Still losing

The number one reason for failure in forex is an inability to understand the meaning of an edge and how to use it. Joe Public can't stand losing. They don't understand that trading is a game of probabilities. They are constantly searching for a system that wins all the time and we all know this doesn't exist.

Any strategy will, at some time, have a long losing streak. When it happens they either abandon a good system (usually just before it goes on an even longer winning streak) or they go bust. This is the reality of probability. The vast majority of traders are incapable of sticking with a system through a losing run.

So the key is to stick with it.-> You make money with 40% wins with 2:1 RR.

POSITIVE EXPECTANCY - FIND SOMETHING THAT WORKS, VALIDATE IT AND DO IT. PLACE THE TRADE AND WALK AWAY. THINK NEXT THE 1000 TRADES!
Do the same thing on every trade. Keep records. Try to improve.

Zoom out the graphic, you'll get a better idea of what's happening.
Very good advice PT. The four things that will help a newbie the most are, (and they are not indicators, systems and, EAs.)
1. Demo Trade for as long as it takes to be profitable at least three months in a row.
2. Use a bigger time frame, at least 1 day. Massive profits can be made by following trends with weekly time period.
3. NEVER, AND I MEAN NEVER RISK MORE THEN 2% OF YOUR ACCOUNT. If your stop is to close at 2% reduce your position size.
4. Use support and resistance and trade with the trend, and a momentum indicator.
Keep it simple and use money management and you will learn to be profitable, then refine your system with more stuff and become more profitable.

I think the reason I was able to recognize my mistakes was from the books that I read before I started trading.
There are 2 types of things that you dont know: things that you know that you dont know & things that you dont know that you dont know.
The mistakes that I made were things that I know that I dont know / things that wasn't ingrained into my brain yet.
Basically I was aware of them just not at the moment when I placed those trades.
Other beginners like me have made some of the mistakes that I made but they dont know that its a mistake until they find out.

I am happy, cause it means I've learnt something in a few days (I'm also a newbie).

In fact, thank for your advises, I will take them; I think I knew them, but you've confirmed them. Thanks.

Excellent advice solidc57
Maybe also:

1. Pick a single strategy that works
2. Master it
3. Own it
4. Do the same on every trade
5. Take 20 trades
6. Keep records
7. Improve it

I think your words make a good plan, I'll take it, and I'll add one more thing:

 

1. Pick a single strategy that works
2. Master it
3. Own it
4. Do the same on every trade
5. Take 20 trades
6. Keep records
7. Improve it
8. Marry you

Anyone recognize them self.

This is how I did it most of the times, when i started trading.
Consistency and simplicity is my key words. And most of the time psychology keeps you from reaching your goals.

I believe everyone needs to walk through Purgatory first, so start small!

I would suggest you stop trading live, and begin to trade on a Demo account.
This is the reality of trading.
there are no shortcuts

best of luck

You are selling on a big support zone... not a very good idea imo...

If you keep losing, then I would just say that you should try out the demo accounts that you can use. That way you won't have to use real money that's yours, because no one wants to lose money. I would honestly say that's your best bet at this point. But the demo accounts are basically a virtual trading platform that you can use as a tool. By using this service, the brokers replicate live online trading using a test environment so that you can trade, but nothing actually gets sent into the market. So, give that a shot if it's something that you think you can use.

People forgets if not the very next trade but within the next few trades. This is why those who don't forget and learn a lesson now making money.

Never give up.

At the same time, sometimes taking a short break helps in clarity.

Are you in a live account or a demo one? If you're in live account, turn back to demo and train several analyzing method. It's a risky business, and so, your psychology might rushes your trading and makes you giving up when you lose $10-$50.

Ok

I am now officially giving up on the weekend. The END.

I was travelling OK, until I stuffed up on the EURUSD and ended up losing 5k.

Unfortunately for me

1. In Jan, I tried my hand at trading. I was a complete joke and didn't understand at all what I was doing and ended up blowing 2.8k.

2. In May, I thought, I had the right idea, just poor execution. Tried with a different broker. Lost 1.2k.

3. In Sep, tried another broker, and lost 0.3k. The issue was the same. I had the right knowledge, but I am poor at execution. So, I tried looking for another broker.

4. Finally, I talked this broker. He was extremely knowledgeable and gave me great advice and training. I was quite nervous initially, but with the broker's advice, I made a miniscule profit.

Then, he gave me more advice, and I made more. I felt like on the top of the world. Suddenly, I could do no wrong - hell, I can even earn a living off forex!

Then, something happened. The personal account manager changed. The broker kept taking some time to withdraw some money. The personal account manager's advice was quite different from my original account manager's. I felt a lot more unsure. Then made a loss which wiped a lot of profit. But I still had enough profits. I had just made one poor decision.

I complained about the issues and a more senior account manager started talking to me. The service improved and all the cash recoveries were sorted. I got my money and felt a bit more confident. But, again, the trading advice was an issue.

The swing trading is just not a good fit for me. I discussed further, and got more confused and started making poor decisions due to lack of confidence and confusion. Then, I made a fatal error on the EURUSD, hoping for a pullback that came and back too fast. I tried talking further analysis with the broker, and it just resulted in further poor decisions. A 1.5k loss became a 5.5k loss.

