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  • #735,121
  • Dec 18, 2012 5:12pm Dec 18, 2012 5:12pm
Quoting Daytrader74
Woke up to a margin call this morning....been taken to the cleaners, all gone :-( goodbye friends
I feel sorry to here that mate. I can really recommend the book, Tharp's - Trade your way to financial freedom.
The trend is your friend.
  • #735,122
  • Dec 18, 2012 5:16pm Dec 18, 2012 5:16pm
Quoting Daytrader74
There's still $1.24 left in my account but it says Account Disabled


That's the price your broker has put on your dignity!

They left you more than I would have! I'd have done...

-$1.24...Beat it, chump!
  • #735,123
  • Dec 18, 2012 5:16pm Dec 18, 2012 5:16pm
Quoting kenfen69


That's the price your broker has put on your dignity!

They left you more than I would have! I'd have done...

-$1.24...Beat it, chump!

Brilliant.
The great majority are rarely capable of thinking independently.
  • #735,124
  • Dec 18, 2012 5:17pm Dec 18, 2012 5:17pm
Quoting kenfen69
...never a good moment for someone, and I take no pleasure in hearing it. Think long and hard before reloading. Won't even get a free drink in Vegas unless you're playing with money you can burn.

In forex...everything YOU know is WRONG at this point, obviously. Nothing wrong with mistakes...just don't let them be your sole point of consistency.

Hit the books!
Hi Ken - A figure of speech, or any specific recommendations?
  • #735,125
  • Dec 18, 2012 5:18pm Dec 18, 2012 5:18pm
Quoting fxnav
Good broker, they are keeping your from harming yourself any further.
That's true.

The story reminds me of one of my friends who i introduced forex trading many years ago.

He was a bit impulsive and traded with big slots 10-50x standard for hoping big wins as it looked easy with 5k capital.

Played few weeks and after one big day he was 4k+ up, total account of roughly 9.5k. Next day he did bad trade, added to loser and went 11k - and hit margin call, in one big day.

Mind-numbing rollercoaster.

Still trading though, not trading that much spot currencies but other instruments.
They think they are smarter than I am.
  • #735,126
  • Dec 18, 2012 5:20pm Dec 18, 2012 5:20pm
Quoting Z3iz3i
That's true.

The story reminds me of one of my friends who i introduced forex trading many years ago.

He was a bit impulsive and traded with big slots 10-50x standard for hoping big wins as it looked easy with 5k capital.

Played few weeks and after one big day he was 4k+ up, total account of roughly 9.5k. Next day he did bad trade, added to loser and went 11k - and hit margin call, in one big day.

Mind-numbing rollercoaster.

Still trading though, not trading that much spot currencies but other instruments.

This business is brutal, it takes no prisoners. Only a very select few make it. Statistically it is a MARKET we can't all make it in this business, and the ones that do, need a lot more that don't as the accounts of the succesful ones grows
The great majority are rarely capable of thinking independently.
  • #735,127
  • Dec 18, 2012 5:20pm Dec 18, 2012 5:20pm
Quoting Daytrader74
There's still $1.24 left in my account but it says Account Disabled
A friend of Mine , in 2010 was having great problem finding work. After marriage and some health problems , it was very difficult for him to find a job. So, during one of these days he sees a Forex ad promising him rewards and money ! So, he open a demo account , plays with it and feels very happy. Next week , he opens a live account with all his life saving - 1000 US dollars , is all he had in savings. ( The guy was young anyway) He plays around for one month and get his margin call. From 1000 US Dollar , he has only 60 USD left with a crashing defeat ! So, he decides to join this forum and this threat in particular -he has posted here in this thread from two years. But the only difference , he decided to learn and study and read as much as possible ! He , In 6 Month working in daily job and studying Candle sticks basics and technical anaylsis went from 60 Dollars that was left out of the margin call to 1600 USD. After that he cashed out the original money and kept the rest playing with it ...

His name was Voodou - but i can't remember the correct pronunciation he used to write the Username
"It's the Margin, Stupid."
  • #735,128
  • Dec 18, 2012 5:21pm Dec 18, 2012 5:21pm
Sorry to add to all the advice/comments but one thing I'm sure you've learned is that you need to let go of losing trades. Before you enter you need to figure out at which level your initial entry is invalid and get out without a second thought. I have absolutely no problem doing that because I know it's saving me money.

Quoting fxnav
Good broker, they are keeping your from harming yourself any further.

You are crying over spilt milk now. If you have your heart set on trading then start again. Losing this 11k was the cost of your first course, courtesy of the markets.

IF you do want to trade again, then forget everything you have learned so far, as it obviously does not work and start again. You need to look at the markets from a completely different angle.

You need to develop your own style and strategy, nothing you will read here or elsewhere will ever work for...
  • #735,129
  • Dec 18, 2012 5:25pm Dec 18, 2012 5:25pm
Quoting fxnav
This business is brutal, it takes no prisoners. Only a very select few make it. Statistically it is a MARKET we can't all make it in this business, and the ones that do, need a lot more that don't as the accounts of the succesful ones grows
Be in the market, don't be a mark.
Not all sins are created equal
  • #735,130
  • Dec 18, 2012 5:26pm Dec 18, 2012 5:26pm
Quoting fxnav
You need to develop your own style and strategy, nothing you will read here or elsewhere will ever work for you.
What exactly do you think this geezer has been trading...with such success of running it into the ground?

