Should I just quit and forget everything or keep fighting? | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Should I quit trading forex? 219 replies

Everything to Nothing to get Everything? 7 replies

Proof and tape fighting... 22 replies

EUR and USD fighting for control... 2 replies

Should I just quit and forget everything or keep fighting?

  • #21
  • May 21, 2016 8:51am May 21, 2016 8:51am
Same experience to me when i were around 23 years old that time. However, i earned for $20,000 for capital $2,000 in one day by trading stock. After that, i lose all the profit and my capital and blew my account. What the hell! I did not give up, then i did it again, and same thing happened again and blew my account again. LOL....

I have been in trading stocks, forex, funds and etc for about 7 years. So nothing is impossible and i can earn great decent of money now. So my advice is do not give up to yourself, learn to balance your equity and risk, learn to manage your risk and rewards, and learn to control your behaviour. A good start is to trade micro lots in LIVE account, and observe your trading and think "what if" scenarios, even if you lose 1000 pips, you still will not blow your account, and this is my risk management although i won't let it go with negative 1000 pips, as now i have my new ways to handle the situation.

Just to share. Thanks.
  • #22
  • May 21, 2016 9:05am May 21, 2016 9:05am
Quoting donkeyg
Hello everyone. I'm a student, 23 this year and i have been trading Forex since 13th of January 2015. On 20th of May 2015, which was 1 year ago today, i made an aproximately 40,000 USD profit with just 100$ capital. that was a huge win in my life ever. Due to over exciting, i loss it all back quickly just less than one month, my heart was very very pain and i can't believe that i loss it all back in just less than 1 month. After those day, i was just keep depositing 50usd / 70 usd/ 100 usd trying to make a comeback but unfortunately the conclusion...
Right.... 100$ > 40000$ , 20$ > 20000$ and 20$> 1700$, within a 1-3day timespan. That means 3 things needed to be in check:

#1 Black swan event x2-3
#2 Pyramiding positions with max leverage/exposure on each new trade, meaning no possibility of ANY drawdown
#3 Exact pinpointing of entries at bottom/top

The amount of bullshit is big with this one again. Subtle method of marketing a crappy management service, thats how i call it.
  • #23
  • May 21, 2016 4:12pm May 21, 2016 4:12pm
Quoting Robertk
{quote} Right.... 100$ > 40000$ , 20$ > 20000$ and 20$> 1700$, within a 1-3day timespan. That means 3 things needed to be in check: #1 Black swan event x2-3 #2 Pyramiding positions with max leverage/exposure on each new trade, meaning no possibility of ANY drawdown #3 Exact pinpointing of entries at bottom/top The amount of bullshit is big with this one again. Subtle method of marketing a crappy management service, thats how i call it.
I did something similar to the OP when I first started, had $1500 and very quickly turned it into $45,000 - which i then lost in the next week. How? 500:1 leverage, I would take a position of 4 contracts and when it moved 20 pips or so, close that position. Then open another position, when it had gone another 20 my way open another large position then close them all when anywhere where around $2000-3,000 profit. So it was done my high volume scalping - which is exactly why I also lost it so quickly also just like the OP. I don't see anything unrealistic about what he has written, his winning was based on high leverage gambling and that's why he lost just as quick as well - no skill.
  • #24
  • May 21, 2016 4:23pm May 21, 2016 4:23pm
list all the forex made millionaires who stopped trading after their first account wipe out:
  • #25
  • May 21, 2016 4:33pm May 21, 2016 4:33pm
just keep depositing...
  • #26
  • May 21, 2016 5:00pm May 21, 2016 5:00pm
sounds like your placing bets like your still in the casino going all in on poker your cutting corners best to build slow and sort out your money risk management no one get rich over night in forex. now you fill like your chasing your profits back one thing you should never give up stay strong and focus and look into your money risk management good luck.
  • #27
  • May 21, 2016 5:00pm May 21, 2016 5:00pm
I think you should explain how your trading system looks like, or don't you want to share your trading strategy?
  • #28
  • May 21, 2016 5:19pm May 21, 2016 5:19pm
Change your leverage to 25:1 and start again go slowly and dont try to make huge profits so quick better to be consistent and make profit long term
  • #29
  • May 21, 2016 8:17pm May 21, 2016 8:17pm
Quoting star100
I think you should explain how your trading system looks like, or don't you want to share your trading strategy?
It's got absolutely nothing to do with his strategy, it's high leverage high risk per trade gambling.
  • #30
  • May 21, 2016 8:31pm May 21, 2016 8:31pm
Quoting oztrader79
{quote} It's got absolutely nothing to do with his strategy, it's high leverage high risk per trade gambling.
But I think it will still be a great idea for him to share his strategy... Thanks
  • #31
  • May 21, 2016 8:35pm May 21, 2016 8:35pm
I really marvel at the way you guys make so much money within a short period in the first place. It will be nice for you guys ( or any other person ) to share your strategies so that we that are yet to become experts can also learn.. Thank you.
  • #32
  • May 22, 2016 1:49am May 22, 2016 1:49am
Quoting meshinaya
{quote} But I think it will still be a great idea for him to share his strategy... Thanks
After 5 years on this site I am still surprised by the stupidity of people. I just said its not a strategy, it is high levaraged high risk (r:r) trading/gambling.

