I lost 7k dollars and I am in a massive pain

Well you've learnt your lesson (albeit an expensive one).

Don't do it again

My advice: Stop trading ASAP and do something reasonable.

I thought about killing myself. I don't know what happened yesterday. I tried to follow a management system, but sometimes in my head was, if I made 200 dollars to 7k, why can't I just double my account in a very good opportunity.


Suicide!Why? 7k is not worth dying for. ln fact no amount of money lost is worth dying for. In our local parlance they say when there is life, there is hope. Some few years back, being a novice and a newbie, l lost about 600000 of my local currency in this business thank GOD l am still alive and still have to continue with life. It took few years to recover from that loss but alas today l have fully recovered . My friend go back to the drawing board and restart all over again. No rushing in forex. Take it easy. It is well with you in Jesus name. Just my little kobo







.

looks like thread starter did not bother responding single poster here which makes me think it was just an attention getting gimmick perhaps.
Its rude starting a thread and getting no response.Was the intention free therapy? "look I am suffering" Who amongst us did not lose money in trading.I would say 100% of us but we don't go starting a thread claiming to kill over peanuts.
FF is unique place for sure.

yes, I would consider it rather unbelievable. But when gambling (and forgetting risk more or less) it is possible ...
(must have been the atmosphere in varna/bulgaria, hehe, nice place to stay some months ...)

Without reading the whole essay or all the posts here.. Simply, stop loving money and over and out !!
Get a life.. And think about that a Family in India will not earn 7000 $ their whole life.
Even if they sell their daughter to a perv European.

Forex is a hard hard game, and im glad that it isnt so easy.. Otherwise every monkey could do it.

You lost 7k $, wow, how cruel, i made 40 000 $ from 5 000 $ and then lost all, 10 years ago
with stock buts its the same overall.. Aaand.. im survived. And i did not killed myself..

And licked blood for more..

Now 10 years later, i 'can read' the charts and make constant profits.
I needed 10 years of my life time to do that.. Investing at least 5-10 hours per day. Constantly. So what. Do it or leave it..

Again, im glad it isnt so easy.. Try and error, and again and again and if you are intelligent and strong enough you will make it.

If not, dont waste your life time.. To be psychological strong is about 3/4 of the game, the rest is patience and knowledge..



Do it or leave it.

ps. Grüssle FXd..

he didn't forget the risk....the risk was 1%/trade....but to get result like that it has to be at least 10%/trade..

I just read the title and I feel pain as well. but. its not worth taking your life, of forcing your self to get back your money from forex, 7k is not a small amount I have incountered loses which is close to 2/3 of your account but it doesnt mean that i will let it get to me, just forget about that 7k. learn from the mistake and start over again (not necessarily forex) and best of luck. trust me its not always about money

You have two things working in your favor: youthfulness and the zeal to succeed. You can make these two work for you. The few people I know of who started with little money and turned it into a fortune were/ are all in their 20s. I am in my 40s and struggled for over 2 years with a small account, risking those 1 - 2% and I had nothing to show for it. It was after I decided to take some calculated risks, some times risking 10% of account, that I turned things around. This week's gold drop is an example. Every one expected gold to break out. And when it did I went in with 6% of account. Right now I am sitting on 16% return.

Do not give up. Do it again, and again and again.

Exactly, spot on. As to the argument that the thread as more of an attention getting gimmick, seeing how that the poster has not returned back, it kinda looks like it.

or may be he's dead already.








r.i.p op.

you should read all the market wizards, they are really good.

Some of those guys lose millions in one night on a bad trade so don't fret losing 7k, especially when you only invested $200.00. I know how it feels though, iv never been able to grow money that quick but I took 400 to 3600 in 3 weeks and busted in a day x.x you gotta pick your self up, learn what you did wrong and keep moving.

Keep a trade journal and record how you feel emotionally about the trades too, not just the numbers so when you look back you will be able to see how you were thinking during a bad trade and can identify when you are starting to feel those same thoughts in the future on bad trades to come.

never give up man. even if it takes you 15 years of demoing, being able to be 40 years old and make money from your savings while working at home will be priceless and your peers will wish they tried to master the same skill(especially after they were telling you to give up 10 years ago ;D).

