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Crazy day and lost it all

  • #41
  • Jan 29, 2013 2:56pm Jan 29, 2013 2:56pm
Invest in yourself, take your money and improve skills that can actually make you money - not forex. The market is a losing proposition, if your smart enough to have been able to play and to have increased your account then you are smart enough to realize after wiping out that speculating in currencies is a haphazard adventure. There will always be another system, another way to control yourself, another kick at the can, this time it'll be different but it really never is. Save yourself alot of time, money and anquish and decide if continuously risking your money is worth it. You might get alot better payoff doing something else.
  • #42
  • Jan 29, 2013 3:32pm Jan 29, 2013 3:32pm
Quoting stevexyg
over 100 reading this thread. I hope you all listen and learn or next time IT WILL BE YOU

enjoy the ride.
Sooner or later yes. No one gets out (financially) alive.
  • #43
  • Jan 29, 2013 3:44pm Jan 29, 2013 3:44pm
Quoting Davit
It will be real cool to see your photo on your profile.Not many female traders here.I like your thinking.I am a big fan of Livermore as well.
regards
stalker alert....
NocturnalFX is no longer offering commercial services
  • #44
  • Jan 29, 2013 3:50pm Jan 29, 2013 3:50pm
lol ... we are all beautiful on the internet. No photos required.
Nothing worth having is easy.
  • #45
  • Jan 29, 2013 4:04pm Jan 29, 2013 4:04pm
The first thing that you have to do is accept the fact that trading forex will make you rich overnight
The best that you can hope for is that it will make you rich very slowly.

You turned a 1K account to 5K ?
How did that make you feel?
Did you feel like a SuperTrader?
Did you feel that you were invincible?
Did you feel that you can do no wrong?

I would guess that you entered this trade and when it went against you, you were unable to believe that you were wrong
You were right and the market was wrong.
Then you thought that you would add to your position and then you will regain your loss and a lot more besides because you were right and the market was wrong.
ditto
ditto

The market is always right no matter what you think.

If this is what happened, it's because you are only human. I've done exactly the same thing before, so I am not judging you.


You have to examine your trading.
If you multiplied your account 500% in a short time, then you are probably risking too much on each trade. Sometimes that will work, but usually not for long.
Lower your risk.
Always use a SL
Never move your SL unless to lock in profit or reduce risk.
Never think that the market MUST go in your direction eventually. The market will go where it will and really doesn't care what you believe.
Aim to get rich slowly rather than broke quickly.
Please Do Not PM Me With Coding Enquiries
  • #46
  • Jan 29, 2013 5:47pm Jan 29, 2013 5:47pm
  •  Jamz
  • | Joined May 2012 | Status: Tops and bottoms are for bikinis | 798 Posts
Quote
Posted by Davit
I am a big fan of Livermore as well.
regards

Who could be a fan of Livermore? He was declared bankrupt 5 years after having made $100,000,000. Oh, I guess there is a lesson there......
  • #47
  • Jan 29, 2013 7:04pm Jan 29, 2013 7:04pm
Quoting Jamz
Who could be a fan of Livermore? He was declared bankrupt 5 years after having made $100,000,000. Oh, I guess there is a lesson there......

Traders that respects the game.

Here's a link to ease some of the defeat winlots!

http://newtraderu.com/?p=2091
  • #48
  • Jan 29, 2013 7:14pm Jan 29, 2013 7:14pm
Quoting kiadanai
Attachment
My chart shows a different story. 121.60 was broken clear, you had all the time in the world to adjust your Sl.
Maybe you wrote the wrong numbers? Did you mean 121.65?
Even then it was such a small rebound that i cant believe it cost you 5k, you should read some books on risk management.

Look at the bright side: once you adjust your RR you can always count on the fact that you were able to turn an account from 1 to 5k;just try to do it again with RR.

I lost it during Asia session where again i "thought' they would break support
  • #49
  • Jan 29, 2013 7:17pm Jan 29, 2013 7:17pm
Quoting Gumrai
The first thing that you have to do is accept the fact that trading forex will make you rich overnight
The best that you can hope for is that it will make you rich very slowly.

You turned a 1K account to 5K ?
How did that make you feel?
Did you feel like a SuperTrader?
Did you feel that you were invincible?
Did you feel that you can do no wrong?

