I blew my account today! - Page 2
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Thread: I blew my account today!

  1. #11
    Your initial problem is you are in a rush. It works in reverse manner. When you are rush to make profit, you will lose fast. If you want to make good profit, you have to be relaxed and calm. When in your head you believe I must make specific amount of money, you concentrate on the money that you need not in trading. As a result you make more mistakes. Hope you get it.

  2. #12
    Quote Originally Posted by ;
    Allow me to point out why you dropped your account after just two weeks when it's not already clear for you, you'd no idea exactly what you were doing you're simply gaming! May sound harsh and you might not acknowledge it immediately but I will assure you are going to need to recognize it earlier or later hopefully sooner instead of before you get rid of everything. And second point you do not follow everyone to make money or rely on indiors but your self - you need to work hard to develop your own way it is going to take years!!! 5 years before you begin making a.. .
    Thank you so much, and yes I am ready to restart again to take the time to learn.

  3. #13
    Quote Originally Posted by ;
    quote Tell me about your presentation trading experience; how many moths you used the demo? What exactly was about your demo trading outcome?
    I have used demo account for 1 month and sametime I blowed it after used hight lot size, and same time got 100 % of the funds in 1 week, but take big risk and I know that!

  4. #14
    Receive my humble greetings, by a trader that's been dropping in the Markets for a very long time. A trader who happen to have read the Alchemist Book. Here is the think...

    FOREX is quite broad, I found myself lost trying to follow every trader that appears successful up until I read the Adventure of a Currency Trader Book. You made $350 for example but did you understand how you made it??? Chances aren't, you happened to be in the right place and you dropped it all with your Capital. I learned the MA, RSI, Harmonic Patterns, Bollinger, MACD etc, but never won. I attempted to choose the Fundamental Route, it was tough since the market will mostly be priced with the news before their release time,,,, meaning learned Sentimentals as well.

    The there was the MMM Methed but it was analysing the Price Actions that made sense to me. If you study price over a longer duration, you can ask yourself how did you overlook on a Trend thats been around for years. However, you're unable to earn money from it. I learned to Ascertain the main management of a specific pair by performing a lot of Fundamental Research on these, by analysing the Daily, Weekly and Monthly Management of the Market. Most trading novels teaches us to exchange the Reversals or Retracements.

    But I learned that long term trends hold and thats the only place to generate money. I began trading the Primary Trend, also when its on a retracement or reversal, I will watch and just enter again after its pushing towards that. I set stop losses on 100 Pips for example and target over 250 Pips each commerce. And at time make it needs a massive account, I utilize smaller lot size. 0.05 for every $1000 and trade all markets.

    I have been making money now and I learned from Markets. Look deep into it. You'll never trade like me or any individual but yourself. Otherwise Win and Go

    Regards:

    South Africa

  5. #15
    Hi Afgan84!
    I've done the same. Many times. With bigger accounts. I've learnt the lessons by myself, studying a lot of everything I can find on internet.
    After a long time, I am (almost) convinced to create at least break even in April and take it from there to profit. No magic. No Holy Grail. Just hard work.
    Analysis. Discipline. Mental Control. Plogy. Money Management.
    Please don't hesitate to subscribe to me and we can have a more private conversation. I don't wish to put all private knowledge in people but I've been in the exact same situation as you and would be happy to share with you my approaches to take control over my mind.

  6. #16
    Quote Originally Posted by ;
    Hi Afgan84! I've done the same. Many times. With bigger accounts. I've learnt the lessons by myself, studying a lot of everything I could find on net. After a long time, I am (almost) convinced to make at least break even in April and then take it from there to profit. No magic. No Holy Grail. Just hard work. Analysis. Discipline. Mental Control. Plogy. Money Management. Please feel free to subscribe to me personally and we could have a more personal discussion. I really don't want to place all personal experience in people but I've been in the same situation...
    HeyMilanolok!
    Thank you for your answer, I moved to sent you PM but it's working, is there another way to compose you?thank you.

    Med

  7. #17
    Quote Originally Posted by ;
    Receive my humble greetings, from a trader that's been dropping in the Markets for a very long time. A trader who have read the Alchemist Book. Here is the believe... FOREX is quite wide, I found myself missing trying to stick to every trader that seems successful up till I read the Experience of a Currency Trader Book. You made $350 for instance but did you know how you made it??? Chances are not, you happened to be at the ideal place and thats why you lost it all together with your Capital. I learned the MA, RSI, Harmonic Patterns, Bollinger,...
    Hey, thank you for everything you have writing here, that's excellent experience.

  8. #18
    Hi afgan84,
    Sorry to see you get crushed like that. Unfortunately, all of the systems salesmen attempt to make FX look simple - which you now understand, it's not.
    As you're rebuilding your funding, the advice the others have given you is appropriate:
    1) It's tough work - if it was easy, everybody who opened an account would be rich
    2) None of the stuff from the books will do the job for you - yes, you need to understand it, but then you need to develop your own method and examine it properly. You need to understand you can trust it. You can't trust somebody else's egy.
    3) Have you been clear about what period you will trade (eg. intraday, daily, weekly)? Even if it's not intraday, I suggest seeing the intraday charts forming. Rather than taking weeks to learn a few of the price behaviour, you will see it in a matter of hours (trading patterns are fractal in nature). Additionally, because you're seeing it happen, you see the way the candles form rather than simply look at the final result. Make notes about what happens when a major news item happens (eg. FOMC, NFP,'' Trump Tweet).
    4) You need a risk management plan that involves where your stops will be (such as profit stops) and the way to position size to handle your risk. There are lots of good books and articles that can guide you. You also need to take into consideration how many trades a day you'll be able to manage and how many losing trades in a row before you stop to reassess. Risk management is about surviving the inevitable mistake. If you're able to minimise the size of the losses, then the wins will eventually make you wealthy.
    5) You have just taken a horrible hit - check your plogy is in the ideal loion. If your confidence takes a hit, it can be hard to do the ideal thing later.
    6) Please attempt to build over $500 to begin. It's likely to do it using $500, but only as long as you're incredibly lucky. With ten times that number and tiny positions (while you understand ) you can survive a few more mistakes. (The other people gave you a very useful clue about how large you need to be trading with a little account).

    Good luck with your next Effort. Use the demo account while you work in your own method. Piquant was place on telling you that it takes a few decades.
    Cheers,

  9. #19
    G
    Guest
    Sorry, to observe another story for discounted account. I hope you'll recover quickly. Maybe, it will be better Idea to stay away from live trading for certain quantity of time and exercise in demonion surroundings till you find your mojo and master your trading abilities.

  10. #20
    Afgan84,

    Hello. I know your pain and fruion. You will acquire multiple-choice answers to your query with several members here taking the opportunity to chastise you or encourage themselves.

    My opinion is that you have gone live too early. Trade demo till you are comfortable creating your own conclusions. You want to develop an comprehension of your chosen chart/currency/index before you go live.

    Leverage will destroy you. Trade small. Scale in if you want to, but trade small. Your transactions needs to be of a size that doesn't make you nervous or fearful when you can't observe the charts. That usually means that your potential loss is acceptable to you. This is important as you'll take losses. You will only succeed when you learn to accept a reduction.

    Have a cut off line. Place your stop loss. If price gets you will find takes you out, accept that you're wrong. You're now free to trade instead of being stuck nursing a losing transaction.

    Good luck. Remain positive.

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