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

Where is the OP ? Something going wrong, posting and not coming back to reply and discuss the problem with others keeps the doubt of the thread subject if real or fake!!!

op is fine,see post no 37.

It's great to hear that you got back up again and found some balance, Zaiko. I think you are on the right track. Just keep on going and one day you will be there. Meanwhile don't forget to put your insights into practice: Focus on things that matter, walk through nature (a wonderful thing to balance yourself!), meditate, whatever...

And when you come to Germany or would like to test your new language skills, write me a message.

All the best,
Hans

@Zaiko {quote} 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. {quote}



Maybe you hadn't get my idea. My strategy differs from yours, don't know how much you risk per trade or account % and you hadn't answered " How you lost the 7K?" Was it a large size lot one trade? Consecutive losses, how??

My idea was: every trader must have a big goal from trading(other than MONEY in its big meaning), and it must be cut into partial goals.
Ofcourse when you're still in university, your goals would not need lot of money to achieve. For example it might be a newly released smartphone, laptop, projector, 3D TV..etc these worth from some hundred bucks to few thousands.
When you deposited $200, your first goal must had been like buying one or two of these. When your profits reach that goal, you must had withdrew the amount needed and started from your initial deposit again. By this, even if you lost it, you have reached to some of your goals.
Different traders have different goals and their deposit or account size will decide how realistic it would be to reach their goals.
For example, a trader with 10K account can have a goal of buying a car, when profits reach the goal money value, must withdraw it.
A Trader of 100K can have a goal of buying a house and so on..

Trade not just according to your trading plan, but also according to your life needs goals.

You are definitely risking wayyyyyyyyyyyy too much. You talk about doubling your account like blinking an eye. I understand being young is great to risk and all that but you must understand who you are as a person better and what your own limits are. Lots of life left. Hey I have lost 20k before but I didnt even shed a tear. You have to come into the trade with no expectations. Every trade is a unique outcome of randomly distributed probabilities.

ZaiKo just try reading some of my posts...

I warned you and many others about this. Unfortunately, you didn't listen. Some people do listen tho, but not the majority.

The vast majority are Hypnotized by this get-rich-quick scheme and lose their hard earned money.

The vast majority of people who lose all their money, don't come back to this forum to post about it, I really wonder why.

When you lose everything, you will have a flood of PAID POSTERS AND/OR people defending this scheme come here to tell you something like this to TRY to justify their scheme:

_Well, it's your fault
_You you did bad trades
_You need to learn MM
_You need to join JAMES16 PAID FORUM. (Go figure)
_The candle was not large enough
_You are still not prepared, keep trading via DEMO 6 more months
_You need to work on Trading Psychology
_You need to read these books
_Keep reading the James Price Fiction Thread
_You cannot plan to win consistently with technicals alone.
_You simply aren't made for this.
_Well you only traded for 3 years. If a Doctor Studies 10 years in University you need to trade 10 years before being successful
_To be profitable at forex takes a lot much more effort than 99% of people are committed to
_You need to work harder and harder and harder
_You need to keep BURNING Accounts, a good trader, before becoming good, they burned like 10 accounts.
_and BLA BLA BLA...

This has been posted by me, in many other posts, just check here:

http://www.forexfactory.com/showthre...ty#post7345965

http://www.forexfactory.com/showthre...ty#post6976706

Try to check some of my other posts.

Try to stay away from this scheme as much as you can if you want to save your hard earned money.

Some people become addicted to this thinking that "maybe" one day they could find the SECRETS to break even or start making some money. Pure lies. They have the same attitude and pathology as a Ludopath with Casinos.

There is a very good reason why FOREX is starting to get banned and/or getting more and more restrictions in some places/states/countries lately.

You cannot say I didn't warn you or many others.

Stay away from this gambling scheme. Honestly, I really hope you and other people can manage to stay away from this.

Stay safe.

@mapleleaf: Why don't you carry your pessimistic life and leave forex forums for good
If you failed to make money from forex trading, that doesn't mean all others had or will fail.
Your 99.6% stat is totally misleading. Ofcourse not 99.6% but 100% of traders loose money in forex but that does not mean all these blew their account, are not trading successfully for years and making a living from.
The Casino can be named gambling but is not like Forex Trading. Even if some may say that a skillful player can win money in the Casino, but it can't be consistent. I can't and would not believe that until further notice!, because there's nothing in the hand of the player to decide on but the Casino rules there.
Even if some say there are tactical stuff in it, but the ball is smarter than the player, talking about the Roulette for example.