You want to know how to do it? Open a 500:1 account, open the biggest position you can, when it goes into profit a little close it . Open a new even bigger position and repeat. Pick a market which has just broken out and trending. You will make big money!!!!!!!

Then put on a final huge position hoping to set you up for life, then it will retrace and retrace and retrace and you will lose everything you so quickly made.

This type of trading is no different to playing roulette in a casino - there is no edge just luck.
  • #33
  • May 22, 2016 2:00am May 22, 2016 2:00am
Quoting donkeyg
Hello everyone. I'm a student, 23 this year and i have been trading Forex since 13th of January 2015. On 20th of May 2015, which was 1 year ago today, i made an aproximately 40,000 USD profit with just 100$ capital. that was a huge win in my life ever. Due to over exciting, i loss it all back quickly just less than one month, my heart was very very pain and i can't believe that i loss it all back in just less than 1 month. After those day, i was just keep depositing 50usd / 70 usd/ 100 usd trying to make a comeback but unfortunately the conclusion...
My advise: START WITHDRAWING PROFITS!

You are doing great making money. but what is the purpose of making money when you don't withdraw the profit?? Maybe you think you should make millions to start withdrawing money. But think about this: IF you start withdrawing each week what you make with the initial deposit than do this for at least three months so you are comfortable with it. than move your initial stake to a higher level and continue to do so. You will start you feed yourself from profits made from trading and also you are increasing your profit sizes continuously...

ALL THE THINGS IN THIS WORK IN A STEP BY STEP MODE... So you are doing great just missing the withdrawing
Manage probability while following the TREND.
  • #34
  • Edited 2:20am May 22, 2016 2:03am | Edited 2:20am
Quoting oztrader79
{quote} After 5 years on this site I am still surprised by the stupidity of people. I just said its not a strategy, it is high levaraged high risk (r:r) trading/gambling. You want to know how to do it? Open a 500:1 account, open the biggest position you can, when it goes into profit a little close it . Open a new even bigger position and repeat. Pick a market which has just broken out and trending. You will make big money!!!!!!! Then put on a final huge position hoping to set you up for life, then it will retrace and retrace and retrace and you...
if it was pure luck i would not turn from 300$ to 15k+ few times.

