I'm crashed today.

Quoting fx-trader777

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I think this is start to successful trading

once when Jew send his son to trade, he prayed to god to make his son to lose first time.
It is good lesson.
Personally I blew two minis, and I think that is why now I am withdrawing money from forex like from ATM
If you do not give up, and develop good systems you will become pro trader

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Quoting MuddBuddha

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Good words, 777!

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Quoting james16

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unfortunatly friend its part of the process for almost all of us. i spent my first 8 years of trading in the fetal position most of the time. no internet, no charts, no help. just a piece of graph paper, a pencil and ruler and the phone number to my broker. trust me you can do it. do this. no one does but that will never stop me from preaching.

1. demo until you show a profit 3 months in a row
2. then start a pocket change account with an amount of money that causes no emotions when you trade. 3 months more showing a profit before moving to the next step.
3. fund your account with half of what you intended to and do it again for 3 months. if you cant complete a step you dont move on until you can.
4. never risk more than 3 percent of your account on any one trade.
5. do all of this and find success on daily and weekly charts before even trying intraday.

this is treating it like a business and not a casino. you at least have a chance at long term success approaching things in this manner. most new traders do the exact opposite of what i described and there my friend is your 95 percent that dont last a year at this.

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Quoting Bemac

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Hastings,
I know it may seem frivolous at this point, but since there is a discussion presently going on in the members lounge re NHL Playoffs, it may just be appropriate.

Firstly and before we get there, Look forward to the days when a $1,000.00 drop in equity results in a "That pis-es me off" type of reaction. Because if you stick it out long enough to do more studying {TA, FA and ME eh}, they will come.

Secondly, NEVER try to take revenge on the Market. You will lose. Period. End. Finito.

And Last, but certainly not least. The tough lessons are the ones that teach the most. You have just learned the toughest. The Game will continue with or without you. Your immediate job now is to make sure you understand Why & How you made your mistake. Then {as Accrete might say} put it in your quiver.

Back to the NHL.
How many times has a spectator/fan said
"Our guys are better than that. Why don't they just play like the know how to. It would make it so much easier to beat those other guys."

Much Much easier said than done, but this also is accomplished by small victories. {one good hit, one good save, one good...} Then the confidence starts to exude and the tide starts to turn. Then it's a case of maintaining disciplin.

James' suggestions {I believe} are purely from his heart and possibly with personal knowledge of your current predicament.
His suggestions may seem like "Shi_, that will take me forever. I want money now."
He's only asking you to take 1 year and basically "Serve your Apprenticeship" Compare that to the length of time it takes to pass finals on ANY other Profession.
Ahh.... Therin lies the rub. FX is quick money. Quick In AND Quick Out. Is that worth studying for a year before you throw your future {family included} on the line?

Hang In There Hastings
And
Hang Out Here.
Best fast response support group going.

[Hi. My name is Bill and I Trade Forex.]

$0.02 CAD
ps. Both Hastings Canada and Hastings NZ are named after
Hastings England. The site where King Harold was killed by by an arrow to the eye in the year of 1066.
hmm.. more arrow stuff...

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Quoting aparsai

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What you've mentioned is a perfect approach to Forex trading. I have a word file that save wise quotes like this there. Do you mind if I save yours there.

Thanks,

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Quoting hastings

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I don't feel embarrassing that way because I was gambling in shame of ignoring all technical/fundamental signals and indicators. I can list the bets if your interested in seeing it and letting me know why is it so wrong with it

sold 5 at 1.2473
sold 1 at 1.2501
sold 1 at 1.2521
sold 1 at 1.2529
sold 1 at 1.2531
closed the last 1 at 1.2541
account shutdown at 1.2563

gone

Now I am the killed possum.

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Quoting real5

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...

what happen to u, happened to me also and is probably what happens to more than 50% of all traders when they first start - u faild to take responsibily for your trade, didn't define the risk and thus out of fear of losing where looking for indication saying that your trade can still work while ignoring everything that says stop and reverse...

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Quoting hastings

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I thought it was going to be one of my lucky days but it's not. one of my mini accounts got crashed just now. I just can't believe what I've done and why I've done that.

I opened the trade window and saw eur/usd has been starting to go up and up and I thought it's not the good time to follow so I decide to capture the reversal like I did before and that worked most of the time. but not today. I'm just a gambler today.

I sold 5 slots at high and looking for reversal. it did. a little bit say $30 around. I was almost to take the profit and relax to be back to work. but I didn't.
now the nightmare starts, it went up/and down then went right up to north. I sold 1 more slot at higher price then sell another 1 at higher, and then another 1 then another 1. 9 slots total and the price still going up. half of my margins were blowing out. finally I got forced stopped by the dealer because lacking margin.