I highly doubt it would take 15 years just using it as an example.

"success is moving from failure to failure with out a loss of enthusiasm" -- winston churchill

wow, only lost 3 trades of 54? tell about ur system...!

You are not alone dear there are thousand of traders in the world which loss a huge amount on daily basis and their money goes to winner traders so keep calm and start again your aggressive trading system and now don't forget to withdraw your profits ASAP.Good luck

You should be trading a demo account first. I know you said you have been doing this a year, but if you cannot turn a profit on a demo you sure as much should not be trade real money. If you still have the urge to trade real money trade a micro account- only a few pennies a lot.

Or maybe Lazarus would do a return performance..either way, I guess the poster would be just in his teens..for this kind of an attention seeking gimmick is just what we all did as teens..good ol' times, though in my defense, I thought George Bush was intelligent and yes, I was drunk as a skunk when that thought pooped into my head, pun intended.
As for the poster, believe me, we have all been there done that..all said and done, you're better off trying to finish your education..and worry about the rest later on. And just so you know, a life is def worth more than the price tag you have fixed to it..sheesh

Hello,

Sorry guys, I was really busy and pretty much depressed about what happened, however I had a time to revalue about positive sides of this story and I really appreciate that this forum in its majority contains very helpful and serious people. Unlike other parts of the web where you actually find a vast amount of trolls, due to experience in this area, It's really rare to see such motivation posts together.

I was actually busy thinking on new ideas, new life, new things. It really helped me. Summarizing I was actually busy with this stuff. I am still studying and decided to learn new things. A new language deutsch, Want to try new things in Germany. I wish to do an internship there (I am from Mexico) and continue and grab experience. These things along with my new trading experience will develop another opportunity of happiness in my life. I have learned that you cannot depend on happiness on only 1 thing, because if it fails, your life will go down very easily. We need a balance.

I want to continue doing Forex, but in a disciplined way, or at least when I grab a good strategy then I can manage well my risks and make and try new things. However I will like to at least :

1. Investigate
2. Try it
3. Document it
4. Follow it
5. Test it
6. Make conclusions

Also during my investigations I would like to clarify that I would like to try many possible ways of strategies. Thing is... I want to take out my emotional side of this business and treat it as a very logic way in making this at least for a large capital. Deciding between opportunities and risk will depend on time and will not be a large % of my amount or not an amount that I won't be willing to lose. Because even if I win, I know I won't be happy because I really suffered on that trade and didn't guaranteed me secure money. What's the point of successfully winning money if you are not sure that you will lose it later?

Believe it or not, I have read every single post every day, and once a new one was posted, I really learned a lot from you. Also I would like to reply most of you since I would like to comment on each thing that I have viewed it as a nice positive perspective point of view and would like to discuss it as well.


It is very true what you said. However most people don't really feel what it is to be like that until they are depressed. When you feel good you put yourself in a zone of "Doesn't matter", we are going well. Most of the time I felt winning... if we put levels into good emotions and bad emotions... When you lose the force of this losing emotion is stronger than it is when you are doing well. Because greed comes into play. You want more. So you want to feel better each time. However when you lose everything, this is the time when the kick comes, and you feel absolutely bad.

Also I like the example you mentioned. However I would like to discuss a really good point... That is "nurture"... Really, Why are some people affected socially and are pretty successful people? What makes them different than a boy who was grown in the streets of corruption, blood, murder?? Statistically, it is proven that someone who grows in a bad environment will end worse than those who grow in an environment of a good middle-class family who pays them for college, good food, clothes and at least a decent community environment. What about those rich kids whose parents own businesses, and they have an easier path to achieving money due to the parent's strategies. You can't compare a poor mechanic vs a rich entrepreneur, if the kid really wants economic success.

I live in Mexico. There is a lot of stuff to discuss about poverty here. But in my experience you will pretty much find this: The typical stereotypes of poor mexicans living in a desert and the people defending that Mexico is not like that and you should come and see it. It's true, it's different, but are you sure? It's all about perspective. In my city there are a pretty stable families living well. Going to the malls in the afternoon. Nice restaurants in the weekends. Some good private colleges. Nice houses (even mansions). These people are the ones you find on the internet and saying "Mexico is not like that" and they actually don't see it like that because they live in one of the few cities. But believe me, that is only a very small % of Mexico. What about the rest? It's pretty much the stereotype. I still see horses with people and sombreros. Trust me.. the north of Mexico looks like a desert. If you have watched a movie where some guys hide in some very poor house near the USA border. The event might be exagerated, but not the environment and place...

