How Forex Trading Ruined My Life or How I Became Successful? | Forex Factory

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How Forex Trading Ruined My Life or How I Became Successful?

  • #1
  • First Post: Jan 13, 2015 5:08am Jan 13, 2015 5:08am
I am in the process of completing my Ph.D. and as part of one of my thesis that I have to write, I have chosen the topic of How Forex Trading Ruined My Life and / or How I conquered The Forex Market?

I am not after anyone revealing their trading strategies, indicators, secrets etc. but I am trying to understanding the following to see both sides of the coin:

How much did you lose in the Forex market before you gave up?

How did this impact your family / work life?

Why did you quit and what are you doing now?

What lessons have you learnt and what advices can you provide to anyone starting out?

How long did it take for you to consistently make decent profits?

Are you a full time trader or have another income through another source?

What trading time frame have you found to be the most profitable?

If you could change one thing in Forex trading, what would it be?

Why did you not quit Forex trading if at first you failed and what advice would you give to someone thinking of quitting?

The intention is to collate these responses without revealing any personal information - user name, location etc. and will assist me in my studies.

All contributions will be most appreciated and one does not have to answer all the questions even one or two would be helpful.
  • #2
  • Jan 13, 2015 5:18am Jan 13, 2015 5:18am
... To wit, the typical journey of a retail spot forex trader:

Lose and lose and lose some more, go on a Guru search and systems and indicators and spend lots and lots on the "sure fire" things and so called experts and do training some more and more books more systems and more money spent and lost in the market.
Now out of money?, no problem. go to bank borrow money, second mortgage and credit card and pay day loans and pennies found on the street and borrow money from friends and lose it all.
Now totally out of money?, friends and family? no problem. Trading on a demo full time because job was lost.
Wife and kids have left now with no home and living in a dumpster with only a laptop spending all day at McDonalds free internet trading demo account wondering what has happened but no problem making the biggest winning trade of them all recoups all losses plus some, realize still had life insurance, jumped off a bridge, ex-wife collects insurance money; all is well again.

.. and this one has a happy ending, others are not as lucky.
  • #3
  • Jan 13, 2015 7:16am Jan 13, 2015 7:16am
I'll take a crack at this:

Quoting Forex-Forex;
How much did you lose in the Forex market before you gave up?
Lost $18,000 USD over 3 accounts, but I didn't give up and am still trading today.

Quoting Forex-Forex;
How did this impact your family / work life?
Impacted me personally/psychologically more than the family. The wife told me, she had NO DOUBT that I will recover losses and make millions. At times she believed in me more than I did

Quoting Forex-Forex;
Why did you quit and what are you doing now?
I quit being a consistent loser and became profitable. Now I run an investment business that includes Fx trading among other things.

Quoting Forex-Forex;
What lessons have you learnt and what advices can you provide to anyone starting out?
Treat Fx trading like a business, not a casino, i.e. focus on building long term equity not make a million in a week. Having a family that fully supports you is vital, especially during the tough times.

Quoting Forex-Forex;
How long did it take for you to consistently make decent profits?
Year 1-2: Lost money, blown accounts, etc
Year 3-4: breaking even, some profits, some losses but no more blown accounts
Year 5+: Pieces finally fall into place and profits start rolling in

Quoting Forex-Forex;
Are you a full time trader or have another income through another source?
Full time trader? Do you mean, whether I "live off" of only trading Fx?

Why would I want to do that when there are so many other fantastic investment opportunities out there. I am a full time investor.

Quoting Forex-Forex;
What trading time frame have you found to be the most profitable?
Profitability is not dependent on time frame, it depends on the person behind the controls, i.e. it's the pilot not the airplane

Quoting Forex-Forex;
If you could change one thing in Forex trading, what would it be?
Nothing, it's one of the easiest ways to make money, once you know what you are doing

Quoting Forex-Forex;
Why did you not quit Forex trading if at first you failed and what advice would you give to someone thinking of quitting?
If there is something that I want, then I go out and get it no matter what it takes. If I'm not willing to do whatever it takes, then I don't want it bad enough. I was going to make money in Fx come hell or high water.
  • #4
  • Jan 13, 2015 9:26am Jan 13, 2015 9:26am
If I can help with your thesis is good enough... read your thread when you started it but had no time until now to reply.

