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How Many Accounts Did You Blow Before You Got It Right?

  • #181
  • Dec 15, 2015 9:01am Dec 15, 2015 9:01am
Are things going more successfully now at least?
  • #182
  • Dec 15, 2015 10:01pm Dec 15, 2015 10:01pm
I've blown heaps of small accounts over the years. The thing that changed it for me was to invest more money and trade larger accounts.

I know that sounds counter intuitive, but it worked for me.

The more money I had on the line the more conservative I became. If I had a $2k account and was down say $1k, then I'd basically start gambling in an attempt to recover. But once I put $20k in an account then I took it much more seriously and was less flippant about the decisions I was making.

You don't want to put in so much money that you lose sleep, but it needs to be just enough so that you care if you lose it.
  • #183
  • Dec 17, 2015 9:27am Dec 17, 2015 9:27am
:nerd:
  • #184
  • Dec 17, 2015 2:31pm Dec 17, 2015 2:31pm
Quoting FatCat33
I've blown heaps of small accounts over the years. The thing that changed it for me was to invest more money and trade larger accounts. I know that sounds counter intuitive, but it worked for me. The more money I had on the line the more conservative I became. If I had a $2k account and was down say $1k, then I'd basically start gambling in an attempt to recover. But once I put $20k in an account then I took it much more seriously and was less flippant about the decisions I was making. You don't want to put in so much money that you lose sleep,...
Instead of gambling to recover, what did you do instead with the 20k account?
  • #185
  • Jan 29, 2016 2:48am Jan 29, 2016 2:48am
  • #186
  • Feb 2, 2016 12:40am Feb 2, 2016 12:40am
Quoting FatCat33
I've blown heaps of small accounts over the years. The thing that changed it for me was to invest more money and trade larger accounts. I know that sounds counter intuitive, but it worked for me. The more money I had on the line the more conservative I became. If I had a $2k account and was down say $1k, then I'd basically start gambling in an attempt to recover. But once I put $20k in an account then I took it much more seriously and was less flippant about the decisions I was making. You don't want to put in so much money that you lose sleep,...
This makes sense, because if you trade with an amount that means something to you (assuming 20000 $ is a considerable wad of cash), then getting small returns does not feel like wasting time.

Anyone else find this topic soothing? It's like anonymous alcoholics for FX. Nice to see others screwed up too, does not make one feel alone with one's failures.
Price-Action Extremist
  • #187
  • Feb 3, 2016 9:40am Feb 3, 2016 9:40am
Quoting bagman
{quote} This makes sense, because if you trade with an amount that means something to you (assuming 20000 $ is a considerable wad of cash), then getting small returns does not feel like wasting time. Anyone else find this topic soothing? It's like anonymous alcoholics for FX. Nice to see others screwed up too, does not make one feel alone with one's failures.
  • #188
  • Feb 3, 2016 9:53am Feb 3, 2016 9:53am
It's not fair, I can't vote. There is no 0 option. I've started with 50 K account and after 8 years I'm still in the game (with much havier account number).

You don't need to blow any account. That's what DEMO accounts are for. Granted, it's hard to trade only on demo for years and trade seriously but it's worth it.
  • #189
  • Feb 4, 2016 3:37am Feb 4, 2016 3:37am
Quoting Tom81
It's not fair, I can't vote. There is no 0 option. I've started with 50 K account and after 8 years I'm still in the game (with much havier account number). You don't need to blow any account.
Finally a sane post.
  • #190
  • Feb 4, 2016 3:55am Feb 4, 2016 3:55am
Good advice, if you start real trading always set stop loss and use the same percentage risk for each trade, for example 3%. In this case even if you get 50 losses in a row still you will have 21,8% on your account (0,97^50=0,218). One click trader with option percentage risk based on stop loss is really useful. Start with small account for example $1000 and don't add any money until you will make at least 100 trades and 200% profit
  • #191
  • Feb 4, 2016 4:05am Feb 4, 2016 4:05am
If you risk 1% per trade you should never blew your account, you can loose a lot but it should never blew.
  • #192
  • Feb 4, 2016 5:14am Feb 4, 2016 5:14am
FIRST ACC: 80 dollars - My start just buying bulls markets ... i didnt even knew i can sell LOL ... NO USING SL
SECOND ACC: 80 dollars - Too same
THIRD ACC: 500 dollars - Buyed paladium adding positions to winnings trades ... trading W/O SL ... after some broker shit company said paladium will go higher ... then Lonmin and other companies .. Opened mines again so price went down ... I watched when my acc was blown in 15 minutes ... i was shaking ass hell
FOURTH ACC: After I made from 400 dollars 2000 in one service room ... I left on wanted trade for myself because it costed a lot of money .. and trading is about making money yourself .. true liberty... so I went crazy and i blew it ... using SL ... BAD MM

