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Right now, I feel that I'm the biggest loser in Forex

  • #21
  • Nov 20, 2014 10:08pm Nov 20, 2014 10:08pm
Quoting jayjb
Here's my story. Started on forex almost 3 years ago as a get rich quick method and things got ugly pretty fast, within months I blew accounts worth of 1.5k and I stopped because I didn't wanna lose anymore. Fast forward to today, I got back into trading with a small account of $200 and did okay for 2 weeks, managing about $40 to $50 returns until a week where one of my trade which I overleverage went deep into the red and I loaded more money into the account to hedge and thankfully within days, the trade went back to my initially direction and...

You worry wayyyy too much about the money. 3 years of trading forex ,,, what, fulltime?, 1 hour a day? 3 years?

Your description tells me either you A. dont have a firm grasp on your system you are using OR b. you have not attained the mindset/psychology that of which is required in being a forex trader.

Get some books do some reading, go back to your method and refine it, let this loss be a very important lesson and stepping stone for you!
All posts are my personal opinion
  • #22
  • Nov 20, 2014 10:13pm Nov 20, 2014 10:13pm
go lose 7+ figures, then you can claim your the biggest loser in FOREX



http://en.wikipedia.org/wiki/2011_UB...trader_scandal
Learn, a forex trader must, unlearn and relearn he will.
  • #23
  • Edited 10:17pm Nov 20, 2014 10:16pm | Edited 10:17pm
Quoting KiwiOz
{quote} First you need a reliable system. After that there are only three rules to trading. 1. Discipline. 2. Discipline 3. Discipline
X10

You went through the trouble to learn how to make money in Forex, half the battle is already won. Pick yourself up, dust off your shoulders and get busy studying and applying techniques to AVOID losing money.

P.S. I am the KING of 500% returns followed by 100% losses. Now I graciously accept 10% returns and blow kisses at 5% losses.
  • #24
  • Nov 20, 2014 10:17pm Nov 20, 2014 10:17pm
truth hurts
I will tell the truth and it will hurt
a) you confess because you cant stop yourself doing the wrong thing. it repeats
b) the money you made over the weeks was not profit, you borrowed money from market. how do I know, because you gave it back with in couple of trades. the profit is not yours until you bank it in your bank account. so dont call it profit
c) trading is a mental state + money management (MM)
d) making confess here will not keep you away from doing the same thing. (most probable you will repeat sooner or later)
whats needed
a) you need a simple system. a most simple one that fits your style
b) you should get preparred mantally and should switch off "self destruction" mode where %95 traders do
c) you should hava to have a reliable MM
d) forget hedging

GL

Quoting jayjb
Here's my story. Started on forex almost 3 years ago as a get rich quick method and things got ugly pretty fast, within months I blew accounts worth of 1.5k and I stopped because I didn't wanna lose anymore. Fast forward to today, I got back into trading with a small account of $200 and did okay for 2 weeks, managing about $40 to $50 returns until a week where one of my trade which I overleverage went deep into the red and I loaded more money into the account to hedge and thankfully within days, the trade went back to my initially direction and...
My Best Trade is Next Trade!
  • #25
  • Nov 20, 2014 10:33pm Nov 20, 2014 10:33pm
Quoting MAM.Trader
truth hurts I will tell the truth and it will hurt a) you confess because you cant stop yourself doing the wrong thing. it repeats b) the money you made over the weeks was not profit, you borrowed money from market. how do I know, because you gave it back with in couple of trades. the profit is not yours until you bank it in your bank account. so dont call it profit c) trading is a mental state + money management (MM) d) making confess here will not keep you away from doing the same thing. (most probable you will repeat sooner or later) whats needed...
Hey finally, a sensible post from you.
Please check out my blog at https://from-zero-to-hero . net
  • #26
  • Nov 20, 2014 10:35pm Nov 20, 2014 10:35pm
Quoting SerpentDove
P.S. I am the KING of 500% returns followed by 100% losses. Now I graciously accept 10% returns and blow kisses at 5% losses.
Omg dude.

This is my favorite quote/post ever that I have read on this site.

I fucking love this.

THIS is me.

I bow to you

And will also subscribe just because of your post...
Please check out my blog at https://from-zero-to-hero . net
  • #27
  • Nov 20, 2014 10:54pm Nov 20, 2014 10:54pm
Quoting smash1820
{quote} Omg dude. This is my favorite quote/post ever that I have read on this site. I fucking love this. THIS is me. I bow to you And will also subscribe just because of your post...

