HELP A BRO!! I Just lost my school fees & house money trading | Forex Factory

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HELP A BRO!! I Just lost my school fees & house money trading

  • #1
  • First Post: Edited Aug 4, 2016 11:26am Aug 3, 2016 11:54am | Edited Aug 4, 2016 11:26am
''I am thinking of opening a gofundme account to plead for little cash to secure my rent which is due in 2months while I take up part time job to raise my school fees.

I took a miserable gamble trying to get back some funds in the FX market following a 50 pips loss earlier, and I cant believe this happened to me...

how can one really profit from this market, $1,343 gone..in hours...''



---- chat from a fellow friend trader...
  • #2
  • Aug 4, 2016 8:08am Aug 4, 2016 8:08am
Sorry to hear about your troubles friend. I'm thinking about getting into trading and worried that something like this could happen to me. Any advice on how t avoid landing in the same sort of mess?
  • #3
  • Aug 4, 2016 11:12am Aug 4, 2016 11:12am
Yeah:

1. Don't take gambles
2. Trade demo until you're comfortable
3. Manage your risk. 50 pip stops and big leverage will wipe you out in seconds

You'll lose money faster than you make it so you need to watch the losses.

Oh, and don't trade with money you need to pay your rent or school fees with!
  • #4
  • Aug 4, 2016 11:43am Aug 4, 2016 11:43am
gamble it and be a market dealer, trade it and be a gambler.
the more want get profit fast, the more fast to die.
the gambler
the devils apprentice Return Today: na
  • #5
  • Aug 4, 2016 10:35pm Aug 4, 2016 10:35pm
I'm too scared to say anything
Come with me if you want to live....
  • #6
  • Aug 5, 2016 12:40am Aug 5, 2016 12:40am
Quoting He-Goat
''I am thinking of opening a gofundme account to plead for little cash to secure my rent which is due in 2months while I take up part time job to raise my school fees. I took a miserable gamble trying to get back some funds in the FX market following a 50 pips loss earlier, and I cant believe this happened to me... how can one really profit from this market, $1,343 gone..in hours...'' ---- chat from a fellow friend trader...
What's wrong with this picture ?
  • #7
  • Aug 5, 2016 1:11am Aug 5, 2016 1:11am
Quoting Mingary
{quote} What's wrong with this picture ?
What's RIGHT with it.?? eeeyup.
Combat crazy markets with crazy trading
  • #8
  • Aug 5, 2016 4:50am Aug 5, 2016 4:50am
Quoting He-Goat
''I am thinking of opening a gofundme account to plead for little cash to secure my rent which is due in 2months while I take up part time job to raise my school fees. I took a miserable gamble trying to get back some funds in the FX market following a 50 pips loss earlier, and I cant believe this happened to me... how can one really profit from this market, $1,343 gone..in hours...'' ---- chat from a fellow friend trader...
Sorry for your loss... I have been there with losing trades and it hurts... ignore the Forex Factory trolls... this is a tough gig... it's not easy...

Follow and lets see if we can recover some of the losses...

http://www.forexfactory.com/showthread.php?p=9068775
  • #9
  • Aug 5, 2016 7:41am Aug 5, 2016 7:41am
Be very grateful that you have lost only $1.3k which you can easily make back by taking some shifts at your local McDonald's or Burger King.

And BE A MAN, work for your money and don't expect others to fund your gambling habit. It is so lame...

A good friend of mine has spent 5+ years of full time trading (incl. 10,000+ hours of screentime) and eventually lost $200k+ total. After losing ALL her funds, her family's reserves and loans from friends, and having no hope of paying back the debts, she commited suicide... It is a true story which I have already mentioned in other threads for rookies to keep things in perspective.

So don't start going down on this path...
  • #10
  • Aug 5, 2016 7:58am Aug 5, 2016 7:58am
Quoting MasterGuru
And BE A MAN, work for your money and don't expect others to fund your gambling habit. It is so lame...
Agree...

Quoting MasterGuru
A good friend of mine has spent 5+ years of full time trading (incl. 10,000+ hours of screentime) and eventually lost $200k+ total. After losing ALL her funds, her family's reserves and loans from friends, and having no hope of paying back the debts, she commited suicide... It is a true story which I have already mentioned in other threads for rookies to keep things in perspective. So don't start going down on this path...
Why would anyone trade with that kind of money? :/ Sucks! Sorry to hear
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #11
  • Edited 8:46am Aug 5, 2016 8:33am | Edited 8:46am
Quoting michisuperfr
{quote} Agree... {quote} Why would anyone trade with that kind of money? :/ Sucks! Sorry to hear
Well, many traders feel that the "Holy Grail" is sooo close and it would be a mistake giving it all up after so many months/years of work, acumulated market knowledge, experience and "invested" (i.e. lost) funds. Just before reaching the "finish line" which is already in sight...

So they push forward trading with their own and family members' savings, then loans from friends and finally from heavy handed "loan sharks"...

However, this "finish line in sight" is usually just like a MIRAGE, it starts dissappearing as one is getting closer and closer... And then a "new mirage" appears somewhere in the distance... (which might just be one of the hyped strategies on FF... How many have we seen to come and go over the years...? To many to count...)

Eventually a trader (or gambler) might find him/herself in a downward spiral to the abyss, from where there is no escape....
  • #12
  • Aug 5, 2016 9:48am Aug 5, 2016 9:48am
never trade with money you can't afford to lose
  • #13
  • Aug 5, 2016 8:59pm Aug 5, 2016 8:59pm
A gofundme account hahaha
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  • #14
  • Aug 5, 2016 10:35pm Aug 5, 2016 10:35pm
Quoting MasterGuru
{quote} Well, many traders feel that the "Holy Grail" is sooo close and it would be a mistake giving it all up after so many months/years of work, acumulated market knowledge, experience and "invested" (i.e. lost) funds. Just before reaching the "finish line" which is already in sight...