So where am I going with this?

Perspective, environment, nurture... The nature where we develop ourselves as a kids really has much to do with our future growth and how we project ourselves as adults.

And I think it is very important like you said to realize that one's is responsible for their own success but I would like to add that having the knowledge that even if you have a worse scenario, one can be smart enough to get out of that place, because for one person living in the poor streets can be normal... living in a middle class house can be normal... living in a mansion can be normal... Because that's the way you have been growing and learned. You can't do anything about changing how and where you were born, but you can change the way you can live in the future.

Also, realizing we are stupid people and we are not perfect, without getting depressed is a good way to learn. Sometimes we overestimate ourselves and we forget that we are not perfect because that's the human nature.



Thank you for your response and I would like to add that many of these errors we make of what you mention in trying to achieve a better life, being financially indendepent and not trying to balance our life comes to actually do things in an accelerated way, at leas that's what happens to me. One of my worst virtues is patience. And I think greed is related with not being patient. Having the things faster. Getting money fast. And when there is something, a patch you discover you want to follow in your life, and it's something you see yourself in the future, you imagine, you make projections and everything later fails, then it's something terrible. It's like wanting to create a family, you want to have a girlfriend, you get it, you marry, and then are in the process of having kids, and all of the sudden your wife dies being pregnant. All your projections, your "imagined" future is gone. However I think family is a more important issue, and money is not really what makes you happy, however it's more less what you can feel in a lighter way.

I also identified a lot what you said about not thinking "succeed or nothing". More of a "YOLO" term. And it looks funny, but it really isn't when you lose it. The thing that I learned that most people don't actually do it because they don't how it is to feel a loss, or maybe because they haven't even experienced anything is like I have explained in another quote above: When you are winning you feel like in a comfort zone. "Everything is good" "I would lose some, but doesn't matter, I still gained a lot". But when the loss kicks in, it's painful, psychologically you think its a great loss and you lost a lot of time. You think you are not doing well and since it didn't work it cant be bad. You want to recover your money and act based on emotions and adrenaline instead of logic and patience.

Also, I don't think it has to be with the "I know you have to be patient and getting out of your emotions". It takes more than just "know". It has to take a a real determination inside you that really triggers you to not do it. Experienced users will not do it because of knowledge, but because they know the feeling is really bad if they do it. This is why I think most newbies fail, because knowledge is not enough.


Last 2 weeks I had been doing something I haven't done in most of my lifetime, that is running up several times into a mountain. It's only you and nature. You think about your life. And the difference between being in your house and running, I am not really an expert on this, but it actually helped me discover new things, it like opens my mind to new perspectives, things you actually don't come with in your house.

Also, like you said, balancing out things that makes you forget about bad things will really help you. I will take that advice in case something not expected and bad happens, because I had experienced that when something bad happens, I am very obssesive. I think and overthink about it and in the end I tend to regret of what I did. And sometimes I say to myself: "Why didn't I just got off from the computer and went to eat a nice ice cream instead of trying to recover my loss".

But like I said, it isn't enough to just know it. You have to be determined.

For this response I won't be the typical guy who said "everything is possible" and be left with another incredibility and I will explain you with some numbers, as I actually love them for calculating profits.

Getting from 200 dollars to 7k. I will be specific, it was almost 7k. It's not hard. The question will be... How long will it take for lose it all?

And no, I wasn't putting 1%. Pretty much I was "stupid"(sorry for the language) and tried to manage it in an all-in with pretty separated and good opportunities investments. I was pretty good at doing that, technically and with price action. I would say I was more than 90% effective. But the 10% had to be hit and I wasn't psychologically prepared even if I knew it for a loss that negative ideas dominate you. It dominates your determination for being patient and going slowly.

Most of the time I was.. If I made from x to 3x, Why not 3x to 4x... and so the chain went like that... And I wanted to stop it at certain amount but the greed never stopped, specially when I was having good results.

