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LOST 7K$ in one week, help!

  • #81
  • Edited 7:45am Jan 8, 2011 12:18am | Edited 7:45am
Quoting Money Trader
That's right man! No one else seems to be bothered about that it happened to me 3 years ago ) I'm OK now people, Thank you! Resumed my education and doing pretty well on demo - 10 - 20% per day. Testing different strategies and analyzing my mistakes... )))
Nice to see you are doing well & seems trying understand the market more clearly & can analyse the mistakes.

Not follow any strategy, do understand the price action at any given time , may bound to specific time frame .better use higher tf to do trades in lower ones for safety.
make your own strategy & redefine the money management , 10-20% rewards target is very high & must have to risk equal or even more to do that .never to survive with it for long time.
you may read possible consequences & learn while targetting only 1 pip per day in $1000 to $1,000,000,000 in 4 years thread
http://www.forexfactory.com/showpost...0&postcount=95
Revenge trading is always dangerous, lost is lost & do fresh.

you can read for one simple pa trading I wrote few days back around to understand in simpliest format to do simple scalping during correction only & avoid any big moves & news times.
http://www.forexfactory.com/showpost...8&postcount=26

"...I'll do that by following the market, not against it.."
Most difficult part for any trader without proper knowledge price action , fundamentals ins & out & even that impossible many times.
80% can do ,ok , rest 20% abstinence better.

If wants more to learn price action ,may pm me for the links to read .
thanks , best wishes .
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #82
  • Jan 8, 2011 3:17am Jan 8, 2011 3:17am
All pros have lost a substantial amount of money. Forces us to get education & the right mentality. Lucky u followed the right path. Good luck on ur trading
  • #83
  • Jan 19, 2015 10:27am Jan 19, 2015 10:27am
Quoting blunderbuss
Here's what I recommend. First, note the attached image -- this is taken from an article by Boris Schlossberg called "Trade Like a Dealer." The graphic shows that you should consider scaling into a trade -- that is, you don't just buy fifty lots at 1.5300; you buy 10 lots at 1.5300, then you buy 10 more at 1.5250, then you buy 30 at 1.5225 and put your stop somewhere under 1.5200. You should not trust the first price. {image} The entire article is enclosed in Word format. There are some others that I recommend, so that you can experiment with different...
Thats kind of interesting. Thanks!
My signature is: "Classified".
  • #84
  • Jan 21, 2015 10:32pm Jan 21, 2015 10:32pm
Quoting MRmojtaba
{quote} Managed Forex is the most important thing , personally i think Forex is Money Management and nothing else , read the article below they emphasis 1-Use of Limited Leverage 2-Don’t trade without placing Stop Loss http://www.fxstay.com/step-11/152-money-management.html
This. Forex is 85% money management. Picking proper entries means nothing if you don't know how to use proper position size, R:R, or proper stops.
  • #85
  • Feb 2, 2015 10:26am Feb 2, 2015 10:26am
Hi Money Trader,

I have been using MACT, you might like it.

speedy123
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: Cable-USDX-30-1-2015.png Size: 51 KB
  • #86
  • Feb 2, 2015 11:00am Feb 2, 2015 11:00am
try to look at this image and try to learn how to avoid it
Attached Image (click to enlarge)
Click to Enlarge Name: 2.jpg Size: 78 KB
  • #87
  • Feb 4, 2015 3:50pm Feb 4, 2015 3:50pm
Quoting Money Trader
Only has started to trade one week ago and already in a minus for 7000 dollars, could not enter 2 times into trade in time, and then tried to hold "minus positions" until then when they will go to a underside. Both time has not kept, lost everything, though after that they really went back, could make a big profit, and the big minus has turned out. (sorry for my english)
..Sorry for your loss, but that is a lot of money to lose in such a small period.
Trade smart, not hard
  • #88
  • Feb 6, 2015 2:21pm Feb 6, 2015 2:21pm
I'm guessing he left Forex for good? Hasn't been online since 2011. I'm interested see how your doing Money Trader!
  • #89
  • Feb 15, 2015 12:11pm Feb 15, 2015 12:11pm
Quoting Forexus
I'm guessing he left Forex for good? Hasn't been online since 2011. I'm interested see how your doing Money Trader!

