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45 Ways to Avoid Losing Money Trading FOREX, by Jimmy Young 46 replies

Losing 20% live :( 11 replies

Is losing a requirement to be successful? 72 replies

Losing connection on Interbankfx about once a week 6 replies

Attachments: Still losing
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Still losing

I started trading in February 2015. I've blown my account at least 4 times that I can recall. All Live accounts. Lost equivalent to my annual take home salary. Now I'm on my last Live account. If I blow this account, then I'll just have to accept earning profits consistently in forex trading is beyond my reach.
Quoting PipsPlay
I started trading in February 2015. I've blown my account at least 4 times that I can recall. All Live accounts. Lost equivalent to my annual take home salary. Now I'm on my last Live account. If I blow this account, then I'll just have to accept earning profits consistently in forex trading is beyond my reach.
I have never met a trader who became profitable after only 2 months! Even the most successful traders were losing out for at least 2 years before they became consistently profitable. Do you backtest your methods before you go live? If you get +ve results on your backtests and -ve on your live trading there must be a reason. In my case the reason was that I couldn't take too many loses on a row. For example, on my backtests I would get as many as 10 loses on a row but would come up with solid profit after 20 trades. When I was trading the same method live I would paralyse usually after 4 losses on a row and change my method and the same thing would happen again and again. It took a lot of discipline and self-control to stick to 20 trades without changing my method. Finally I made it and now I'm happy with my results.

Here I live you with a quote from Charles Burton from ezeetrader. He'd been trading for 17 years and he admitted that he blew 250 thousand before he made his millions:

Like any other career, it takes a lot of work to develop into a profitable trader. It's simply not something that you can read a few books on, or even go on a course or two and instantly become profitable....... A doctor takes seven years to qualify, an airline pilot may take four, but as traders, why do we think we can learn all we need to know and be making millions within the space of three months?

Like all professions, it takes time and a lot of work to become good at what you do. It's no different with trading. Expect to take at least a couple of years before you achieve consistency, potentially more.

Good luck
Quoting PipsPlay
I started trading in February 2015. I've blown my account at least 4 times that I can recall. All Live accounts. Lost equivalent to my annual take home salary. Now I'm on my last Live account. If I blow this account, then I'll just have to accept earning profits consistently in forex trading is beyond my reach.
This is not a casino. I suggest you trade small, learn, develp your strategy, and then invest big once you are consistantly profitable. It takes time.
Quoting Black Bird
{quote} I have never met a trader who became profitable after only 2 months! Even the most successful traders were losing out for at least 2 years before they became consistently profitable. Do you backtest your methods before you go live? If you get +ve results on your backtests and -ve on your live trading there must be a reason. In my case the reason was that I couldn't take too many loses on a row. For example, on my backtests I would get as many as 10 loses on a row but would come up with solid profit after 20 trades. When I was trading the...
No. I didn't backtest. My friend intro me to forex. I signed up and jumped straight into trading live. I managed to almost double my first two accounts before blowing them out. I figured the problem was my money management (Martingale) and psychology (revenge trading/over trading)

Quoting abidurrahman
{quote} This is not a casino. I suggest you trade small, learn, develp your strategy, and then invest big once you are consistantly profitable. It takes time.
Yes, I should start small. And slowly trade up my account.
There's nothing wrong with losing.
Try to study form correct pyramid not just find the best system because not thing can be 100%. The only one way to survival in forex market is money management !!
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Quoting touchsukc
Try to study form correct pyramid not just find the best system because not thing can be 100%. The only one way to survival in forex market is money management !! {image}
Why the inverted pyramid?
Wonder if @ Cheezy is still trading now=) So many helping hand but the asker is not here anymore.
I'm new as well and I'm not proud to say that I'm close to blowing up my account too.
I think the top 5 reasons for my mistakes are due to:
1. Not backtesting a strategy. I just jumped straight in based on theory knowledge.
2. Unreal expectations. I expected the trade I placed to shoot to the moon but it didn't and I got out at a loss.
3. No stop loss.
4. The mentality of "I'm so smart that this trade is going to work out"
5. Trades that I placed out of gut instincts instead of following the plan.

All these mistakes are textbook mistakes but for some reason, I still made them.
Quoting stan255
I'm new as well and I'm not proud to say that I'm close to blowing up my account too. I think the top 5 reasons for my mistakes are due to: 1. Not backtesting a strategy. I just jumped straight in based on theory knowledge. 2. Unreal expectations. I expected the trade I placed to shoot to the moon but it didn't and I got out at a loss. 3. No stop loss. 4. The mentality of "I'm so smart that this trade is going to work out" 5. Trades that I placed out of gut instincts instead of following the plan. All these mistakes are textbook mistakes but for...
These are some very god points, atleast as a new trader, you could identify what your issues are. Most people can't. Work on these and you'll do really well.
I would reccomend any new trader which is serious enough to get into the trading world to start and read James16 thread here in FF.

