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How Many Accounts Did You Blow Before You Got It Right?

  • #61
  • Jun 14, 2012 6:08am Jun 14, 2012 6:08am
Quoting zax1150
Zero on blown accounts but does the ex-wife count?

made rather a lot, only to lose it all to her in the divorce.....

nothing like marrying a planner
12 months she waited for me to hit her magic number then BAM!

so poorer but wiser now........
Interesting mate! When I get my act together, I will only tell my wife how much I am losing, not how much I am making.
  • #62
  • Jun 14, 2012 6:11am Jun 14, 2012 6:11am
Quoting johNal
Interesting mate! When I get my act together, I will only tell my wife how much I am losing, not how much I am making.
Hahaa dont forget to setup demo acc to confirms your affirmations LOL
"Millionaires don't use astrology, billionaires do"
  • #63
  • Edited 6:15am Jun 14, 2012 6:12am | Edited 6:15am
Quoting diggo
10 accounts? Are you sure you have it right yet?

I blew 2 significant accounts and a suffered a handful of big drawdowns before the lights came on. Unfortunately I was learning with six figures.. Go big or go home right

However the important thing is that I've learned valuable lessons from my losses. Most importantly:

- Money management
- Taking better Risk/Rewards... patiently waiting for the right entry point

I have to thank gatorinla for making me a better trader. He provides golden information and wisdom on a daily basis...
Looks like I am in the same position you were before you got it right. Can you direct me this thread you have reffered to (by "gatorinla")
  • #64
  • Jun 14, 2012 6:31am Jun 14, 2012 6:31am
I would say that before a beginner decides they chose to trade any instrument they must first define the type of player/trader they want to be.
Scalpers are highest risk and most all lose eventually con, pro once a developed system of success can gain consistently daily with ease BUT @ highest risk due always exposing self in the market.
Swing traders and position traders are the lowest risk simply because they are not participating that often but must withstand larger risk per setup, but if on the proper side of order flow, can basically take a long nap for days weeks months even years if they chose. Their biggest concern is where do i press my position and is the trend over.
MM is different in each type of trader and risk/rewards as well.
Defining your method to your madness is key to unlocking you strategy IMO
"Millionaires don't use astrology, billionaires do"
  • #65
  • Jun 14, 2012 6:48am Jun 14, 2012 6:48am
Blew one demo account. When it comes to live trading i suffered a "death by a thousand cuts" on an account that was filled with aprox 400$. However, added 50$ when that account hitted 20$ in order to keep trading 0.02 and 0.03 lots So yes, I cheated. Guess its fair to say I blew one demo and one live. 1year and one month into trading atm.
  • #66
  • Jun 14, 2012 6:57am Jun 14, 2012 6:57am
2 live and many demos.
Not even close to having it right yet...
  • #67
  • Jun 14, 2012 8:42am Jun 14, 2012 8:42am
As a beginner last year, put £1000 pound into account on Mon Aug 8th, by Wed 11th Aug, was already up to over £6000 - buying Gold. Following morning Thurs 12th the lot was gone overnight, including my initial £1000. No Stop Losses.
Now mentally scarred and a year later tentatively venturing back !
  • #68
  • Jun 14, 2012 10:02am Jun 14, 2012 10:02am
Quoting gariuk
As a beginner last year, put £1000 pound into account on Mon Aug 8th, by Wed 11th Aug, was already up to over £6000 - buying Gold. Following morning Thurs 12th the lot was gone overnight, including my initial £1000. No Stop Losses.
Now mentally scarred and a year later tentatively venturing back !
sad to hear
  • #69
  • Jun 14, 2012 10:15am Jun 14, 2012 10:15am
Quoting johNal
Looks like I am in the same position you were before you got it right. Can you direct me this thread you have reffered to (by "gatorinla")
Sure buddy.. You'll find him in "the really useless thread"

http://www.forexfactory.com/showthread.php?t=310676
  • #70
  • Jun 14, 2012 11:51am Jun 14, 2012 11:51am
Quoting gariuk
As a beginner last year, put £1000 pound into account on Mon Aug 8th, by Wed 11th Aug, was already up to over £6000 - buying Gold. Following morning Thurs 12th the lot was gone overnight, including my initial £1000. No Stop Losses.
Now mentally scarred and a year later tentatively venturing back !

I lost $6K trading options, I was all Puts ( Short ) after the HUGE months of bear market and well it reversed and I was fully 100% in, the gap up took me down to $180 on the open over night before then I was always 1/3rd the opposite way just incase it reversed, got greedy got dead
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #71
  • Jun 14, 2012 12:11pm Jun 14, 2012 12:11pm
I've blown 400 out of a 600$ account and I started 2 weeks ago. I've panicked, forced trades, and not practiced good money management. That is why I only put 600$ in the account. I'll get it eventually, hell of a time to be learning in this market! ha
  • #72
  • Jun 14, 2012 12:21pm Jun 14, 2012 12:21pm
Somehwere around 6 accounts.