In Forex, there are technical and fundamental stuff that you must learn and understand for years to be successful, but both success and failure are in your hands. Surely there's manipulation by whoever from bank to hedge funds and ..but it's limited to certain period of time when you must learn not to trade.

Forex trading is not easy, not for everyone, surely not for you, it needs years of experience, but one can make a living when have self confidence and believe in own strategy/system, less greedy, control emotions, know how and when to play it smart

Read my reply to Zaiko and learn from..
It might not work for your likes when you start very pessimistic about Forex, have no strategy and an always striking looser

Firstly you have not given it enough time - to learn, secondly everyone here on this www site has blown their accounts me included its part of the learning process - u either stay the course or u dont - most dont - also it teaches u to grow up - what u dont like the bad times throw ur toys out the pram - again it teaches u maturity - all u got to do is put in the hours and thank yourself that you are in this environment - i bet u when u were winning u felt like an ace and really did not give a hoot about no one else - no one is forced into this world of chaos and yes it is true only the strong survive but that is human nature at its finest.. we are all supply and demand as people we enter the market as either supply or demand traders - at a given time .. u have your own conscious your own thoughts and your own reasons - do what you set out to acheive and become that trader and then watch the other kids throw their toys out the pram when it suits them .. hey u think u had it tough - take a leaf out of my book - then u would know - or lots of other people round here ..

Yeah dont worry about it bud, its hard at first but only gets better! You had better of learnt something from the loss though! HAHA

Who says you cant make a living from trading FX? I do it, my group of friends do it, people I follow on twitter do it.

I just wanna give the guy props for posting his wounds up here, lots of people out there to support you man, FF can be shitty most of the time but at least you will learn good that way and give you the thick skin needed for FX.

I have been trading forex for 12 years i lost 3 times more than your 7k loss. Now today its a different story i have been sucssesful at it for 4 years now. My problem was that i was overtrading i now trade 2-3 trades a month i look for the right set up and i do break the rules i risk 5% per trade but i only trade the highest probability trades on higher timeframes and i hold my positions 200 to 300 pips. I don't believe in risking 2% per trade on high probability trades thats just me and this is not advice i have a system and it works and i don't deviate from my trading plan. I can tell you that spreads and overtrading will kill you. Don't give up and trade less. I look at higher timeframes weekly daily and make my entry on hourly timeframes. I trade one pair only. I now trade less than 35 trades a year and i have a track record of 85% success rate and my account has grown. Wish you the best and don't give up i didn't.

You lost 7K of your profit money and you are in massive pain? There are plenty of traders (myself included) who have lost thousands of actual hard earned dollars (not profit) that took months or even years to save. Ouch... now that's massive pain. Of course the main culprit is usually poor money management and lot size. When I read your thread headline, I thought you lost your capital. Losing that much hurts, sure.. but I actually prefer losing my profit than my capital. Easier to deal with. As a newbie, your first target should be to take your capital out ASAP. So, relax and print out a page with BIG BOLD letters "I WILL NOT RISK MORE THAN 1%. I WILL NOT OVER TRADE"

Zaiko,

I'll Try to make this short so you understand:

You start with 200$, and GAIN $6,800. You then lose everything. Result you lost ONLY 200$. I agree with digiff. Really the thought of "To die because you lose 200$" is just pathetic.............

There are other people who lose 20,000$...they don't think about dying. You have a PROBLEM "valuing money too much"


You need go get a JOB before you even trade LIVE account period. YOU ARE NOT MENTALLY READY for the the forex "GAME".

Get a JOB will change the way you think about money...............

Seriously, I think the day you get a job will be the day you never play forex again.......

haha, zaiko u still alive or killed ur self?

for advice I can tell u that there is alot of reasons for living even when depressed life is beotifull sometimes...

as for forex, get some money and start all over again...

it's hard to not to trade it's addiction, life is no more interesting without trading...