I would guess that you entered this trade and when it went against you, you were unable to believe that you were wrong
You were right and the market was wrong.
Then you thought that you would...
I did turn the 1K to 5K very quickly like a few days, and emotionally it did make me feel super invincible...I know they feelings, i;m just worried if i can change it next time. Its not the first time i have done it as well
  • #50
  • Edited 7:41pm Jan 29, 2013 7:30pm | Edited 7:41pm
If it makes you feel better, I turned 2k into 45k over three days - then proceeded to lose it all over the next five days. I was devastated. Then I lost even more as I chased after the losses hoping to do the same thing again, but in reality only digging myself deeper. It set me back a couple of years.



It all comes down to having strict money management - AND STICKING TO IT! I had a plan on paper but it just went out the door as i became overconfident.



EDIT: Actually, I think the big thing also is learning to take a loss. I still find this hard. I would move my stop loss, buy additional lots, in the hope the market would reverse. It gets to a point where you are risking 50% of your account and now its worse than the beginning and you don't want to take that loss. But I tell you, when you blow the whole account then you feel like taking a loss at 50% would've been much better than the result you now have of blowing your whole account. The lesson: define your trade before placing it, accept the risk, place the trade then walk away. It's save you making stupid decisions in a stressful situation.

Cheers,

Ben
  • #51
  • Jan 29, 2013 11:48pm Jan 29, 2013 11:48pm
Quoting winlots
Hi

Today i just lost control and lost it all. Didn't follow a plan, over traded, large position sizing, not letting go of losing trade, no risk management I turned 1K account to 5K recently and went overconfident and thought the 121.60 in EUR JPY would break today in Asia and shorted everything. Support held and rebounded and it blew up my account.
Sure, it's part of the process. I did it once, didn't lose the whole account, but took a massive beating in one day. I took a couple of months off from trading and did work on myself. You need the same thing. I've never done it again. However, some people need to be beaten more than once before they learn.
  • #52
  • Jan 30, 2013 12:23am Jan 30, 2013 12:23am
Heya,

It's very simple.

Greed and the feeling of invincibility caused your downfall. I'd say just about every trader has fallen for this trap before whether they realize it or not, and yes including myself.

But consider this:

All it takes is just one moment of folly and you'll lose everything. Knowing that you'll be making hundreds, perhaps even thousands of trades throughout your forex career, isn't it only wise that you CHOOSE not to risk making this mistake 100% of the time?

It doesn't matter how lucky you are in winning all these overleveraged trades... or whether you've won 10 of these high risk trades consecutively like a boss... all it takes is just ONE moment of folly and you'll blow your trading account again. So if you're planning on being a consistently profitable trader in the long term, isn't it only wise you trade safe 100% of the time... and avoid taking that 1 dangerous overleveraged trade that could completely screw you up?

Just something to think about.
  • #53
  • Jan 30, 2013 1:44am Jan 30, 2013 1:44am
Quoting winlots
Hi

Today i just lost control and lost it all. Didn't follow a plan, over traded, large position sizing, not letting go of losing trade, no risk management I turned 1K account to 5K recently and went overconfident and thought the 121.60 in EUR JPY would break today in Asia and shorted everything. Support held and rebounded and it blew up my account.

I just dont know why i blew up on a day like this. Anyone of you have days like this?

I just don't know what triggered me, my emotions or i just lost discipline because i was forcing myself so hard...
Hey bro, you stay in Singapore?
  • #54
  • Jan 30, 2013 1:46am Jan 30, 2013 1:46am
I have a completely different view of why we lose control when we are in front of the charts, in fact I am currently writing a book on the subject. I disagree with with the psychologist view that it is down to believing you don't deserve it.
If that were the case then why do all traders have the same problems. What, they all think they don't deserve money, even those who were highly successful in other fields.
I am assuming that you were daytrading when you lost control, self control is like a muscle that gets easily tired, many studies have been done that shows that when people have used up their store of self control they then go on to make bad decisions in other areas. Looking at charts for long periods of time and making mental decisions uses up your emotional energy and self control which is why you act in a way that you can't understand. You have become weakened and subject to gambling urges.