I'd say about half of them weren't really blown by trading. I depleted them by withdrawing when I had a large property tax bill or something I wanted to buy. I've also just quit before a couple of times in frustration, after realizing I had no real edge and was just guessing badly.

I'm about to start another account with 5K. For the last month I've been doing very well on my micro/test account using the TMA stuff from Al's thread. His method cured me of a very bad thing I was doing, chasing price and buying at the top and selling at the bottom...only to see price retrace.

I do know I've learned a lot though and have more screen hours than I can count. Money management, risk managment, proper leverage, patience and discipline...no problem, just never had a repeatable edge.
  • #73
  • Jun 14, 2012 12:33pm Jun 14, 2012 12:33pm
Hi All

Not sure how many time's I have blown my account's back to zero, but luckily enough I started with MF Global (Broker that went bust), and changed my broker before they went bust, then changed to a second and now I am on my third Broker.

Overall in around 16 Months of Trading I have blown over £24,000 (mainly due to the first six months with no or little stops lose's in place).

I am still trading most days in between my real job, but I won't give up yet, although the money tree in the back garden is looking a little desparate now...!!!!
  • #74
  • Jun 14, 2012 2:41pm Jun 14, 2012 2:41pm
Quoting Mossy68
Hi All

Not sure how many time's I have blown my account's back to zero, but luckily enough I started with MF Global (Broker that went bust), and changed my broker before they went bust, then changed to a second and now I am on my third Broker.

Overall in around 16 Months of Trading I have blown over £24,000 (mainly due to the first six months with no or little stops lose's in place).

I am still trading most days in between my real job, but I won't give up yet, although the money tree in the back garden is looking a little desparate...
£24,000 makes my -$1700 so £1000 area look positively nice

I know a well off lad had a cable put in £110k seriously made a few bucks then all in 1 stock telewest held it from its highs to a sub penny stock lost it all in 3 months so easily done.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #75
  • Jun 14, 2012 2:54pm Jun 14, 2012 2:54pm
i think the big boys / banks and LP laugh at retail traders, it's like a game to them, now there stop laughing once you staring winning and make a few millions, then they wanna kiss your ass.
  • #76
  • Jun 14, 2012 3:00pm Jun 14, 2012 3:00pm
This Thread Been Move To Trading Discussion
  • #77
  • Jun 14, 2012 3:02pm Jun 14, 2012 3:02pm
Quoting PoundTrader
i think the big boys / banks and LP laugh at retail traders, it's like a game to them, now there stop laughing once you staring winning and make a few millions, then they wanna kiss your ass.

Trading is a big game, them vs us for the most part and there smarter than us, better trained than us, can actually move the market how they want within reason, they know where we put our SL's mainly, they know if they pause in a down trend, retail will buy it then lose more.

Always more retail with more money to lose and give to them, they don't want the small retail traders, we don't lose enough and crack it eventually and take more out they want the 100K show offs which blow it in a few months and never return, that's why there is so much you need 100K to trade bla bla bla, it's all a trap.

Trading wise all banks make huge profits and pay huge bonus's to there traders, if all of them literally ( odd blip but rare, from rogue traders LOL ) are making huge money then it can only come from Retail
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #78
  • Jun 14, 2012 3:05pm Jun 14, 2012 3:05pm
Quoting Turveyd
Trading is a big game, them vs us for the most part and there smarter than us, better trained than us, can actually move the market how they want within reason, they know where we put our SL's mainly, they know if they pause in a down trend, retail will buy it then lose more.

Always more retail with more money to lose and give to them, they don't want the small retail traders, we don't lose enough and crack it eventually and take more out they want the 100K show offs which blow it in a few months and never return, that's why there is so much...
make you wonder why we put ourselves thru this, could it be the get rich quick scam that attract idiots like me, i must say im doing good trading forex but i see more fail then make it.
  • #79
  • Jun 14, 2012 3:11pm Jun 14, 2012 3:11pm
Quoting PoundTrader
make you wonder why we put ourselves thru this, could it be the get rich quick scam that attract idiots like me, i must say im doing good trading forex but i see more fail then make it.

Cause although the odds are against us and it's really hard to beat in ways mainly cause we make it that way, IF we can crack it especially in a scalpy 20 trades per day kinda way then the upside potential is 100K per year say, which is 5x's more than the average job for a lot less hours done at our leisure.

Catch 22, if you try you'll likely fail, if you don't try you'll never be rich and for most trading is our only shot and much more probable than winning the lottery.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #80
  • Jun 14, 2012 6:25pm Jun 14, 2012 6:25pm
Quoting Turveyd
Cause although the odds are against us and it's really hard to beat in ways mainly cause we make it that way, IF we can crack it especially in a scalpy 20 trades per day kinda way then the upside potential is 100K per year say, which is 5x's more than the average job for a lot less hours done at our leisure.

Catch 22, if you try you'll likely fail, if you don't try you'll never be rich and for most trading is our only shot and much more probable than winning the lottery.
You MUST be talking shite Turvey.Where's your 100k? You're a fuckin idiot!!
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