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

  • #101
  • Jun 17, 2014 12:13am Jun 17, 2014 12:13am
We are our own worst enemies. Enslave your emotions, and consistent success will become your bff.
If you shoved every single trading indicator and strategy some place where the sun don't shine, and took trading positions solely by flipping a coin (heads-long; tails-short, or visa versa), you could still come out ahead if you practice good money management and bury your emotions 6 feet under concrete slurry.
  • #102
  • Jun 17, 2014 9:20am Jun 17, 2014 9:20am
Speaking about a 7k loss....

What you think about this guy?

Inserted Video
Forex is a losers game.
  • #103
  • Nov 14, 2014 1:47pm Nov 14, 2014 1:47pm
I could feel your pain Buddy.
I have the same feeling now actually.
8 years ago, I started forex, using marketiva.com. but then I wanted it serious, so I joined forex.com . First start, I put $1,000 and made about $170 in 2 days. What a wonderful feeling, right. I thought I really found how to be wealthy by doing it. Then the next week, I doubled it, I didnt make it. Lost almost all money. I then tried to find out what went wrong, read many article, tricks how to do forex. Then I gained my confidence back. But I lost money again. I stopped it for a while. Then after about 2 years. I started it again.
I was in relationship with a guy (but not married). I helped him doing business, at first he agreed to give me salary from helping him. After 3 months he said it's not fair for him. He stopped paying me salary. Meanwhile I could not find a job, because he traveled alot (i had to be with him). So I decided to play forex again, using credit card, coz dont really have money. I made $500 in less than a week, gained my confidence back. in Less than a month I lost all my gain, kept funding it with credit card. Then reached limit, finally stopped.

We then traveled together, he got me the job in the same company, thing became great, I could save some money, even I could afford to travel to outside USA. It was nice, up until he had to move to expensive state in east coast for his new job. Then we bought a house, we split payment. Everything is expensive. From utility bill, tax, food cost. etc. I started the forex last year around summer 2013, put $3k, then I played safely, conservatively. I made and made more money. About 5 months ago (July) my total gain was around $25k. It's so relieved. Coz I wouldn't be able to afford the life without forex. Then started at the end of July, I kept losing, negative trade for over 10K for about 3 month, I put more money using credit card, hoping it would turn around, avoid getting cut from not having enough margin balance. I put more and more money using credit card, finally I didnt have no more limit. First big cut was about $27k. It was like getting stabbed by knife. Then applied and got new credit card. my thought was, I started with 3k, and made over $25k, so if I was careful i could get that money back. But that didnt happen, I lost again, around $13k, got cut.
Then I kept playing with $6k left, and now my position is negative $2,543 (all are EUR/JPY).

My credit card debt now is about $22k (i didnt check it, coz i know i would cry). I dont know how to pay that card.

I am so scared, feeling so hopeless. Suicide is seemed so the way to go.... I dont know, I just dont see they way out right now. I still remember when I had no debt at all. With $22k debt now, i feel the sky is falling.

All in all, I think total money I have lost in Forex is about $60k.

You are still young, my advice is to get up, move on. Your situation is not the worst, neither mine. Be careful with credit cards, they are evil.
I will try to move on myself, God works in mysterious way.
  • #104
  • Nov 14, 2014 3:54pm Nov 14, 2014 3:54pm
I've been trading full-time for 2+ years, and forex is my only source of income. I am not rich. I do not know everything. I am still learning.

What I do know, is that it is completely possible to make a living trading forex. And I also know you don't need a lot of money to be successful.

I will show you how it is possible to win. I will give you one strategy (there are many that you can win with, but I will share just one here)...

You have to learn how to watch the market, and wait for your opportunities.

I've attached a chart showing USDJPY in an uptrend (5 minute chart). You can see how price bounced off resistance, but then broke through. But then price retraced back into the blue area, and you can see how the blue area is now becoming support. You can see where I entered (green dotted lines - 2 positions). I also knew that 116 was a key level, so I watched for price to pull back near that level, and bought when I saw some bullish candles in the blue area.

Is this a guaranteed system? No. Is this current trade guaranteed to work out? No. But can increase your equity with this approach? Yes. You can use this approach on any time frame, but your profit targets will be less on lower time frames, but you will also be risking less.