You will thank me later
Quoting stan255
I'm new as well and I'm not proud to say that I'm close to blowing up my account too. I think the top 5 reasons for my mistakes are due to: 1. Not backtesting a strategy. I just jumped straight in based on theory knowledge. 2. Unreal expectations. I expected the trade I placed to shoot to the moon but it didn't and I got out at a loss. 3. No stop loss. 4. The mentality of "I'm so smart that this trade is going to work out" 5. Trades that I placed out of gut instincts instead of following the plan. All these mistakes are textbook mistakes but for...
'Stan255' I agree with 'abidurrahman' in that at least you recognize your mistakes. Here are some tips:

1) Always backtest your strategies. Otherwise, you don't have a trading edge and are just gambling.
2) Identify areas of support/resistance for your price targets. Learn how to read price action to recognize signs of price exhaustion.
3) If you are not using a stop loss then it could be because your position size is too large and you are uncomfortable with the potential loss. Try reducing your position size and add to it if price moves in your direction.
4) "We" don't control the market, and therefore we don't know with 100% certainty which direction the market is moving. Develop a mindset that the market could do anything at anytime and as a result you could be wrong on any trade that you take.
5) Taking trades out of gut instinct is gambling. You need to develop trading strategies and follow them. You could also be taking random trades because the market is consolidating or range bound and you don't know what direction in which to trade. If that latter is the case, your best bet is to stay out of the market.

These issues won't resolve themselves. If you keep making these mistakes then you will continue to lose money. Make a decision that starting today you are going to stop the behaviors that are preventing you from becoming a profitable trader. Trading on a demo account would be appropriate in your case. Good luck!
money mangment is the very best evctive way to stay in the market
also reading and learn
not easy to make money
the ugly truth
If you set a 2% stop it would take 35 consecutive losses to loss 1/2 of your account. The only excuse for blowing up your account is lack of discipline.
I don't think euro is good now. But if you want to trade, make sure you used stop loss in every position. Or try master it first in demo account before using real account
Quoting solidc57
If you set a 2% stop it would take 35 consecutive losses to loss 1/2 of your account. The only excuse for blowing up your account is lack of discipline.
I think this is the best advise ever to a rookie (I am one), every trade should be done with no more than 2%risk, otherwise the account could get "destroyed".
A good strategy for trading is... the opposite of having a bad strategy.
Quoting Cheezy
Hi all. I am still loosing, I'm so sad. Can anyone help me? I would like trade EURUSD and GBPUSD. Skype: Cheezy_cz {image}
There's something I learnt from someone, and I will remember for ever.

Zoom out the graphic, you'll get a better idea of what's happening.
A good strategy for trading is... the opposite of having a bad strategy.
Quoting PowerTrade
{quote} I think this is the best advise ever to a rookie (I am one), every trade should be done with no more than 2%risk, otherwise the account could get "destroyed".
That's excelent advise,
add to that 'always trade with the trend' and first make sure there is a trend.
I would also add trade only major pairs to start, keep the number of pairs you work with right down, often if you trade just the majors there will only be a couple of pairs trending well enough anyway.
I used every indi and system going when I started, now I use MACD, indi for large round numbers, other support and resistance and a SMA20.
and keep away from time frames less than H1.

it took me quite a while to realise this totally basic advice really is worth following. (over 2 years in fact.)
Don't ask me, I have no idea what's going on.
Quoting Gizzledonk
{quote} That's excelent advise, add to that 'always trade with the trend' and first make sure there is a trend. I would also add trade only major pairs to start, keep the number of pairs you work with right down, often if you trade just the majors there will only be a couple of pairs trending well enough anyway. I used every indi and system going when I started, now I use MACD, indi for large round numbers, other support and resistance and a SMA20. and keep away from time frames less than H1. it took me quite a while to realise this totally basic...
That's excelent, I'm trading (demo account) "intraday", I don't want to trade on "hours" yet.

I also use MACD, support and resistance, and SMA 20.

Thanks by the way!
A good strategy for trading is... the opposite of having a bad strategy.
One of the easiest ways to trade forex is with simply trend lines based on support and resistance. If you need help drawing them you can message me. I don't mind showing you a couple of tricks.
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