But I will explain you how it was:

For doubling an amount in a compound way and knowing how much I made is: 2^x. My investment profit was 32x times around, which is actually 2^5= 32... Which means I just had to double it 5 times... With a 90% success... Don't you think it's easy?

If you put this into probability (9/10)^5 = .59 That means 59% of success rate.. Of course the 90% was just a number I would guess my intuitive experience with technical and action price strategy was, however an approximation will give you a not impossible probability of succeeding. 80% success rate would be 32% which still isn't hard to hit. My trades were based on very common sense good opportunities and around once per week, not the typical consistent daily trade. More like searching for the right trade.


Thanks brother. One of the things I had seen is that while time passes, pain leaves more each time. When weeks happened, it really gives you the moment to forget and think that new things can be made, and specially when you search other things that makes you happy and not only a few pieces of paper. Of course like I said in the first quote, that money can get you economically stable, however to the grade of being obssessive that won't let you even make great results at you, it's even harmful for my health.

Being involved in new plans, learning new language, preparing for going to another country. Looking for good professional experiences. Running more around nature at the same time was I make exercise had helped me in balancing things.

I think the most important thing is to stay positive and not make the same mistakes.


Hello J Clinton, you have a very interesting reply.

As I have experienced I know the answer to that question and it is pretty much the same as I have said above: It is not enough to know it. So, what makes it different from a person who has learned the hard way and another the other way? Does he make me smarter phisically? Is he better than me?

Who knows... But one thing is sure and that is that once an error has occurred, I can't go in the past and try to recover it, so the best thing to do is now to actually be smart.

Also pointing what main topic you were talking about has a lot to be with greedy and this is involved with psychological perspectives. Let's say I won 400, then 800 and then like the guy above explained above with what happened to my brain, my emotions took over and imagined having 1600 dollars. And well, I did it and I got the 1200.

So what now?

You think:" I made from x to 4x, Let's try to make 8x with a stop of 3x... Anyways I would be left with 2x more...." With some gains and losses this strategy gained me 32x... but what I didn't know is that the few % of losing rate would hit me, and it hit me at 32x... The emotion of "I would have 25x... anyways..." "I would have 12x anyways..." and I would recover to 32x... Imagine 32x.... That's a lot and now I would start again over good...."

When you have a lot more, you don't value what you had at the beginning. Well you do, at least I did, but in a different way, you get in such a comfort zone that you continue doing what you were winning without considering the bad possibilities that could happen.

And one of the worst things is that I wasn't prepared for a loss. I knew that a loss could be really bad.. but even If I knew it, feeling it is very different. The loss emotion force is stronger and worse. Psychologically you can go to, alright I can recover it "Succeed or nothing". That's why I think one of the most important things to do that I have read is "Plan your trade, and trade your plan". But do it! and not just a... oh well let's try something or first let me risk.

It's amazing how human nature works. Before you trade big time and going to a "all or nothing" trade you feel a little bit nervous, but as soon as you make the click and see the spread and pips going against you, you feel all your body sweat, your body getting hot, your brain getting crazy, bad symptoms all over you.

I think determination and doing it is what takes the most important role after the knowledge. Is like everybody complaining about hunger, bad politics, bad society and not doing anything about it...

Thanks for your reply.


I will definitely read it. I had seen it recommended it a lot of times. And I totally agree that what matters is now. Once I heard from a person that happiness also happens right in the moment, it's the experience. Of course having the consciousness that future will be okay gives you feeling of happiness.. The "dopamine" which gives you pleasure kicks you in, however, it is sure that getting back memories of bad things will not achieve good feelings. There is no point of it. Also errors are a good investment to learn and do things right. It will be pointless to be whining.


Good point Carlsberg, and yes, I was very lucky and I will you why:

7k was the right amount to lose. Getting from 200 to 7k, I really experienced what it felt to be greedy. Also a good amount to really value what was that account, because also I can't say it was a little, at least in my own achievements and how fast I could have grow it in other things. But not too much to really be a super pain, what if the good winning chain could have gotten to 14k....28k... and then lose it all...

Also, it really helped in my life believe it or not. I have changed some plans in my education and in my forex trading. If I would continue doing the bad way I would even lose more time.