Notice how my SL (red line) is a few pips (10-15) below the support level. So a very low risk trade. I'd consider taking profit around the last high (116.80), but may try and see if it will go higher...

Remember this one principle - If price retraces on an uptrend, it will almost always eventually go back to the prior high, the converse is true on downtrend. The key is finding the support area on the pull-back and entering there.

Word of advice - practice this on demo account for a while, and when you trade with real money, don't load up your account with all of your money. I will give you an example of how you can exponentially increase your account by risking only 2% on each trade.

Starting equity: $200
Risk per trade: $4
Risk/Reward: 1:3
Total trades: 20
Wining trades:10 or $120
Losing trades:10 or $40
Increase in equity after 20 trades: $80 which is 40% increase.

You need to be consistent though, in how much you risk per trade. And only take trades that offer good R:R. And don't increase your risk faster than you increase your account.

Never stop learning. Be careful around very volatile news events. Let me know if any questions...

Hope this helps. Happy trading

Edit: fixed typos
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM5.png Size: 48 KB
  • #105
  • Edited 4:11pm Nov 14, 2014 4:01pm | Edited 4:11pm
Quoting rajjarindo
I could feel your pain Buddy. I have the same feeling now actually. 8 years ago, I started forex, using marketiva.com. but then I wanted it serious, so I joined forex.com . First start, I put $1,000 and made about $170 in 2 days. What a wonderful feeling, right. I thought I really found how to be wealthy by doing it. Then the next week, I doubled it, I didnt make it. Lost almost all money. I then tried to find out what went wrong, read many article, tricks how to do forex. Then I gained my confidence back. But I lost money again. I stopped it for...
You're not living int he reality. I might get you back in the real world. With real people. With bigger problems than what money cannot solve. Contact me personally for more details. You know what to do.
You have truely and totally lost your way and head. Keep calm and wait the right time.
Also, you should stop if you are not making any progress.
Out of curiosity, how did it feel like to get stabbed by a knife?
The irony is, you always end up losing. God help you.
Think about it. The story is phenomenal. Everything falls into place now.
#momentofclarity
A trade should be based on an assumption based on facts
  • #106
  • Nov 14, 2014 4:08pm Nov 14, 2014 4:08pm
I should also say, if you are struggling for a long time losing money in Forex, it might be time to get some formal, professional training. You can get some pretty good courses for around 300-400 dollars. I'd recommend one, but I think I'm not aloud to do that here on FF...
  • #107
  • Nov 14, 2014 4:13pm Nov 14, 2014 4:13pm
Quoting benaiah
I should also say, if you are struggling for a long time losing money in Forex, it might be time to get some formal, professional training. You can get some pretty good courses for around 300-400 dollars. I'd recommend one, but I think I'm not aloud to do that here on FF...
Psychology is the answer. Maybe?
A trade should be based on an assumption based on facts
  • #108
  • Nov 14, 2014 4:15pm Nov 14, 2014 4:15pm
My story is about taking 300+ usd to 28K+ in a span of 9 months. 10th month gave a crash and I m surviving now. However, I haven't lost ambitions yet
  • #109
  • Nov 14, 2014 4:24pm Nov 14, 2014 4:24pm
Quoting Mave
{quote} Psychology is the answer. Maybe?
Perhaps.

I have much more to say on the struggles posted on this thread, but I hold back a little as I don't want to violate rules on posting off-topic.

However, I will say this, which is totally related to trading. Trading will expose in you every weakness imaginable. If you don't work on those underlying weakness/issues, you will not improve your trading.

I give one example. Patience. If you are jumping in and out of the market all day long taking trades without any discipline, and "revenge trading" your equity will quickly dissolve. One has to learn how to be patient with forex. Know when to walk away. Know when to take a break. Know when to trade. When not to trade.

And if you are going through an emotionally distressing time in your life, and allow that distress to affect your trading judgment, again it will quickly decimate your account.

One has to know how to separate any emotional distress from trading. And know how to exercise patience and discipline. Also, desperation to make money will result in failure as well. One needs to focus soley on becoming a good trader. The money will follow...