How much did you lose in the Forex market before you gave up?
The amount is not that important, it's adding up to several thousands (over 10K). What is important is that I could not afford to lose that kind of money when I did, but I managed to get back on my feet. Never gave up on Forex, never even crossed my mind.

What lessons have you learnt and what advices can you provide to anyone starting out?
Probably one of the most important lessons I learnt the hard way was to accept and limit my losses. There is nothing that could give you 100% profitability or to catch every move. Thousands of other lessons are important but the list is too long.

How long did it take for you to consistently make decent profits?
A few good years since I started. When I started to make profits and trade for a living the profits I made were consistent (at first every month, after a while every day)

Are you a full time trader or have another income through another source?
Full time trader. I DO have other sources of income (nothing compared to income from trading) but all those sources are a result of my profitable trading.

What trading time frame have you found to be the most profitable?
In my opinion there are no time frames. No time frame is more profitable than the other. Price is price! You know how to trade or you don't. (another hard learnt lesson)

If you could change one thing in Forex trading, what would it be?
Probably nothing. It is made extremely nice for the majority to lose. Extremely complex and yet so simple to trade.

Why did you not quit Forex trading if at first you failed and what advice would you give to someone thinking of quitting?
Because I could not afford to give up and is not in my character to give up. If someone before me made it, then why couldn't I?
If someone thinks of quitting - its' better that they do quit - or find a very good reason to learn to trade!
  • #5
  • Jan 13, 2015 10:08pm Jan 13, 2015 10:08pm
Quoting pinktrade
If I can help with your thesis is good enough... read your thread when you started it but had no time until now to reply. How much did you lose in the Forex market before you gave up? The amount is not that important, it's adding up to several thousands (over 10K). What is important is that I could not afford to lose that kind of money when I did, but I managed to get back on my feet. Never gave up on Forex, never even crossed my mind. What lessons have you learnt and what advices can you provide to anyone starting out? Probably one of the most...
Success is nothing more than a few simple disciplines, practiced every day.
  • #6
  • Jan 19, 2015 1:49pm Jan 19, 2015 1:49pm
This is supposed to be a PhD study? Internet is getting weirder with the day.
  • #7
  • Edited 12:50am Jan 20, 2015 12:37am | Edited 12:50am
How much did you lose in the Forex market before you gave up?
None. I demo traded 2.5 yrs before going live with a small account. Seeded it with further deposits as my confidence grew.
How did this impact your family / work life?
It didn't. I kept my family informed of my plans at every stage and I practiced outside work time.
Why did you quit and what are you doing now?
N/A
What lessons have you learnt and what advices can you provide to anyone starting out?
N/A
How long did it take for you to consistently make decent profits?
Three years from first demo account. 'decent' is subjective. Let's just say consistent month-on-month profit.
Are you a full time trader or have another income through another source?
Part-time. I fit trading in around my work as a freelance writer.
What trading time frame have you found to be the most profitable?
Daily mainly, and four hour though less often.
If you could change one thing in Forex trading, what would it be?
Nothing.
Why did you not quit Forex trading if at first you failed and what advice would you give to someone thinking of quitting?
Keep practising. Focus on process not profit. Play the long game. Determine your system, write it down and stick to it. Record every trade in detail.
  • #8
  • Jan 20, 2015 1:16am Jan 20, 2015 1:16am
Ok..why not...

How much did you lose in the Forex market...

All up it's approximately a little over $20k. Some of the losses had come from previous profits, but since you said how much before becoming consistent, I'll give that figure.

How did this impact your family / work life?

Kind of obvious, but not well! However, no one starved or became homeless. Losing money is never nice, but no one should ever put enough in an Fx account so as to damage the well being of themselves or their family. The stats are clear on the number of profitable Fx traders...always remember that, no matter how much of a good run you're having.

How long did it take for you to consistently make decent profits?

Hard to answer. I was among the lucky who made fairly extraordinary gains in the first year. What followed was a roller coaster, but for simplicity, lets say 3 years.
Again, a caveat...consistent is not clearly defined in a time span. If I'm profitable for 2 years does that equate to consistent? Despite my position, I share many of Mingary's sentiments about the true success rate in this business. I'm always mindful that my run could end at any time.

Are you a full time trader or have another income through another source?

Full time for more than a year.


What trading time frame have you found to be the most profitable?

Again, hard to answer. I've made the most profits in % gain terms from shorter TF's. M1 specifically.
But my most consistent returns have come from H1 and H4. I still actively trade both.