Nobody knows the troubles I've seen, nobody knows the sorrow... LoL

There is a degree of pain hidden in the 10th rung of hell that went unmentioned in Dante's Inferno, and that post contains it.
  • #28
  • Nov 20, 2014 10:55pm Nov 20, 2014 10:55pm
Quoting jayjb
Here's my story. Started on forex almost 3 years ago as a get rich quick method and things got ugly pretty fast, within months I blew accounts worth of 1.5k and I stopped because I didn't wanna lose anymore. Fast forward to today, I got back into trading with a small account of $200 and did okay for 2 weeks, managing about $40 to $50 returns until a week where one of my trade which I overleverage went deep into the red and I loaded more money into the account to hedge and thankfully within days, the trade went back to my initially direction and...
thats a good story , you are good too because have realized the failure
are you loss $700 or $7.000.000 ?
  • #29
  • Nov 20, 2014 10:58pm Nov 20, 2014 10:58pm
Quoting SerpentDove
Nobody knows the troubles I've seen, nobody knows the sorrow... LoL There is a degree of pain hidden in the 10th rung of hell that went unmentioned in Dante's Inferno, and that post contains it.
You have an idea, but really, you have no idea.
Please check out my blog at https://from-zero-to-hero . net
  • #30
  • Nov 20, 2014 11:16pm Nov 20, 2014 11:16pm
Quoting smash1820
{quote} You have an idea, but really, you have no idea.
Trust me, I'm the idea, the concept, the theory and the practice. I need reincarnation to exist just to pay off my trading sins.
  • #31
  • Nov 20, 2014 11:20pm Nov 20, 2014 11:20pm
Quoting SerpentDove
Trust me, I'm the idea, the concept, the theory and the practice. I need reincarnation to exist just to pay off my trading sins.


I feel you bro.

But, I'd bet that also what makes you a good trader then. Am I right? Or am I right?
Please check out my blog at https://from-zero-to-hero . net
  • #32
  • Nov 20, 2014 11:27pm Nov 20, 2014 11:27pm
take a break and come back with full concentrate and more confidence dont risk for more than 5% on each trade.
  • #33
  • Nov 20, 2014 11:44pm Nov 20, 2014 11:44pm
Quoting VaBikePacker
{quote} the "one pair" advice is the best advice I've ever taken in my trading. It has made ALL of the difference. Keep expectations realistic is another BIGGIE. I don't think many people come into FX with realistic expectations and for sure not a lot of solid education is out there on money management and risk management. You must be excellent in these two things. There's plenty of ROI in a single pair once you learn the pair. I would even suggest an additional chart for another pair AS LONG AS it's correlated somehow to the primary pair you choose...

You and I are on the same page here man....and it's advice that I give out, but mostly gets ignored! The number of people who will say stuff like "Oh yes, I trade 14 pairs you know"....and 99% of them lose. I'm not saying it can't be done...I'm saying that to trade 14 pairs profitably would take years and years and experience, and even if it IS possible, I'd be interested to know how successful they are compared to my 2 pairs traded!!

The other thing I would advise people to do which I neglected to mention, is to stay away from FF...especially when you're trading.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #34
  • Nov 20, 2014 11:59pm Nov 20, 2014 11:59pm
Quoting jayjb
Here's my story. Started on forex almost 3 years ago as a get rich quick method and things got ugly pretty fast, within months I blew accounts worth of 1.5k and I stopped because I didn't wanna lose anymore. Fast forward to today, I got back into trading with a small account of $200 and did okay for 2 weeks, managing about $40 to $50 returns until a week where one of my trade which I overleverage went deep into the red and I loaded more money into the account to hedge and thankfully within days, the trade went back to my initially direction and...
Hey jayb, it's good for you that you made this thread, the markets are very good at making you feel the way you are now. I'm quite sure everyone could relate to you at some stage, hell I know I've been there before ... many many times in fact. It's all part of learning, you will either decide to give up the torment or push on nd on until you get it down tight. Your honesty is the key., Honesty to yourself, and the fact you put this in public is a good sign you are on the right track.