Obviously this does not cover everything needed to trade forex successfully, but just gives some examples of how personal weakness and distressing situations in life can have a negative impact...
  • #110
  • Nov 14, 2014 4:50pm Nov 14, 2014 4:50pm
Quoting benaiah
{quote} Perhaps. I have much more to say on the struggles posted on this thread, but I hold back a little as I don't want to violate rules on posting off-topic. However, I will say this, which is totally related to trading. Trading will expose in you every weakness imaginable. If you don't work on those underlying weakness/issues, you will not improve your trading. I give one example. Patience. If you are jumping in and out of the market all day long taking trades without any discipline, and "revenge trading" your equity will quickly dissolve. One...
It depends on the trading style. Some people take long term positions, some prefer day trading.
If you think, discipline is of utmost importance to a day trader, they do need to jump in and out of the market several times depending on the market of course. Sometimes there is not much in the market to trade.
Now about long term trades - yes they can be distressing at times and the losses one has to take might be bigger than.. let us just say big.
One must keep emotions out of trading. Becuase there is a time when you do not trade and enjoy the money. Sometimes people have a bad year. Next time they will find a better trade only if they keep the emotions out of the trading game as you like to call it. But it really is not a game. Infact, you have to know how well you are doing emotionally to trade well. Sometimes people take bad decisions and take a trade. Sometimes they find the wrong scrip to trade. What is important is to change the mindset becuase the market is a very real place and understand that there are more scrips and another day. If your method/system is correct then it should not be too difficult to find a profitable trade. But if the method itself is wrong then market takes all the money and effort that was put in the method. Its all about the mindset. Someone people get it right easily, some people like to run circles, some just do it the wrong way everytime. You have to find the right method. That is it. Emotions in trading does not work. You can blabber all you want about the distressing forex life and etc. in the end you know when the trade is righ and when it is not.
Reading your post-some work need to be done on the mindset. Ask me, i will never in 1000years trade with this mindset becuase basically one has to grow up from such a mindset. Its pretty simple.

Edit - do elaborate the personal weakness point.
Are you really 44 yrs old?
A trade should be based on an assumption based on facts
  • #111
  • Nov 14, 2014 5:06pm Nov 14, 2014 5:06pm
Quoting rajjarindo
I could feel your pain Buddy. I have the same feeling now actually. 8 years ago, I started forex, using marketiva.com. but then I wanted it serious, so I joined forex.com . First start, I put $1,000 and made about $170 in 2 days. What a wonderful feeling, right. I thought I really found how to be wealthy by doing it. Then the next week, I doubled it, I didnt make it. Lost almost all money. I then tried to find out what went wrong, read many article, tricks how to do forex. Then I gained my confidence back. But I lost money again. I stopped it for...
Give me your account and let me see what i can do? Should not be too difficult becuse you cannot do worse.
A trade should be based on an assumption based on facts
  • #112
  • Nov 14, 2014 5:37pm Nov 14, 2014 5:37pm
what's the average age of the people in the thread?
22 years max.
A trade should be based on an assumption based on facts
  • #113
  • Edited 6:43pm Nov 14, 2014 5:59pm | Edited 6:43pm
Some truths about forex business

There indeed are ways to make reasonable returns in forex, but there are certain conditions.

Condition #1. Leave the Time alone. Do not think how much time passes by before you get an entry or an exit. Market doesn't move every day, but when it moves, it moves several hundred pips in just few minutes. It never moves in a consistent manner. If Pa is choppy, don't think it would take weeks before it hits your sl or tp or with this pace you won't be able to meet your weekly/monthly profit target. Just leave the time alone. It is very difficult to wait after a losing trade, especially near the end of the week. There will be months of losing streaks and again months of winning streaks. This market is not your employer who would give wages every Friday but a beast that you are trying to tame and that beast can also kill you if you are careless. One single mistake and all is gone, your capital, your confidence, your dreams and your financial freedom. Believe in the power of compounding over the years. Have a 5-year plan, at minimum.

Condition #2. One percent (1%) risk is way too much no matter you take 10 trades in a day or just one in a year. That 1% is gone even before you take a trade and also the next 20% or 30% because you can experience a losing streak of more than 30 trades in a row no matter how good your entries maybe. My experience is 52 consecutive losses.

Condition #3. There is no shortcut. You have to read and learn economics, global politics, market framework, market behavior, etc. the way it is taught at Harvard and not how one learns here or here .