If you could change one thing in Forex trading, what would it be?

Slippage. It has literally killed otherwise profitable systems of mine.

Why did you not quit Forex trading if at first you failed and what advice would you give to someone thinking of quitting?

I'm stubborn by nature, and have an overwhelming desire to not work in a traditional job. I view Forex trading as my way of escaping the monotony of the daily grind. Currently I am lucky enough to have that freedom, but I'm acutely aware that this game is unforgiving. See the SNB event. At any time this honeymoon could end, and I may have to get a job again...all I can do is my utmost to limit my exposure, and keep making money.

Advice wise...If it's not for you don't force it. In my opinion people end up quitting mostly due to unrealistic expectations. If you come into Fx dreaming of 50% monthly gains consistently then you're in for a rude awakening. And anyone telling you different is most probably lying. Don't buy a "system" from anyone on a forum. Don't let anyone manage your account who can't show a long running history of success. None of these things will turn you into a profitable trader. Perhaps nothing will, and that's ok. Trading is not a measure of intellect. If it's not for you, it's not for you. You'd be better off sticking a few thousand into a managed fund for 20 years.
Remember stats don't lie....it's possible to become profitable...but always remember the true stats.
Attached Image


There is a chance....how much of a realistic one is open for debate!
Wealth comes from what you keep, not what you earn
  • #9
  • Jan 20, 2015 2:11am Jan 20, 2015 2:11am
How much did you lose in the Forex market before you gave up?



Over the whole time (12 Years) of trading I lost cumulated about 180k. If I would have never made a single trade, I would have much more money now.


How did this impact your family / work life?



Devistating, especially for the work life. I could be much more successful in my work life without forex, as forex is blocking me mentally.



Why did you quit and what are you doing now?


Then Problem is, I cannot quit because I'm addicted. I'm in the process of quitting but I did not managed to get out yet. To be honest, I even think about seeking professional help to get out of forex.



What lessons have you learnt and what advices can you provide to anyone starting out?



Do not trade, do something reasonable in your live



How long did it take for you to consistently make decent profits?


I'm not sure if it is even possible to be consistently successful in FX. I never met somebody who made it in person. All persons i've met who are involved into FX activities had lost money.



Are you a full time trader or have another income through another source?


As I'm addicted, Currently full time


What trading time frame have you found to be the most profitable?


No specific Time Frame




If you could change one thing in Forex trading, what would it be?


Nothing just leave it alone



Why did you not quit Forex trading if at first you failed and what advice would you give to someone thinking of quitting?


Becuase I'm addicted and cannot get away from it.



The intention is to collate these responses without revealing any personal information - user name, location etc. and will assist me in my studies. All contributions will be most appreciated and one does not have to answer all the questions even one or two would be helpful.[/quote]
Forex is a losers game.
  • #10
  • Jan 20, 2015 4:50pm Jan 20, 2015 4:50pm
Quoting trader121
Then Problem is, I cannot quit because I'm addicted. I'm in the process of quitting but I did not managed to get out yet. To be honest, I even think about seeking professional help to get out of forex
Good luck, I hope you are able to quit. Could you try blocking the websites and finding a different hobby to take your mind off it?
Volatility makes me feel alive!
  • #11
  • Oct 16, 2016 12:31pm Oct 16, 2016 12:31pm
How much did you lose in the Forex market before you gave up?

I lost $100, mainly because of impatience. Never gave up.

How did this impact your family / work life?

I took a loan of $150, didn't impact anything, I guess. I hope it won't.

Why did you quit and what are you doing now?

I didn't.

What lessons have you learnt and what advices can you provide to anyone starting out?

Statistics of systems on the internet and forums like these or myFxBook can be a scam even if it has the utmost reviews and the best results. It can be easily faked. It's internet.

Be patient, have a lot of discipline.

How long did it take for you to consistently make decent profits?

10 months.

Are you a full time trader or have another income through another source?

Full Time Trader, mostly trading News.

What trading time frame have you found to be the most profitable?

M1, for now.

If you could change one thing in Forex trading, what would it be?


The very low regulation of the Forex Retail market, and connection problems.

1. Why did you not quit Forex trading if at first you failed and what advice would you give to someone thinking of quitting?


I didn't quit because I've seen Forex as a great opportunity to help out my family and myself. I knew it takes more than just a few trades after I lost that sum of money.