Dear my suggestion is that only a discipline trader can earn in forex. it is outstanding that you made 7k out of $200 but at the end turned up to loosing all. i have few suggestions for this. 1: always keep withdrawing your profits so that you don't get into a all loosing situation 2: risk and return, when you make more your risk or lot size also increases according to the balance but you should be always setting up a limit to your risk in percentage like the best is 5-8% risk in forex market. 3: In the Forex trading market, not losing any money is just as good as earning some. This is a hard..

You have lost only 200$
That's everything you have lost, rest of the story are your gains only. If you receive what happens in right way.
How did you manage make 7k from 200$?? -- you said you read everything about MM and psychology but did you understood this? Didn't surprised you result of multiplying 200 bucks to 7K in such short time? for me you terribly over-leveraged your trades.. you were taking horribly high risk....
7000usd lets say 200 pips move against you makes a 3,5 Lot position to clean account, and 7 lots when 100 pips against you, so what size of positions was made 15 lots with 7k account??? You say you read everything about MM?? bitter joke... sorry .

So many people here talking about taking big % losses and blowing accounts - can I ask how this happened? Was it through having a very tight stoploss through a major news event, trading with a large % of your capital, trading without a stoploss, or something else?

Zaiko,

It's sounds like you have a pretty analytical mind and a more than basic knowledge of statistics and probably even some gaming (gambling) theory knowledge.

It also sounds like you have developed loosely based entry rules and set ups for your trades, but no plan whatsoever for losses when trades go violently against you or repetitively against your entries. Managing trades on the fly without a plan is difficult even for pro traders.

I would strongly recommend you start using or learning basic programming and automate your trading 100% including entries, exits and size management. This will help you take away some of the emotionally based decisions and also allow you to generate more statistically based strategies instead of trading by gut feel. Gut feel feels great when you are kicking butt, however it also feels like you've been punched in the gut when the market shows you how much it doesn't give a sh*t about you. The trend may be your friend, but the market is definitely not your friend.

Automating your trading via an EA for example or other platforms will also allow you to test your methodology more rather than just "trial by fire".

Zaiko just go out and have some fun... leave the PC for a while...

And everyone below my last post confirmed what I posted.

You people are so freaking OBVIOUS...

Read this, ZAIKO:

http://www.forexfactory.com/showthre...96#post7507896

Nothing else to add.

For now.

Sorry about your loss. Everyone makes mistakes in this business and the ones that are the cockiest usually don't know what they are
talking about.

My best advice to you! Don't listen to anyone. Sit down in front of computer
and just watch price.

Until you can predict price, YOU ARE JUST GUESSING. In my book, guessing is for losers.
Think about the reality of trading. For your trade to be successful you have to predict beforehand where price will end up.
If you don't, you lose. That's why so many people lose. They have no clue to where price will go. They have no understanding
of what price needs to look like before you trade it.

People talk about support and resistance as if its a way to make money. Baloney.
You need to understand how price works.
Price can blow through any support and resistance level. Or you could wait forever for price to hit your golden spot and it may fall short by 5 or 15 pips
and leave you trade less.

But if you understand where buyers and sellers are and what on the chart tells you exactly what they are doing
YOU WILL BE ABLE TO MAKE MONEY and predict with a high degree of accuracy what price will do.
If you guess, you could make money but it will be hard. Those with a low win rate are a testament of what little they know.

Sit in front of your computer and learn to see buyers and sellers on your charts.
Learn to see how they turn price and the difference between different trends.
Trend types helps you see momentum. Some trends are weaker than others.
Don't counter trend trade strong trends. Just weak ones.

This takes time and I don't know anyone that teaches it. Not really.
The fact is, YOU CAN GUESS AND WIN but its not very reliable.
YOU MUST KNOW HOW PRICE BEHAVES and in doing so you can predict what
price will do a large majority of the time.

DO NOT TRADE LIVE TILL YOU CAN ACCURATELY PREDICT WHEN PRICE SHOULD TURN OR BOUNCE.
Also the most important information isn't support and resistance but what price does when it hits a strong buy or sell area. Also
focus on what price shouldn't do.
If you know this, you can keep your draw downs small and your wins big.

FORGET ABOUT PSYCHOLOGY. Knowing exactly what price is suppose to do and what it shouldn't do gives you the best mindset.

I feel for you. Trading isn't easy and many who claim they know what they are doing don't.
Trust me on this. Price behavior does similar things over and over and over again.
You just have to take the time to see it in real time and then learn to take advantage of it.
This takes a lot of screen time.