Condition #4. Forget that there is any magical formula in fibs, patterns, ,martingales, pyramiding, hedging, calculations, trend lines, support/resistances, etc., also throw all trading myths out of your window. Just focus on what global economies and different players in these economies are up to. This is how people make money. They know who is cornering silver and why, who is playing with oil and who is trying to lift CHF. You don't need to have access to all that information or direct connection with these major players, just study the market, read and use your brain. Everything will be clear. It's not that difficult if you are a knowledgeable person.

Condition #5. If you want to trade, complete all the requirements for becoming a professional trader, learn, practice, understand, have your own views and theories, develop your own techniques, etc. You should be knowledgeable enough to discuss what you do (that is. Forex Trading) and must be able to provide logical answers to any questions if ever asked in an interview by a news channel like CNBC or Bloomberg.
The Thief of Wall Street
  • #114
  • Nov 14, 2014 6:01pm Nov 14, 2014 6:01pm
Quoting trader121
Speaking about a 7k loss.... What you think about this guy? http://youtu.be/vIMwMsY0ndo
LOOOLLLLL. I think I've been there a couple times..... over a lot less money though. Growing pains unfortunately seem to be necessary.
Small disciplines repeated with consistency lead to great achievements.
  • #115
  • Edited 6:46pm Nov 14, 2014 6:10pm | Edited 6:46pm
Quoting Mave
{quote} Edit - do elaborate the personal weakness point. Are you really 44 yrs old?
Yes I am 44, and I will be 45 in a few days. Not sure why you would question this. And not sure what your intent is in responding to my post. Some of you're comments seem a little disrespectful, and you seem to be coming across like you have more knowledge and experience. Do you? Then share it. Why do you need to respond to what I say? Share your own view without attacking mine. Are you able to do that without coming across like a "know it all"? Because so far, your posts are borderline offensive.

But I'm not sure if it might be because English is not your first language. I will give you the benefit of the doubt.

You ask to elaborate on the personal weakness point. Okay. Here is one for you...

Many people do not like to admit when they are wrong. In fact, many people do not ever want to be wrong. This mindset will kill you in forex. Trading forex, you must readily admit to being wrong, and accept the potential to be wrong. Every time you enter a trade, you must consider the fact that you might be wrong.

If a trader has not mastered this aspect of trading, they will not cut losing trades soon enough, they will risk too much on a trade that they think could never go wrong. They will also not listen to what anyone else tells them about how to trade, since "they know it all" and could never be wrong. I could go on and on about this. A big part of trading is accepting that you will be wrong, and knowing how to handle this, strategically, and emotionally.

And related to the above, any trader who wants to be successful will recognize their need to continue learning, and be humble enough to learn from others who have more experience than they do. The best trader and mentor that I know personally, even admits openly to learning from his students. Nobody knows it all.

Add:Regarding my prior comment:

"I give one example. Patience. If you are jumping in and out of the market all day long taking trades without any discipline, and "revenge trading" your equity will quickly dissolve."

This is about the danger of trading without discipline. I trade intra-day, and may jump in and out of the market all day. But it still requires patience and discipline. It doesn't matter what time frame, or how often one trades, the same rules apply in terms of patience, discipline, and revenge trading...
  • #116
  • Nov 14, 2014 6:13pm Nov 14, 2014 6:13pm
I feel your pain. I put all my 401K in trading 3 months ago. Total of $15,000. The first week, I made $4,000, got the account up to $19,000. I got very excited and feel powerful and invincible. The very next week, I lost $13,000. I wanted to commit suicide, like you. That was my 401K that I saved for years. I got some counselling done. Brush off myself and start trading again. I'm down to $6,000. I became conservative but scared most of the time. I manage to grow my account for 2 months up to $9,000. It was a slow and steady growth. This past couple of weeks I lost $2,000. And specially today, my sell trade is upside down. EURUSD was crazy. USD news were good. EURUSD should sell. My trade is still open, but I am -$3,000. So my equity is down to $4000. I want to kill myself again. But after reading your blog here, it gave me comfort that I am not alone being a newbie in the Trading business. I really hope the EURUSD will retrace back to the Sell side. Thanks for sharing your story.
  • #117
  • Edited 6:23pm Nov 14, 2014 6:13pm | Edited 6:23pm
"The difference between an experienced trader and a beginner is that the former has lost more money."

Keep in mind: those success stories you hear about instant forex millionaires may be true, but you don't hear about the next day or year when their instant wealth evaporates... just as instantly.