Quote
You want to know how to do it? Open a 500:1 account, open the biggest position you can, when it goes into profit a little close it . Open a new even bigger position and repeat. Pick a market which has just broken out and trending. You will make big money!!!!!!!
u're wrong then.... if it was easy as u said then everyone here is a billionaire.
  • #35
  • May 22, 2016 2:05am May 22, 2016 2:05am
Quoting khanderoo
{quote} My advise: START WITHDRAWING PROFITS! You are doing great making money. but what is the purpose of making money when you don't withdraw the profit?? Maybe you think you should make millions to start withdrawing money. But think about this: IF you start withdrawing each week what you make with the initial deposit than do this for at least three months so you are comfortable with it. than move your initial stake to a higher level and continue to do so. You will start you feed yourself from profits made from trading and also you are increasing...

thanks for the advice khanderoo. but the problem u know in my country there's no instant withdrawal.. everytime i need to withdraw it takes 15 days or even 20+ days to receive the money. i guess i have to learn how to be patient right now.. thanks for the advice once again mate
  • #36
  • May 22, 2016 3:38am May 22, 2016 3:38am
Put your energy into your studies and find a real job
You will make far more money with a real job than with trading.
  • #37
  • May 22, 2016 3:45am May 22, 2016 3:45am
Quoting Mingary
Put your energy into your studies and find a real job You will make far more money with a real job than with trading.
agree. but in my opinion just one real job is not enough for u to build our so called "dream", maybe we can use forex as our side income? i believe every traders trade forex is to pursue financial freedom / side income / hobby..
  • #38
  • May 22, 2016 3:53am May 22, 2016 3:53am
Quoting donkeyg
{quote} thanks for the advice khanderoo. but the problem u know in my country there's no instant withdrawal.. everytime i need to withdraw it takes 15 days or even 20+ days to receive the money. i guess i have to learn how to be patient right now.. thanks for the advice once again mate
Open another fx account and transfer profit into another account

Trade 1 account high risk with small balance the other low risk

On the small account $100 balance ok to use max leverage and max lot size.

On large account reduce leverage trade with smaller sizes.

I have numerous accounts and trade like this.

I can quite often make 1000% in days or weeks on just a few dollars but on a large amount of money its too risky.

If you had 100K use max lot size of 1 to 3. If $20 account use leverage 200:1 and the max lot size it will allow you to do.

When yo have made 1000$ profit move it to the other account and start again.
20 Pips a day keeps centerlink away
  • #39
  • May 22, 2016 4:10am May 22, 2016 4:10am
Quoting donkeyg
{quote} agree. but in my opinion just one real job is not enough for u to build our so called "dream", maybe we can use forex as our side income? i believe every traders trade forex is to pursue financial freedom / side income / hobby..
I would like to suggest to you to find a system strategy that could give you >80% Accuracy with at least TP:SL 1:1 first and never risking more than 5% of your total equity in every trade (Always put SL)
If you have to make a mistake, make sure it is a new one
  • #40
  • May 22, 2016 4:19am May 22, 2016 4:19am
Quoting donkeyg
Hello everyone. I'm a student, 23 this year and i have been trading Forex since 13th of January 2015. On 20th of May 2015, which was 1 year ago today, i made an aproximately 40,000 USD profit with just 100$ capital. that was a huge win in my life ever. Due to over exciting, i loss it all back quickly just less than one month, my heart was very very pain and i can't believe that i loss it all back in just less than 1 month. After those day, i was just keep depositing 50usd / 70 usd/ 100 usd trying to make a comeback but unfortunately the conclusion...
It seems that you have had a rough experience. Here is an example, Paul Tudor Jones out of his initial 20k starting capital lost 10k, he had the same thought but kept going and eventually became a billionaire. The recipe to succeeding is having a big loss that makes you understand the nature of the beast. You made money through luck so had no idea how to keep. Now that you are now back to earth start your journey again and grasp the principles of markets.

I trade Vanilla Option, yes here is a link if you don't know what it is, Binary has polluted our space a lot so we forget real Options. Link I eventually started trading derivatives as another layer in my trading, I soon discovered a few secrets to the markets, which only came from stepping out of the box most traders create for them self in the name of discipline. There is more than one way to skin the cat. You need an open mind, is all.
0 traders viewing now