The VERY BEST enlightenment for me in regards to trading and myself have come from the VERY WORST situations. Just chalk it up to the cost of education and continue. Thank yourself you made this mistake with just <$2000 and not >$20,000.

Forget the"should ofs"... "could ofs". They don't exist. Tomorrow the sun will rise again.

Search and Perfection...Good Luck
  • #35
  • Nov 21, 2014 12:07am Nov 21, 2014 12:07am
Quoting realjumper
{quote} The other thing I would advise people to do which I neglected to mention, is to stay away from FF...especially when you're trading.
...at least until your mental status is such that the noise doesn't impact your convictions. Not many people here are clear on the timeframe or style of trader they are...this causes so much animosity here...
"Holy Grail" exists - accepting where is the first step.
  • #36
  • Nov 21, 2014 12:10am Nov 21, 2014 12:10am
Quoting VaBikePacker
{quote} ...at least until your mental status is such that the noise doesn't impact your convictions. Not many people here are clear on the timeframe or style of trader they are...this causes so much animosity here...

Yes...good point
Doing what you like is Freedom. Liking what you do is Happiness.
  • #37
  • Nov 21, 2014 12:13am Nov 21, 2014 12:13am
Quoting realjumper
{quote} ! The other thing I would advise people to do which I neglected to mention, is to stay away from FF...especially when you're trading.
this is solid advice .. Trading successfully takes a certain kind of faith.. and the negativity that floats around this place can find it's way into your psych right at the wrong times
  • #38
  • Nov 21, 2014 12:26am Nov 21, 2014 12:26am
No worry and small matter there and so far I can see no one has yet to offer you any concrete solution other than the usual words of commiseration and incoherent mumbo jumbo trading advice, I will give you 5k for you to trade again and profit 20/80 without teaching you how to trade and 80/20 with trading methodology. Can you do that ?

GS.
  • #39
  • Nov 21, 2014 12:26am Nov 21, 2014 12:26am
Quoting Kong
{quote} this is solid advice .. Trading successfully takes a certain kind of faith.. and the negativity that floats around this place can find it's way into your psych right at the wrong times

Absolutely Kong....but it's not limited to this place only....check out point 5 below. This was shown to me by a very good friend, and it's pretty damn true!

http://www.traderplanet.com/newslett...istribution:8/


1. Have a plan before you initiate a trade. A detailed trading plan is your blueprint to success. It will help you define you as a trader, the way you trade, will help you find, execute and manage trades with ease and most importantly will help you put the education puzzle together.

2. Always analyze all closed trades, winners and losers. Having a trading journal will help you identify what works for you and what not; it will funnel you in the right direction. It is by far the most helpful method of personal trading introspection.

3. Maintaining a positive trading attitude will improve your money management and risk management skills. A negative trading mentality will alter your thinking and mindset. Your attitude will determine whether or not you are profitable with your trading. Your attitude is more important than your market knowledge and even your level of experience. It is important how you react to the market and not what the market will do to you.

4. Controlling Emotions. Emotional swings and emotional stresses impact your mental state of mind and will affect your trading decisions. When you trade with emotions you don’t trade clearly and rationally. Some books talk about separating your emotions from trading. But how is this possible? To even try to separate emotions is like fighting a losing battle, taking control over them that is a different story. Trading involves the most emotional COMMODITY in the world which is….money. Money outlasts hate, love, greed and anything else you can ever imagine. The only way to control your emotions as a trader is to have a solid trading plan.

5. Trade in the zone –Focus is key in trading. Make sure you are do not have any distractions around, no internet browsing, no phone answering, no kids playing, it should be just you and the charts. Let the charts speak to you and they will tell you what to do.

6. Have the right tools. Trading and the whole psychology is hard enough, having to worry about an unreliable trading platform, poor charting and layout, bad internet connection can take a hard toll on your trading and the future success of your business.


7. Position sizing. Maintain a healthy position size for your account. Recommended size is 2% of the capital risk on a trade.