Whatever. I rarely even come in here. Last few times I have, he's had a staring role. I'm about to be...now just was...margin called. Wasn't ever seeking advice. Stuck to his guns...shooting blanks. Brother needs to UNlearn (difficult) anything he ever thought was going to work for him. Read some success stories. Borrow bits from people whom have had success. LAST thing he needs right now is his OWN strategy/style.

Don't be silly!
  • #735,131
  • Dec 18, 2012 5:27pm Dec 18, 2012 5:27pm
Quoting fxnav
This business is brutal, it takes no prisoners. Only a very select few make it. Statistically it is a MARKET we can't all make it in this business, and the ones that do, need a lot more that don't as the accounts of the succesful ones grows
Yes.

As i see it, only way and the way that works for me is modeling the market every day, starting before Frankfurt opens.
They think they are smarter than I am.
  • #735,132
  • Dec 18, 2012 5:33pm Dec 18, 2012 5:33pm
Quoting kenfen69
Brother needs to UNlearn (difficult) anything he ever thought was going to work for him.

LAST thing he needs right now is his OWN strategy/style.
I'm here to make money. If he wants to reload his account, be strong headed and give his money to me, you and others, let him.
Not all sins are created equal
  • #735,133
  • Dec 18, 2012 5:33pm Dec 18, 2012 5:33pm
It seems no sign of retrace yet. Yen is on the move, pulling EUR higher, looks like test the upside first...
  • #735,134
  • Dec 18, 2012 5:36pm Dec 18, 2012 5:36pm
Quoting Daytrader74
Woke up to a margin call this morning....been taken to the cleaners, all gone :-( goodbye friends
goodbye....NEEEXXTT!!
NocturnalFX is no longer offering commercial services
  • #735,135
  • Dec 18, 2012 5:37pm Dec 18, 2012 5:37pm
Quoting TPOTrader
goodbye....NEEEXXTT!!
This attitude is not nice... You can never know you won't be next... A little respect please...
  • #735,136
  • Dec 18, 2012 5:38pm Dec 18, 2012 5:38pm
Quoting gatorinla
?
here now
Attached Image(s) (click to enlarge)
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those who can, do. those who cant, talk about those who can
  • #735,137
  • Dec 18, 2012 5:39pm Dec 18, 2012 5:39pm
Quoting math_GB
This attitude is not nice... You can never know you won't be next... A little respect please...
It's cold but it's the reality of the market. Doesn't matter who or what the personal circumstances are.

The market is the original prostitute; no money, no play.
Not all sins are created equal
  • #735,138
  • Dec 18, 2012 5:43pm Dec 18, 2012 5:43pm
Quoting kokopelli
Hi Ken - A figure of speech, or any specific recommendations?
Complete figure of speech, my friend. Good question, though.

I have a massive folder of books on my computer. Have never actually read one, start to finish. Have read bits, of course...but then just start to apply what is going to work for me. Have read a lot of books in my life, but could honestly not even name the title of a single "trading" book. I have nothing in my FX/Stocks/Trading Book folder that isn't plastered all over here, there and everywhere, but...if I didn't know me arse from a hole in the ground...I would tackle a few of them.

Can you post "zip" files here (FF)? If you can...I'll post it up. Again...nothing special within...same stuff anyone ever mentions, I guess. I hate analysis paralysis. If something works for me...I'd hate to read something that tells me why it shouldn't work. A book that was written two years ago (let alone 20+) would almost seem irrelevant to me at this point...we're in a very different place. If people don't have a fundamental grasp of what is going on...read some books. If you do have that grasp...take what you have and adapt. Sidelines are safe...never be afraid to observe from safety. DON"T go broke! You will NEVER do that being flat. The market ALWAYS wins. ALWAYS!!! You're either with it (briefly)...or about to be fed on BY it.

BS advice mode over.

Hope you're well, mate. Still looking as handsome as ever!
  • #735,139
  • Dec 18, 2012 5:44pm Dec 18, 2012 5:44pm
Quoting kenfen69
What exactly do you think this geezer has been trading...with such success of running it into the ground?

Whatever. I rarely even come in here. Last few times I have, he's had a staring role. I'm about to be...now just was...margin called. Wasn't ever seeking advice. Stuck to his guns...shooting blanks. Brother needs to UNlearn (difficult) anything he ever thought was going to work for him. Read some success stories. Borrow bits from people whom have had success. LAST thing he needs right now is his OWN strategy/style.

Don't be silly!...
hows the toy doing?
those who can, do. those who cant, talk about those who can
  • #735,140
  • Dec 18, 2012 5:45pm Dec 18, 2012 5:45pm
Quoting Jay Walker
It's cold but it's the reality of the market. Doesn't matter who or what the personal circumstances are.

The market is the original prostitute; no money, no play.
Yes mate but the guy clearly lost a bunch for him and he comes up here and says farewell... No need to add up to his misery. I believe there is always a dignified way of telling the truth, don't you think that is a bit harsch... I am really upset for the guy, 11K is not alot of money and I fear it was his savings and not portfolio... Shite truly...
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