a indicator of becoming a good trader. If you think you have to blow up your account on the way to learning how to trade, then you are as dumb as them.
Bravo. Good advice to all new traders
  • #32
  • Apr 3, 2010 8:25am Apr 3, 2010 8:25am
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...
I agree too. On demo, I was quite profitable. But when I went live, the psychology factor sometimes hurt big.

I'm on my first one, have not blown an account yet... may be I will blow this one.
  • #33
  • Oct 21, 2010 5:25pm Oct 21, 2010 5:25pm
I've been reading a lot about people being successful when using platform demos and "blowing it" when it came to the real trading. Is that because of the fear of losing real money? Any suggestions about how to soften the psychological effect of that?
  • #34
  • Edited Oct 22, 2010 12:10am Oct 21, 2010 11:36pm | Edited Oct 22, 2010 12:10am
None so far. Made one demo trade, the rest was live and do not intend on using a demo account at all. Only started last week so still plenty of time for it to happen but have increased my equity by 17% at this point (and have a trade that is pretty far down right now. I will be trading long long term, rather than short so my stop losses are pretty large when entering a trade compared to most peoples I would assume.). I figure to lose several hundred at least probably with micro lots, and if that is all before consistently making profits then I will consider myself fortunate. I wont really bust an account, I will not deposit all I am willing to lose at once so I will just deposit as/if needed before the account balance goes to zero.

One thing I do have going for me is I am very keen on risk management and understand it very well. I wont take unnecessary risks or risk too much at once. Another is I do not use money I care about or need. If I lose on a trade the only thing I am concerned about is if I had the supporting data and information to have made it a good decision. No psychological or emotional ties at all to the trades.
  • #35
  • Oct 22, 2010 12:37am Oct 22, 2010 12:37am
I started in stocks, primarily was attracted while I was in college to penny stocks... that was a joke. Anyways I blew two $2k accounts until finally starting with a more substantial amount and greater understanding of the markets. I also chose to trade higher priced stocks for point gains which opened up my world to money management.

Switching to forex has made trading easier and simpler, prices behave how they're supposed to over here. This accounts never gettin busted.=)
  • #36
  • Oct 24, 2010 11:08am Oct 24, 2010 11:08am
It’s good to know your money risks…but…what about time..? guys how long did it take you to become a consistently profitable trader? Months…, one year…, two…?
Okay, let's have fun...
  • #37
  • Nov 3, 2010 9:17pm Nov 3, 2010 9:17pm
I worked at it for 4 years then made a breakthrough. After the breakthrough it took me 3 months to put it into place.
  • #38
  • Nov 4, 2010 2:18am Nov 4, 2010 2:18am
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
Yes. For newbie without knowledge base it's better to use automated forex system which works without emotions.
  • #39
  • Nov 4, 2010 5:26am Nov 4, 2010 5:26am
For what it's worth, here's my view on account blow ups:

http://www.forexfactory.com/showpost...5&postcount=76

PS - I'd respectfully like to call BS on the above post #38. Too many reasons to list here.
  • #40
  • Nov 4, 2010 11:51am Nov 4, 2010 11:51am
I don't understand the concept of "blowing up" an account. There is no reason for it. You should have a set amount of draw down that you a willing to accept in your account before you should stop trading and go back to the drawing board. If you are blowing accounts then you are ignoring one of the number one rules which is "treat this like a business". If you were running a business and you lost 30% on a sting of bad decisions would you just continue to make the same choices until your business was gone?

I've read and heard what people have said about about not being able to trade on demo accounts because of the psychology involved. If you can't handle the psychology of trading a demo account becuase "it's not real money" then what you are really saying is that you need to have a sense of fear to be able to trade realistically. If someone can't handle the basic psychology that it takes to trade a demo account, then what makes them think that they will be able to handle the difficult psychology of a live account.

Don't open a real account until you are confident in your trading ability and when you do go live don't ever draw your account down further than a limit that you have set before hand.

Just my opinion.
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