Let's Go Down Memory Lane, Your First Account You Ever Blew | Forex Factory

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Let's Go Down Memory Lane, Your First Account You Ever Blew

  • #1
  • First Post: Dec 2, 2013 1:41am Dec 2, 2013 1:41am
for me it was the month of sept 2005, the month before i open up a $1,000 account and i grew it to $1,400 in one month so i thought i was the shit untill i got whip out with 5 trades, thats when i knew i had to go back to the drawing board. i tell you more later

please share your experience
  • #2
  • Dec 2, 2013 2:13am Dec 2, 2013 2:13am
I guess everyone have short-term memory http://www.easyfreesmileys.com/smile...mileys-304.gif
  • #3
  • Dec 2, 2013 2:54am Dec 2, 2013 2:54am
I guess we all made it with our 1st account http://www.easyfreesmileys.com/smile...mileys-857.gif
  • #4
  • Jan 21, 2014 7:41am Jan 21, 2014 7:41am
Quoting PoundTrader
for me it was the month of sept 2005, the month before i open up a $1,000 account and i grew it to $1,400 in one month so i thought i was the shit untill i got whip out with 5 trades, thats when i knew i had to go back to the drawing board. i tell you more later please share your experience
  • #5
  • Jan 21, 2014 8:22am Jan 21, 2014 8:22am
Never really blew an account.

The closest thing was in 2011 when reduced one account from $5000 to $1800. But then I generally switched to long term trading only and had it restored with 2 good swing trades back to its original $5000. Since then I'm very careful when losses start to incline to %10...
  • #6
  • Jan 21, 2014 8:39am Jan 21, 2014 8:39am
my first experience in the trading world was in 1995,in honk kong.had no previous knowledge of forex and a relative invested 10,000 pounds for me to make my fortune,traded from a trading house and blew the lot in 7 weeks.didnt come back to trading until 2007.
  • #7
  • Jan 21, 2014 8:40am Jan 21, 2014 8:40am
Ever met a girl that had so many guys in her life that she can't remember surely who was the first?

I had so many margin calls over the years that i can't remember precisely my first one
Don't call me. I call you!
  • #8
  • Jan 21, 2014 9:41am Jan 21, 2014 9:41am
Quoting MarginCalled
Ever met a girl that had so many guys in her life that she can't remember surely who was the first? I had so many margin calls over the years that i can't remember precisely my first one

Great username, great tagline, great post.

+1
Student of the Markets
  • #9
  • Jan 21, 2014 9:50am Jan 21, 2014 9:50am
Quoting MarginCalled
Ever met a girl that had so many guys in her life that she can't remember surely who was the first? I had so many margin calls over the years that i can't remember precisely my first one
LOL

And another +1
  • #10
  • Jan 21, 2014 10:37am Jan 21, 2014 10:37am
I demo traded for a few months while in college (had no money for an account) before trading live. By the time I had money to trade live, I had already read a few of the more famous trading books, including Van Tharp's "Trade Your Way to Financial Freedom," so to be honest I've never come even close to a margin call. I knew about position sizing and risk management before I ever knew about moving averages, breakouts, etc.

I'm surprised people do actually blow accounts so quickly when trading with real money (unless it's just a play account for a hundred bucks). Seems either you jumped feet first into the business without due diligence (risk management), or you did your due diligence and are just insanely risky to spite yourself. It's shocking to find out people blow multiple accounts.

Before I ever traded or knew anything about trading, I did dabble with online gambling and DID blow up an account (albeit one that was funded with free bonus money from the casino) using a Martingale-esque system.
  • #11
  • Jan 21, 2014 10:58am Jan 21, 2014 10:58am
Quoting MarginCalled
Ever met a girl that had so many guys in her life that she can't remember surely who was the first? I had so many margin calls over the years that i can't remember precisely my first one

!! Another +1
So, you think you have rights? LOL
  • #12
  • Jan 21, 2014 11:06am Jan 21, 2014 11:06am
Started with binary options blew 2 accounts $500 and $250
GBP/USD
  • #13
  • Jan 21, 2014 12:09pm Jan 21, 2014 12:09pm
I started trading in 2008, demo for a while, until i thought i knew what i was doing. First live trade i made £800 and thought i was the dogs. Until the next day when i gave it all back. A further £2000ish in losses and back to the demo account for a while. The good news is i now trade full time for a living. Of course i still have losing trades but MM is everything.
  • #14
  • Jan 21, 2014 1:20pm Jan 21, 2014 1:20pm
Oooh, bad memories. I started trading futures in the late 90's, which required larger account sizes due to the margin requirements. Think I got burned most by Lean Hogs. 10K maybe? YOu think FX trading can test your nerves, try holding positions overnight in the commodities markets.....sheesh. Barely knew what I was doing but it certainly got the bug going.
There's always money in the banana stand.
  • #15
  • Jan 21, 2014 1:23pm Jan 21, 2014 1:23pm
I've only lost one account. The very first one. Had strict rules, had tight MM, had discipline & patience, but unfortunately no edge. Took about 1 year and a half to drain the account to a single digit.
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #16
  • Jan 22, 2014 1:01pm Jan 22, 2014 1:01pm
Quoting MarginCalled
Ever met a girl that had so many guys in her life that she can't remember surely who was the first? I had so many margin calls over the years that i can't remember precisely my first one
http://www.easyfreesmileys.com/smileys/lol-045.gif
  • #17
  • Jan 22, 2014 1:30pm Jan 22, 2014 1:30pm
First of all I want to say that this is the greatest post...until now....

Quoting MarginCalled
Ever met a girl that had so many guys in her life that she can't remember surely who was the first? I had so many margin calls over the years that i can't remember precisely my first one
+1 from me and ...DON't keep it up!

My first account : blew up in 2000 (june or july) after 2 months of trading blind ($5000).... Back to demo for about 6 months and trading live for a living since 2001...though I have people to thank for the journey, people and knowledge without which I would never have reached this "level". Many systems, many indicators and a lot of days and nights lost reading all kind of things, forex related or not so much.

Anyway, let's make room for others!

Cheers guys!
  • #18
  • Jan 22, 2014 2:29pm Jan 22, 2014 2:29pm
Quoting MarginCalled
Ever met a girl that had so many guys in her life that she can't remember surely who was the first? I had so many margin calls over the years that i can't remember precisely my first one

she would of remembered me...
My first trade/s many moons ago about 13/14 years ago I took £200 to over a £1000 in a short time THEN got smashed to pieces time and time again then I realised forex wasn't as simple as it looks, its worse than mugging for gains. Then it got better (about 9 years later) hours and hours of chart watching and learning what to look for and obviously getting into the mindset.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #19
  • Jan 26, 2014 2:34am Jan 26, 2014 2:34am
Quoting billytt
{quote} she would of remembered me... My first trade/s many moons ago about 13/14 years ago I took £200 to over a £1000 in a short time THEN got smashed to pieces time and time again then I realised forex wasn't as simple as it looks, its worse than mugging for gains. Then it got better (about 9 years later) hours and hours of chart watching and learning what to look for and obviously getting into the mindset.
  • #20
  • Last Post: Jan 29, 2014 5:50am Jan 29, 2014 5:50am
I opened a live account with $1000 in April 2012 after two months of playing around with demos. I took my account to $1800+ in the first week and was looking to retiring in a years time. A pending order just before the NFP release, with a spread of 60 pips by my bucket broker helped by over leverage and the whipsaw during this type of event reduced my account to $600+ in mere seconds. From here it was an up and down, mostly down journey until I was wiped out in about 7 months. Incidentally at one time I managed to bring it back to $970+ but excitement got the better of me.
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