There are many ways to replenish self control
1. practice meditation focusing on breath for 5 minutes a day increasing
2. use price alerts to get away from the screen and reduce the amount of time you have to focus
3. increase you time frame until you feel calm (I can't day trade but have no problem using 4 hr and daily charts)

I could go on but rest assured this is perfectly normal and is not your fault, you have to become self aware and plan ahead so you don't put yourself in situations where you use up your control.

In the 1960s John Aspinall in the uk opened a casino and fleeced the aristocracy by introducing a game called Chemie.
The game was simple and went at a much faster pace than other games and soon became all the rage.
Many were ruined by this game because the speed of decision making used up all their store of self control and fortunes were lost.
If you watch poker on tv they have an expression for this called tilt, even the top poker players in the world can be affected.

Hope this helps
  • #55
  • Jan 30, 2013 1:52am Jan 30, 2013 1:52am
Quoting winlots
Hi

Today i just lost control and lost it all. Didn't follow a plan, over traded, large position sizing, not letting go of losing trade, no risk management I turned 1K account to 5K recently and went overconfident and thought the 121.60 in EUR JPY would break today in Asia and shorted everything. Support held and rebounded and it blew up my account.

I just dont know why i blew up on a day like this. Anyone of you have days like this?

I just don't know what triggered me, my emotions or i just lost discipline because i was forcing myself so...
First, sorry for the loss.

Having read most of your posts on this thread, and seeing you said this is not the first time its happening to you, then, I did say its you fault. But, I will only give you this "stupid" advice (if you think its so):

Take time and enjoy the loss! You will learn valuable lessons doing so.
  • #56
  • Jan 30, 2013 2:29am Jan 30, 2013 2:29am
Quoting happybunny
I have a completely different view of why we lose control when we are in front of the charts, in fact I am currently writing a book on the subject. I disagree with with the psychologist view that it is down to believing you don't deserve it.
If that were the case then why do all traders have the same problems. What, they all think they don't deserve money, even those who were highly successful in other fields.
I am assuming that you were daytrading when you lost control, self control is like a muscle that gets easily tired, many studies have...

Hi Happy, it is important to note that the discussion with my psychologist was on a case by case basis. In other words, it applied to me not in general. The point I suppose is that since trading is a mental game, we need to look at our mental state along with the evidence (ie trades we've documented and made) to be successful. I completely turned my trading around. It took me 3 years of consistent work. I make consistent wins at the end of the month as opposed to big wins and big losses. So for me it helped to look internally and examine myself rather than say its greed and bla bla. Everybody is greedy but how do I use that greed to make me money on the market.
  • #57
  • Jan 30, 2013 2:29am Jan 30, 2013 2:29am
The highest purpose for a sentient being is the creation of an effect.
In essence, a game is created.
This game of "winning Vs losing" is simply better if you lose than if you win, because it is a greater "effect".
Make the game more desirable if you win, not if you lose.
There is simply more reward in losing, therefore losing is more desirable - it's the better game.
  • #58
  • Jan 30, 2013 3:00am Jan 30, 2013 3:00am
Quoting winlots
Hi

Today i just lost control and lost it all. Didn't follow a plan, over traded, large position sizing, not letting go of losing trade, no risk management I turned 1K account to 5K recently and went overconfident and thought the 121.60 in EUR JPY would break today in Asia and shorted everything. Support held and rebounded and it blew up my account.

I just dont know why i blew up on a day like this. Anyone of you have days like this?

I just don't know what triggered me, my emotions or i just lost discipline because i was forcing myself so...


OH DEAR
  • #59
  • Jan 30, 2013 3:08am Jan 30, 2013 3:08am
Quoting bmpearsall
If it makes you feel better, I turned 2k into 45k over three days - then proceeded to lose it all over the next five days. I was devastated. Then I lost even more as I chased after the losses hoping to do the same thing again, but in reality only digging myself deeper. It set me back a couple of years.



It all comes down to having strict money management - AND STICKING TO IT! I had a plan on paper but it just went out the door as i became overconfident.



EDIT: Actually, I think the big thing also is learning to take a loss....
Ben, Thanks for the words. its amazing 2 into 45.....let me know how you can do it again
  • #60
  • Jan 30, 2013 3:09am Jan 30, 2013 3:09am
Quoting Keiran119983
Hey bro, you stay in Singapore?
Hong Kong
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