8. Develop and cultivate discipline. In my opinion this is the most important element of trading. Discipline is translated in the ability to follow your trading plan. Discipline is the essence of all of the psychological issues. All the rules and strategies do not count if they are not followed to the T. Discipline is what differentiates a successful trader from a trader that struggles.
9. Patience. Take time to evaluate your plan before even thinking to place a trade, analyze market conditions before pulling the trigger. Patience is one of the key qualities you need to have in order to be able to deal with different situations in trading from the point you decide to enter your trade, to how you manage your trade to setting and waiting for your targets.
“I just wait until there is money lying in the corner and all I have to do is go over and pick it up. I do nothing in the meantime. In essence, by not wanting to trade, I have inadvertently transformed myself into a master of patience. By forcing myself to wait until there was a trade that appeared so compelling that I could not stand the thought of not taking it, I had vastly improved my odds.” Jesse Livermore

10. Market conditions. Always respect market conditions and take what the market offers you. Never try to outsmart the market.

11. Alleviate impulse and revenge trading.

12. Keep it simple.

13. Never force a trade. If you have to squint at a chart, it means that the trade is not there, move on to the next possible trade.

14. Gain confidence. Confident traders rely on their own judgment and not what others are saying. Take full responsibility for your trading decisions. Being successful requires you to trust and follow your own trading plan.

Regardless of what instrument you are trading whether it is stocks, futures, forex, it is important to develop healthy trading habits right from the beginning, this will fast track your trading to success and profitability. Developing healthy trading habits is as important as your trading strategy and personal trading plan. Having the right approach and self discipline is what makes a trader successful.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #40
  • Nov 21, 2014 12:55am Nov 21, 2014 12:55am
Focus on Steady Growth my friend, try to overcome greed. You can get rich with just $500 in forex if your trading methods are excellent, but for us average folks having an amazing method doesn't come easy... but having a sound method can. Something that works reasonably well but must be managed, you my friend must do the managing!
My Story: I switched from stock trading to forex... having decent capital, and seeing hundreds of dollars flow in per trade for several weeks with over leveraged trades was a euphoric feeling... but I was risking too much, I ignored this fact... I miss placed one stop loss limit... Upon seeing huge drawdown I decided to leave the limit where it was, thinking "it'll come back," ...well it didn't I had a massive loss, followed by two more losses caused by terrible entries due to the stress I was experiencing from the 1st loss (desperation), essentially blowing up my account!

It becomes difficult to control greed when you are making that type of unstable growth with no "plan"... You must take into consideration what may or may not happen during the trade and what to do "if" it happens... "If" may be a time factor, Drawdown, Perhaps consecutive Losses, Massive Losses etc.

Here's part's of my plan that I'm working on at the moment. I'm asking and trying to find the answers to:

How often does a loss occur, how many consecutive times can losses happen,
And the big question, How will I recover my account after a large loss or series of losses? (Do I have enough capital to recover my initial entries?)
How many pips can my position go against me for re-entries (Will I have enough capital to re-enter?)
What should my initial entry size be (my trading method involves large drawdowns but very high accuracy)
Should there be a time limit on my trades?
Should I define my Exits in a more specific manner for greater consistancy...?
What is the Maximum allowed Stop loss on a trade? My trades last 1hour - 2 days maximum, what is the maximum that price can deviate from a point within two days... can my account handle this type of movement? If trading with minimal amounts will the account growth be satisfactory or just mediocre?

Ask yourself questions about your trades. ..Not just thinking about entries... you want to know what you will do before hand if ________ happens during the trade.
What to do during and after a loss is important, you should expect the losses before hand to have a plan to minimize damage!


It's been sometime since the incident happened to me, I have developed a pretty robust trading method... I am tempted to try it out live... but I have forced myself to trade it on demo for 1 month and make a list of all potential mishaps, and address these problems then do another month of demo trading and assessment, followed by 1 month of a small account and depending on performance I will do a larger account.

I tell myself that if I invest again live without doing a complete assessment and having a list of "what to do if _____ happens" then I deserve to lose money! By being honest even if it damages the ego you will improve faster, it's a great sign that you made this thread you acknowledge your losses and have pinpointed the reasons why. don't let greed control you, let logic and sound thinking decide your direction.

My advice brother, trade demo, list flaws in your method including psychological, rebuild your confidence. Consider forex a type of education/investment, as someone already posted: people pay to go to school for a better life, well just about everyone that trades has paid at some point with time/money. It is up to your level of commitment that will determine how quickly you find success


PS. Can anyone recommend any good links/books on Money management, that could add to my perspective? I feel as if I could use more "questions" to ask. Thanks all, and thanks creator of this thread you made me reflect on my trading/thoughts, so thank you!
A Positive Mind, and Positive Spirit lead to True Happiness
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