I am from poor country and I am 21 so it meant a lot of money for me ...

Now I am trading demos, I did study every aspect of trading ... but I have still no edge...

Now I am trading Trendlines + fibo to get on the first wawe possibly ... watching 30M candlesticks and try entry on 1M trendline corectly with MM 1:4
"I'm not answering stupid questions."
  • #193
  • Feb 4, 2016 5:16am Feb 4, 2016 5:16am
Not one. But I still cannot say that I got it all right.
  • #194
  • Feb 4, 2016 5:20am Feb 4, 2016 5:20am
Quoting Allan
Not one. But I still cannot say that I got it all right.
be a consistent trader on forex is my dream ... fuck money I just wanna be successfull.. money will come with it.
"I'm not answering stupid questions."
  • #195
  • Feb 4, 2016 5:31am Feb 4, 2016 5:31am
Quoting Malchi
{quote} be a consistent trader on forex is my dream ... fuck money I just wanna be successfull.. money will come with it.
  • #196
  • Feb 4, 2016 5:33am Feb 4, 2016 5:33am
Quoting PoundTrader
{quote}
thats come all because last 1.5 year a was very frustrated by trading .. I worked so hard I have no life last 2 years ... but last 4 months I see some light it can be done ... on nasdaq i made 20% per weak i made some trades with 3:1 RRR... but it came very stressfull even on demo because i tried picked top of resistance what was broken in past very hard.
"I'm not answering stupid questions."
  • #197
  • Feb 4, 2016 5:38am Feb 4, 2016 5:38am
I cant talk about trading with anybody in my circle ... nobody knows about it a shit... so from psychological point of wiew its bad too .. its important
"I'm not answering stupid questions."
  • #198
  • Feb 4, 2016 5:50am Feb 4, 2016 5:50am
Quoting PoundTrader
{quote}my bad, i assume in this business your at least blown one account.
wrong assumption
  • #200
  • Feb 5, 2016 2:25am Feb 5, 2016 2:25am
In fairness, I think that we traders are allowed to blow some accounts. Else, how will we ever know the optimal level to trade a new strategy?
Just like a racing driver take some practice laps to find out exactly where the limits of the car/track may be, I always also test a new strategy in my development account. This account is meant to take risks and push the limits - just like the racing driver take some practise laps.
Once I really and truly understand how the strategy interact with the market I code it up and move to a real account.
Obviously my development is a small account - an amount I feel comfortable to loose. (Not meant to make a profit but rather to learn, test etc.)
To make this clear - a new idea/strategy usually start in a demo account. If successful, it is migrated to a development account (because, often the quotes may have "small" differences between demo and live.) Only after this phase the strategy may receive it's own "real money" account to trade (or, may be used to supplement some other strategy in an already existing account.)
Bottom line is - I still find the development account with margin calls fairly regularly.
Personally, I think only the most conservative traders can honestly say they never blew an account. Like the old lady driving down the road at a full 20km/hour they do reach their goal as well - it just may take a lot longer because, they don't know exactly how far/when/how to push the strategy for optimal profits.
Just my personal approach here.
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