There will always be people "above" you and "below" you in life - your situation could always be worse. And while you are still alive, you still have a chance to succeed. Being grateful for what you have is as important as your mindset when trading - don't covet what is not yours, or you will lose what you have now.

Only risk what you can afford to lose. If you can't afford to lose, don't risk anything. Losses are part of forex.

And don't worry: your money is gone but not forgotten. You have to lose so someone else can win. Forex is a zero-sum game (unless you are a broker).

Numbers in a computer buddy... numbers in a computer. They mean nothing - really.

The biggest scam of all is this entire financial system we call "fiat currency", where banks can print all the money they need using fractional reserve banking, lending on housing with money that doesn't exist and issuing pieces of plastic (credit cards) where the money is created by '0's in a computer.
  • #118
  • Nov 14, 2014 6:53pm Nov 14, 2014 6:53pm
Quoting benaiah
I've been trading full-time for 2+ years, and forex is my only source of income. I am not rich. I do not know everything. I am still learning. What I do know, is that it is completely possible to make a living trading forex. And I also know you don't need a lot of money to be successful. I will show you how it is possible to win. I will give you one strategy (there are many that you can win with, but I will share just one here)... You have to learn how to watch the market, and wait for your opportunities. I've attached a chart showing USDJPY in...
very good advice benaiah, thanks for sharing your method, it will help a lot of us newbies. it is really good to start on demo, then start 0.1 lot on live account when we are already consistently winning on demo. when we can't do it on live then go back to demo. i will do this cycle for 6mo. to 1yr. and only then if my trading journal is positive and convincing will i be increasing my lots using your support and resistance tactics. one year of reading forex books and forums will equip me with the right ammo to succeed in forex. thanks buddy.
  • #119
  • Nov 14, 2014 6:56pm Nov 14, 2014 6:56pm
So you want to be financially independent, like a doctor, or a lawyer? How long do they have to study, 6 years, 8, 10? How much does their education cost, $40,000 or $80,000 or $100,000? There may be a few savants out there who can get rich in a year on $200, but I have never met one. Consider the $7,000 and one year a down payment on your Forex education, like the first year in college for a doctor. You are young and can easily change directions if you decide to later. I changed careers four times. After becoming a Journeyman in my trade, I quit it and went back to college and graduated at 29 and worked 25 years first in engineering and then project management, then I started my own business in an unrelated field and now I do Forex. Everyone I've met that is successful in Forex has one thing in common. They don't quit.

Save your money and practice in demo with the smallest trade size you can get, like 0.01 lots per trade. That way, when you are ready to trade real money, you are practiced at trading the proper size for a new trader. If you want this to be a career that will make you financially independent, plan on it taking as long as it would to be a doctor or lawyer, 6 to 10 years. It doesn't have to cost as much though. Most of your Forex education can be free if you approach it right, and when you are ready to trade real money, trade the smallest amounts allowed, like 0.01 lots per trade until you are consistently profitable. As long as you don't quit, you haven't failed, you've just learned a hard lesson. Expect many hard lessons before you reach your goal. I thought I was there 20 times only to learn there was still one more hard lesson lurking around the next trading corner. Even after years of consistent profits, there may be another hard lesson just waiting to knock me down.

In the end though, it's not how many times you get knocked down, it's how many you get back up. As long as you get back up one more time than you are knocked down, you win. Don't quit. Don't ever quit. Don't give the bastards that satisfaction. Get back up. Shake it off. Get back in the game, a little smarter this time, and show them what you are made of. When you make it, and you will if you just don't quit, give someone else a hand up.
  • #120
  • Nov 14, 2014 6:57pm Nov 14, 2014 6:57pm
Quoting bluepanther
"The difference between an experienced trader and a beginner is that the former has lost more money." Keep in mind: those success stories you hear about instant forex millionaires may be true, but you don't hear about the next day or year when their instant wealth evaporates... just as instantly. There will always be people "above" you and "below" you in life - your situation could always be worse. And while you are still alive, you still have a chance to succeed. Being grateful for what you have is as important as your mindset when trading - don't...
Why you want to smash dreams of many?
OK. What about if I open a demo account, all trades and activities of that account visible and show you 12 consecutive green months?
The Thief of Wall Street
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