Quoting Money Trader
No, I trade but don't post here. You all are fools. I make money trading my own way, made $180,000 last year, $67,000 before that. You all miss one big thing about trading.
What he is talking about?
The Thief of Wall Street
  • #90
  • Feb 17, 2015 1:10am Feb 17, 2015 1:10am
My lord.... that is the amount of money I need to pay my bills for pretty much a YEAR.
  • #91
  • Feb 20, 2015 7:37pm Feb 20, 2015 7:37pm
Quoting gajebo
try to look at this image and try to learn how to avoid it {image}
I laughed so hard at this man! I remember that feeling haha!
  • #92
  • Feb 22, 2015 3:08am Feb 22, 2015 3:08am
Quoting gajebo
try to look at this image and try to learn how to avoid it {image}
That is a perfect picture!
  • #93
  • Feb 24, 2015 3:34am Feb 24, 2015 3:34am
Quoting gajebo
try to look at this image and try to learn how to avoid it {image}
damn, you can read my mind.
  • #94
  • Mar 2, 2015 5:14pm Mar 2, 2015 5:14pm
I blown a few accounts before I became profitable, if it is one thing I have learned , it is allways use a stoploss, if it goes against you, you was wrong and the market was right, get out NOW! or the market is going to take you where you don't want to go., you should only trade 1 micro lot until you are proven profitable.
Bulls are stupid Animals!especially when Im short!
  • #95
  • Mar 6, 2015 2:31am Mar 6, 2015 2:31am
Quoting roughtrader
I blown a few accounts before I became profitable, if it is one thing I have learned , it is allways use a stoploss, if it goes against you, you was wrong and the market was right, get out NOW! or the market is going to take you where you don't want to go., you should only trade 1 micro lot until you are proven profitable.
What about using stoploss when you was right? Do you plan where you should stop or rely on the market moving?
  • #96
  • Mar 11, 2015 9:44am Mar 11, 2015 9:44am
The fastest way to become successful is to copy someone that already is.

Find yourself a mentor. Follow their trades whilst learning the strategy. This will allow you to make money whilst you learn. Even if you break even at this point you will be doing better than most. Once you know the strategy off the top of your head, can apply constantly and prove to yourself that you have the discipline required to make money then you can go by yourself!

I was lucky enough to have someone by my side when I first started trading and that is the reason why I believe I have been successful. It is very hard to go it alone!
  • #97
  • Mar 12, 2015 12:21pm Mar 12, 2015 12:21pm
Use 0.01 lots and 2% MM
  • #98
  • Mar 15, 2015 7:41am Mar 15, 2015 7:41am
Is for me, easy b the money. But better u learn the exp 1st.in forex,u need stable take profit, u need experience about 2year up. Before that, dont bet too big.
  • #99
  • Mar 15, 2015 9:02am Mar 15, 2015 9:02am
Quoting richieforex
The fastest way to become successful is to copy someone that already is. Find yourself a mentor.
This will work for as long as the mentor is successful. Once his system starts losing money (because market conditions do change), the copier will "face hardship".
  • #100
  • Mar 15, 2015 9:26am Mar 15, 2015 9:26am
Well, now you know what not to do, right? Cost you about 7K. A great question to ask yourself: If I took the opposite trades to the ones that got me in the 7K hole, would I be up 7K? If you say you'd be up 7K - you'd be wrong. Losing 70% of your account tells me that you banked it all on this one trade, and you couldn't accept that you were wrong. If you took the opposite side of the trade, your lack of strategy would have made you take profits too quickly (not realizing the full 7K in upside) and you would have most likely "confirmed" that your wait and hope strategy is legit. Never underestimate the power of time based risk when cutting a loser.

Take it on the chin, and learn from it.
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