5. Now, I was in strife. Seeing such loss making positions destroyed my sleep. I became irritable with kids and my wife. My wife and I had a good heart to heart and I agreed, money is less important than being happy. So, yesterday, I closed the loss making positions, and managed to get out with just a 4.5k loss overall instead of a 5.5k loss. I spent most of 14 hours in front of the screen yesterday trying to see dollars move up and down. I did very little work otherwise.

6. I woke up today refreshed and in a lighter mood. Yes, I am lighter on my hip pocket, but the torture is over. I won't follow the news or spend time talking to a broker a lot. This is enough and I choose to swear off forex trading as of friday.

7. I will try to do couple of final trades (with a lot of stop losses and hedges!) - for the FOMC and the US GDP releases this week. But, that will be it. Irrespective of whether I make a profit or a loss, I am DONE.

No more forex trading. I will return to my simple life. I was recently made unemployed. I'll try and find a new job, get it, and work on that. Maybe in 3-5 years, buy a house.

If I get an itch to get back into forex ever again - I will buy myself a new smartphone game app for 3 dollars, play it and kill the time. Hell, I might go to the library and read a book. If I make too much money, I'll buy a second hand car. I enjoy running, but haven't run for the last fortnight due to injury. I'll go for a run again. But, I AM DONE with forex.

Happiness is more important, and forex is just grief for no reason.

I don't blame my broker this time. The broker was better than any other that I've tried. But, this is the thing. All forex trading involves risk. And while one risks some amounts, you can't eliminate catastrophic error risk. This can be:-

+ E.g. you are betting on oil going down. Next morning US declares war on Iran - and oil prices escalate.
+ You have a sound strategy. However, the strategy fails on this occasion due to market forces.
+ Fat finger error.
+ Over confidence in your abilities error.
+ Distraction error - As I was placing the trades, my son came and asked me something. I was momentarily distracted. And I didn't think about a trailing stop loss. Was it my son's fault? No. The fault was mine. But, this is an example of what can go wrong.
+ Technology error - your computer fails and you are relying on a trailing stop loss, which won't work without the open MT4. Then, you get a VPS service, but that fails on a crucial moment.

Basically, you need everything to go right to make a profit in forex. And there are a lot of people who already do. But, all of you are kidding yourself if you think you've got the risks covered. There is always some residual risk that remains. Think about it - is it worth spending 5-15 hours a week over?

I am only sharing my pain with everyone so that other people can see a real story of how things can go wrong.

I had an above average broker (at least I think so), good 3rd party advice, good understanding of market, some experience of forex trading, and a set system. Yet, I managed to stuff up. And, managed to have an argument with my wife and lose sleep.

I am not dissing anyone else. But, I AM DONE.

"And there are a lot of people who already do."
No, they don't, no one does (only your brokers made any money)
I am sure you will recover your losses with a REAL job
Best of luck

Thanks.. I can confirm I feel better and don't need to check the prices regularly anymore.

Just trying to kick off the habit for checking finance news articles and I'll be in a good spot! Obviously, a real job would also help!!!

could not have said it better.

Hi therr sorry to see you are lossing money.I lost too so heres my two cents for you .
Ok im talking in general not particular to eurusd and am speaking only woth regards to intraday trading though ofxourse yoi can use some tricks to make it a long term trade So first i would suggest you take a lot size which is just 3% of your equity meaning you have $100 in account (depending on yoir leverage which i have used is 1:1000) you open lot size of 0.03 so can close it without taking more losses or keeping yoir position open with a hope of price turning in your favpur especially if you have now clu where the particular currency price is headed
2nd If you are using a particular startegy get to know its winning percentage according to that maybe you would want to increase your lot size because your following a startegy and closing anegative deal asap.
Most important reads forecast arricles and also get to know price action

Sh*t! Are you for real? Why on earth did you not demo until you were consistently profitable? Then do the same on a small account. What was your account size if you lost 5k on 1 trade? I'm speechless.

Don't even dare to trade the FOMC day,you will curse yourself even more.
If you are really done,you don't need a closure,it's your mind looking for a closure(by saying i am going to place a last trade).
If you are going to loose which you are definitely going to loose on FOMC day,try spending that same amount of money on taking your kids to an amusement park,or go for dinner.
Your mind is playing tricks with you man,you can't take revenge on the market,you said it doesn't matter if i loose or win,that is BS because it does matter to you,don't put an ending to this painful story like this,you want to give up trading give up right away no need for any last trades.
If you ask me you should give up trading.
If you become irritable to the ones you love then to hell with that work,family comes above everything.

Worst case scenerio on FOMC day you blow some more money which will 80 percent happen,
Even worse scenerio you get something back from what you lost,then your hopes will be up,that will be false hope,you will stay a passive looser for the rest of your days trading.
Maybe you will succeed but that wont happen before next few years,are you willing to risk a divorce,or kids growing up in broken homes.
If you can get knocked out this badly with just a bit of disappointment you will loose everything if you continue .
Please for your sake give up buddy.
Have a fun weekend shopping and family time ,and put this behind you.
Get back your old self,join a gym or have another hobby, but you must give up right now.
Good Luck for the Future.