Another important thing to note that I find it funny was that in the end my loss was not -7k, it was actually -200. But it's amazing how some pixels with some real value can change your mind, life, state, everything.

Thanks for your reply.

Thanks for your advice Toranaga,

I think it's about perspective as well, but I know a bigger amount will hurt even more since the fall is even taller and you would "hit" stronger. How harder will it be to get back up? Even more... But's true, it makes you stronger, what matters is what you can do now.


Sorry if I made it look like it, but I never intended it to be, I like to make active responses however I hope you really understood the idea of how changing some plans was and how it really made me busy, however I came back . I liked the idea of creating this to actually receive some advise since I actually knew this forum about 1 year ago. I also would like for newbies to read my experience as they learn and I hope they are really determined and not only knowing it, since TRYING to achieve the "magic" can be good at the beginning but at the end they will end with pain and I don't really wish them this, specially because I know the folks on forexfactory are actually those guys who are trying to seek advice and not just some random players gambling.

I didn't lose the fight. I came back and stronger




---------

Thank you a lot for your replies. I will be active in this forum. I usually tend to be active when I get on forums since I like to discuss, share, learn and comment on things I really like.

I hope to see this thread in the future years and see how far I have grown. As always, time will tell.

killing yourself over 7 grand...geeze

You are way too young to think about dying. I have had my life destroyed several times and somehow I keep coming back. That is part of the adult experience of life and you should remember that you are still becoming an adult. That won't end until you are 30-35. There are always rebirths - remember that. When you are at 'zero' there is nothing left to lose and everything to gain.

Remember that materialism is a fast road to loneliness and regret. Money is just a tool to let you live your life; it is not your life.

Ok philosophy done - on to trading advice...

1) Misinformation is rampant. Most conventional wisdom is either dead wrong or too hopelessly nebulous to actually use. Don't believe experts. Experts disappear to private life. I am not an expert, yet Those pretending to be experts are trying to confuse you or use you.

2) You are going to have to become a scientist and do your own research on what is actually going on. This may take you 20 years.

3) Remember that not only does price vary, volatility varies. Learn to forecast price AND volatility (I am still working on that one...). Volatility and price can and do change discontinuously so you should drop any technical assumptions about smooth transitions from one mode to another. Transitions happen abruptly.

4) Make sure that whatever technique you use, it has to do much more than just 'work'. Running a backtest optimization on a simple parametric system is just fishing for something that randomly worked for an arbitrary moment in time. The system has to match a true theoretical PHYSICAL reason why it should work. If you don't know why your system works - IT DOESN'T.

5) Avoid common technical tools. Moving Averages, MACD, etc are all garbage. Make new indicators based on real statistics, not on silly little halfass ideas that have been around for half a century.

6) Learn computer programming, at least to a point. You will need to be able to use computers to test your statistical ideas. Learn the R statistical programming language (still working on that...) and whatever else you can use as a blackboard to test out ideas.

7) Learn real statistics, especially those dealing with time series prediction. You need to understand something about autoregressive models, stationarity, fractals, fractional dimensions, Hurst statistics (persistence/antipersistance), and artificial intelligence.

8) Why do prices move? Please don't say supply/demand because that would be wrong. Fundamental explanations can be manufactured to explain anything but usually describe nothing. THE FUNDAMENTALS FOLLOW A 'TECHNICAL' REGIME! That is to say that the actions of economies, govts, and central banks all follow a controlling system that they are not even aware of and which can be predicted at least somewhat.


This is the hardest way to make easy money. But if you believe that this is doable, as I do, keep at it and you may get there someday.

Go out and do something fun and enjoyable, hopefully with a cute girl. That should be the main burden on your mind at 21, not stressing about your financial future. Take a break for a month or so and begin again, accepting the risk to come. When you begin, say goodbye to all the money you deposited. Lose it, in your mind. Then go to battle without fear. De-leverage as your account increases. Don't shoot for a million. Shoot for a steady income that allows you to pay your bulls and save up for future big losses.

nope.losing money in trading is like losing your valuable possessions in a natural desaster.you won't kill yourself over that.

you do want to kill yourself when you fail again and again and again after your full commitment and hardwork.failure hurts.


this..