I read and read and read all the rules, don't over trade, cut loss when you feel uncomfortable, decpline, be alert blah blah, and I am still doing against the rules. Maybe I'm just the one who can't do trade.

anyways, I'm just too rush to get into the winners group. It's just not the time.

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Quoting Bemac

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A natural New Trader progression might be defined as..
Confidence > Hope > Fear

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Quoting james16

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save away. any friend of pooh bear is a friend of mine.

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Quoting smjones

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Actually this was a classic 4hour trade for the GBPUSD. It fit the criteria to a tee. The weekly trend is up. the 8 ma turned up early, about 8:00 ET using the Neutral line or the aphid line, as a guide I placed my buy at 1.7881. With a stop at 1.7818 I cannot agree with you about reversal. The Vwb 4 hour docs state that a trade should ONLY be made in the direction of the weekly trend... The trend was and has been up. It was a very obvious trade...

Hastings, I feel so much for your loss here. Not only have you lost some money, you have lost some confidence in your ability. The later is far more important. Money comes and goes, but your mental and physical health is all you have really. Please Do not give up. Just learn from the mistake and try to disengage yourself from the win/loose part... A trade either meets your rules and MONEY MANAGEMENT or it does not... Even with your gambling attitude on this trade you still would have been ok if you had set stops at a level that was consistent with your account size...

I suspect that the size of the stop necessary would have prevented you from taking this trade in the first place from a money management point of view...

It is not the profit you make that will allow you to succeed, it is the amount you can keep that will prove your ability.

I actually think you can make it, you have learned the most painful, but most important lesson about trading. Protect your account....

good luck and good learning... Scott

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Quoting fx-trader777

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I think this is start to successful trading

once when Jew send his son to trade, he prayed to god to make his son to lose first time.
It is good lesson.
Personally I blew two minis, and I think that is why now I am withdrawing money from forex like from ATM
If you do not give up, and develop good systems you will become pro trader

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Quoting ktrade

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1 more story:

ok - last year, started with $500, went up to $1200 in 3 weeks, and THEN....

.....did EXACTLY what you did! Actually, started with 3 lots, went up to 6, and then had the giggest drop/gain in currencies during the ASIAN session!

(Oh, I entered all trades w/o knowing charts.)

Margined out in a few hours left with $300.00.

Went crazy with the last 300 or so putting in trades here and there. Went up to 500 again only to blow it all again!!

So I went back to demoing for the past 10 months.

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Quoting real5

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hi there, haven't post here yet but i believe i can relate to this situation as the emotions tend to take over untill u practice to put ur head on a right path

what happen to u, happened to me also and is probably what happens to more than 50% of all traders when they first start - u faild to take responsibily for your trade, didn't define the risk and thus out of fear of losing where looking for indication saying that your trade can still work while ignoring everything that says stop and reverse

I really suggest to you to read Mark Douglas's book "Trading in the Zone" - it deals with a psycological aspect of trading and how you should look at every trade (i.e. you are say that maybe you are not good as a trade and should stop? - the question is: Does the result of your previous trade has any affect on your future trade - NO! because you can't possible know it - each new trade presents you with a new possibility with an equal probability for lossing or winning. If your think in probabilities - all you have to do is find a edge in your favor(system/model) and believe that over time that edge will bring profit based on totally random outcome of each trade. Its like in casino - Casino has and edge of 4.5% in a game of blackjack based on its rules. However outcome of each hand is totally random. So all they need is a large enough sample size(trades) to turn it in their favor. Of coarse u must utilize some kind of money managment.)


And a small question based on your positions - did Eur$ actually hit 1.2563?

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Quoting Bemac

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A natural New Trader progression might be defined as..
Confidence > Hope > Fear.

Part of the learning curve from my perspective is never trade from {Beyond} Hope.
Always base your trades in the thought that NOW would be a good time to enter.

B.

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Quoting narafa

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There is a simple solution to this issue in the future...

First of all, think in probabilities...

Second, when you have a strong feeling that you want to go against the trend to catch a reversal, always reduce your position size to the lowest possible, and reduce your stop loss to minimum and accept the good retracements without getting greedy...Oh yes, and don't pyramid agains the strong trend, just be happy to catch the retracement with your minimum position size and get the hell out as fast as possible...

I also suggest that you time out your trade when against the trend...If the reversal you are waiting for didn't come in 6-9 hours for example, get the hell out...After a strong move like the one we saw in the last 2 weeks, you should expect the market to retrace quickly, if it didn't, it simply means that the market is stronger than you think and you should not play games with it, just get out and watch...


Thanks,

Nader

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