2. If they actually regret their choices about losing money and investments, then they should quit before they do more damage. I do not recommend this job to anyone and never will.
  • #12
  • Edited 1:46pm Oct 16, 2016 1:34pm | Edited 1:46pm
How much did you lose in the Forex market before you gave up?
In the beginning, a fair amount. A few years of break even, then became profitable.
How did this impact your family / work life?
I work for myself, I trade when I want, I have lots of time for family and pleasure. Freedom of not slaving for some corporation.
Why did you quit and what are you doing now?
Quit at beginning for a while and took stock. Studied and developed my own trading style. I trade full time.
What lessons have you learnt and what advices can you provide to anyone starting out?
Trade small amounts until money becomes unemotional. When trading become boring, you are on the right track.
How long did it take for you to consistently make decent profits?
8 years.
Are you a full time trader or have another income through another source?
Full time trader.
What trading time frame have you found to be the most profitable?
Daily/Weekly.
If you could change one thing in Forex trading, what would it be?
A centralised and regulated FX market.
Why did you not quit Forex trading if at first you failed and what advice would you give to someone thinking of quitting?
Sometimes you need to quit, take a break and relearn. Once you see how manipulation and liquidity hunting works, it becomes easier to follow the smart money.
Attached Image (click to enlarge)
Click to Enlarge Name: image_1284.jpg Size: 42 KB
Ever stop to think, and forget to start again?
  • #13
  • Oct 16, 2016 4:17pm Oct 16, 2016 4:17pm
Quoting thewindow
How much did you lose in the Forex market before you gave up? In the beginning, a fair amount. A few years of break even, then became profitable. How did this impact your family / work life? I work for myself, I trade when I want, I have lots of time for family and pleasure. Freedom of not slaving for some corporation. Why did you quit and what are you doing now? Quit at beginning for a while and took stock. Studied and developed my own trading style. I trade full time. What lessons have you learnt and what advices can you provide to anyone starting...
Nice picture! Shows how confusing people can be.
  • #14
  • Oct 17, 2016 3:38am Oct 17, 2016 3:38am
Quoting Noorx
{quote} Nice picture! Shows how confusing people can be.
Thanks Noorx, grabbed it off google. Price action, the buying/Selling cycle and emotions are definitely something new traders need to spend time learning before they commit to trading with real money.
Ever stop to think, and forget to start again?
  • #15
  • Oct 19, 2016 1:22am Oct 19, 2016 1:22am
Quoting thewindow
{quote} Thanks Noorx, grabbed it off google. Price action, the buying/Selling cycle and emotions are definitely something new traders need to spend time learning before they commit to trading with real money.
Agreed. It's pretty easy to blow money, and people keep telling that you need a big account to trade Forex... that's MORE losses!
  • #16
  • Sep 29, 2022 3:42am Sep 29, 2022 3:42am
How much did you lose in the Forex market before you gave up?
50k€

How did this impact your family / work life?
I destroyed my career ( I have a Msc in Finance ) and social life by being totally secluded for 7 years, just trading, living in my parents home and spending their pension till I was 35 yr old.

Why did you quit and what are you doing now?
I just had enough,
Deliver pizza for a living.

What lessons have you learnt and what advices can you provide to anyone starting out?
I am not in a position to offer advices to anyone.
  • #17
  • Jun 4, 2024 3:05am Jun 4, 2024 3:05am
Quoting Ioannis39
How much did you lose in the Forex market before you gave up? 50k€ How did this impact your family / work life? I destroyed my career ( I have a Msc in Finance ) and social life by being totally secluded for 7 years, just trading, living in my parents home and spending their pension till I was 35 yr old. Why did you quit and what are you doing now? I just had enough, Deliver pizza for a living. What lessons have you learnt and what advices can you provide to anyone starting out? I am not in a position to offer advices to anyone.
Hi, how can we talk about it?
  • #18
  • Last Post: Jun 5, 2024 7:44am Jun 5, 2024 7:44am
Quoting Ioannis39
How much did you lose in the Forex market before you gave up? 50k€ How did this impact your family / work life? I destroyed my career ( I have a Msc in Finance ) and social life by being totally secluded for 7 years, just trading, living in my parents home and spending their pension till I was 35 yr old. Why did you quit and what are you doing now? I just had enough, Deliver pizza for a living. What lessons have you learnt and what advices can you provide to anyone starting out? I am not in a position to offer advices to anyone.
Same here. Hope You doing better now.
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