So they push forward trading with their own and family members' savings, then loans from friends and finally from heavy handed "loan sharks"...

However, this "finish line in sight" is usually just like a MIRAGE, it starts dissappearing as one is getting closer and closer... And then a "new mirage"appears somewhere in the distance... (which might just be one of the hyped strategies on FF... How many have we seen to come and go over the years...? To many to count...)

Eventually a trader (or gambler) might find him/herself in a downward spiral to the abyss, from where there is no escape....
Great post that describes the implosion that happens to anyone who's too obsessed with trading.

Traders gotta understand that mostly they won't make it that losing their accounts should be expected to happen no matter how large your account size.
  • #15
  • Edited 11:33pm Aug 5, 2016 11:19pm | Edited 11:33pm
Sorry about your loss.

Every determined trader experienced this, multiple times, until you realize that you should only risk money you cannot afford to lose.

One fact of learning is that we learn by making mistakes. The fact of trading is that when we make a mistake in the market, it costs us money. So, the only way to learn about trading and markets is to lose money. Strange fact eh?

The logical strategy is to only trade with small amounts (say, $100) and to attempt to double your account. Along the way you, you will make all the mistakes that every trader makes - but needs to learn from - and you will lose several batches of $100. Guaranteed. I'm sure every experienced trader posting here will agree with me about this.

Once you can double your account consistently, it takes a few years (and took me several more), then you would have learnt about markets, money management, and about your own psychology. By this stage you will have found a winning trading method - that works for you - and then you'll be ready to confidently put large amounts in the market.

It seems like an overwhelming task, and it is, because while trading comes naturally to a few naturally talented people, for most of us it is a tough journey. I just wanted to be honest about that.

If you're still interested, get that job at MacDs, earn back the money, and then start your trading journey again. But trying to trade that money "back" into existence, now, is not a realistic option. Trading in desperation never works out - all the legendary traders tell us that, and our own experience shows it to be true.

Once you've earned the money you need, use $25 (or max $100) and try again. You can do anything you like in the market - you will quickly learn what not to do

Read, study and learn everything you can about markets, economy and - importantly - learn Technical Analysis. TA is your number one tool for making trading decisions. Focus on

  1. support and resistance
  2. moving averages
  3. stochastic
  4. MACD
  5. RSI


http://www.babypips.com/school

Good Luck and hope to see you around.

Quote
Champions aren't made in gyms. Champions are made from something they have deep inside them: A desire, a dream, a vision. They have to have the skill and the will. But the will must be stronger than the skill.
Quote
- Muhammad Ali
cryptocurrency everytime
  • #16
  • Aug 6, 2016 2:32am Aug 6, 2016 2:32am
Quoting venzen
Sorry about your loss. Every determined trader experienced this, multiple times, until you realize that you should only risk money you cannot afford to lose. One fact of learning is that we learn by making mistakes. The fact of trading is that when we make a mistake in the market, it costs us money. So, the only way to learn about trading and markets is to lose money. Strange fact eh? The logical strategy is to only trade with small amounts (say, $100) and to attempt to double your account. Along the way you, you will make all the mistakes that...
You said all that need to be said. Loosing $1343 for only 50 pips movement shows he was trading higher than neccessary leverage and lot size.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: 13.1%
  • #17
  • Aug 9, 2016 6:56pm Aug 9, 2016 6:56pm
None of this makes any sense...You lost 50 pips then decided to take a huge gamble now you're $1343 in the red???? Figures don't make sense..Where you trading at $10-$25 per pip??? How much do you have in your bloody account??? Hmmmm......
  • #18
  • Aug 17, 2016 9:37am Aug 17, 2016 9:37am
What happened to him since his last posting here? Everything is good, mister?
  • #19
  • Aug 17, 2016 1:56pm Aug 17, 2016 1:56pm
Quoting He-Goat
''I am thinking of opening a gofundme account to plead for little cash to secure my rent which is due in 2months while I take up part time job to raise my school fees. I took a miserable gamble trying to get back some funds in the FX market following a 50 pips loss earlier, and I cant believe this happened to me... how can one really profit from this market, $1,343 gone..in hours...'' ---- chat from a fellow friend trader...
i am sorry for him, but he is violating the first rule of trade, never ever trade with the money you cant afford to lose. dont trade with the money intended for primary needs.
He sounds to be a person who want to double his money in one day.... it is easy to double your money in one day in forex, but usually you will lose all the money on the second days .
making money is easy in forex, losing money is even easier...
  • #20
  • Oct 26, 2016 12:41pm Oct 26, 2016 12:41pm
Quoting He-Goat
''I am thinking of opening a gofundme account to plead for little cash to secure my rent which is due in 2months while I take up part time job to raise my school fees. I took a miserable gamble trying to get back some funds in the FX market following a 50 pips loss earlier, and I cant believe this happened to me... how can one really profit from this market, $1,343 gone..in hours...'' ---- chat from a fellow friend trader...
For $1,343 to be gone in a few hours shows you did not practice money management. You risked way above 5% of your equity on a single trade.
Its unfortunate but the irony of forex is that losing is part of the learning curve.
That been said, you need a real job to make up for your school fees and house rent. Don't fund another forex account hoping you make back what you lost in a matter of some few trades. You will be taking revenge on the market and you WILL LOSE YOUR FUNDS AGAIN.
Take time out of trading for now. Get a strategy with a proven track record of profitability and master it till you become profitable on demo.
When you eventually go live, start by trading micro lots (0.01) till you are able to get profitable.
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