blew my account
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Thread: blew my account

  1. #1
    Hi Experts,

    I am just 1 month old in Foreign Exchange. First I began with forex.com demo, following
    seeing consistent profit, open a live mini account for $1000 after which $250.
    I have ignored everything in 1 week. I am hoping that you guys may have also this type of experience. Please share how a lot of you come out from that situation and how? .

    I am very confused now and don't know if to continue Foreign Exchange or not.
    It all depends upon your answers. When there's absolutely no prosperous trader within
    1-2 years experience then I will give up.

    Forex mad

  2. #2
    I haven`t blow up my account yet..but I have seen my buddy blown his account only on 4 times.

    From his experiment,and also from anybody else experiment I understand a lot about cash management,risk management,dll. .

    I just newbie in this fx world and still working with my $100 account. I use it as my training ground and ,if I receive some profit,I can use it for my live ( I''m indonesian in which $1= Rp 9,500 ^^ ). .

    All I can say is,experience always become the best instructor,even it's not your own experience. And try to always examine your trading before and after..that's really works for me ^^. .






    So sry for the bad english

  3. #3
    We've got all done it... maybe not the entire accout but we have all been greedy and let matters get out of contol you want to learn Money managment
    you were pumped to the get rich quick moment!

    Try try again now transaction a micro account and get 10 percent a month and you can double your account sooner than you think. . Then twice, and again, and again.

    Simply study a method and FOLLOW THE RULES!!!!!

  4. #4
    Quote Originally Posted by ;
    we now have each done it... not the entire accout but we've been covetous and let things get out of contol you need to learn Money managment
    you're squeezed to the get rich quick instant!

    Try try again now transaction a micro account and get 10% a month and you'll be able to double your account sooner than you think. . Then double again, and again, again and again.

    Simply examine a method and FOLLOW THE RULES!!!!!
    Oh boy, I recall when I was sucked into a get rich quick moment, and I swear to god I did not even realize Iw as doing it until 30 minutes after I blew over half of my account...I analyzed myself thouroughly, took a nice long shower, and created the reason I did exactly what I did...I was anxious to earn money and greed put in.

    That I' do not have a problem pulling the cause, thats easy for me, but it arrived at a disadvantage...I gaurentee you, from now on if you still opt to trade, you will return at your discounted account experience and before you place on a different transaction, you won't want to go through it again. . .it's nearly like subconcious taking corrective actions on your own. . .but you have to be open to accepting what happen and really learn from all of this.

  5. #5
    Quote Originally Posted by ;
    Hi Experts,

    I'm just 1 month old in Foreign Exchange. I started with forex.com presentation, after
    seeing constant profit, open a live mini account for $1000 after which $250.
    I've ignored everything in 1 week. I hope you guys may have also this kind of experience. Please share how many of you come out from that situation and how? .

    I'm rather confused now and don't know if to continue Foreign Exchange or not.
    It all depends on your replies. If there is no successful trader in
    1-2 years experience then I will give up.

    Foreign Exchange mad
    I believe below has already been said a thousand times, but I will chime in with my two cents anyway. A few suggestions:

    1) Wait until you've got more cash to exchange with, and use a great ECN broker such as MB Trading (it's like $400 min to open). But $1000 does not leave much space; I suggest twice that at least.

    2) Make some risk management principles, and adhere to them, i.e. only risk max 4% of your account per trade. Figure out the number of pips which contrasts together with the lot size your trading with, and set a stop to that intense loss figure (4% in this case) and no more.

    3) Have another rule like if you get rid of X dollars or X % a day, you're done for the afternoon interval.

    If you're strictly sticking with great money management principles (i.e. no longer than 4% risk per transaction ), you could flip a coin to decide your positions and have trouble blowing up your account. 50% winners, 50% losers for example, and you're still a long ways off from going broke.

    Money management is everything (well, not everything, but certainly critically important no matter what the magnitude of your account).

    Sounds as if you WAY overleveraged your account, and risked huge account %'s per trade. Great thing that you only had $1,000; I'd encourage you to stay with itif you learn your lesson correctly here, you will do much better when you exchange with $100,000 instead of $1,000.

    Best wishes...

  6. #6
    After going through this thread I find out that there are traders that are in the same boat . I too,blew my account this past year. Reason being I had been indisciplined,impatient and many greedy. I know I made mistakes and that I attempted to correct them. I must admit the fact although it's too painful.
    I started learning through the errors I made. I make sure not to repeat them.
    When the new year starts I begin anew. Discard all the bad habits I've when investing in Foreign Exchange. Habit dies hard though. Today, with the small sum I have in my Foreign Exchange accountI attempt to play safe by:
    1. Minimising the risk.
    2. Trade only when I am very confident of profiting. ( Wisely)
    3. Create and use my own easy system even though I can see other traders using a complex one. I only read the ribbon as my principle.
    4. Not being greedy and being individual.
    5. Last but not least I pray to God .And for your initial two weeks at Jan 2008, I am doing fine.
    To me, my motto is: What goes up must come down Newton's Law.

  7. #7
    Thanks to all you guys for giving advice from your heart. I am going
    to take it as challange and will examine my emotions in micro account.

    Thanks

  8. #8
    - Blewout 7 times for approximately $18K,, Kept picking up myself.

    Took 4 yrs. Of no profit,, I am profitable.

    Time table was like this.

    3 yrs adverse trading.
    1 year trading.
    Two years profitable.

    Well past 10,000 live trades today, began with REFCO, then they stole my money. ( I recieved 40 percent back as BK settlement 2 years later or so.)

    I trade using FXCM, CMS, FXSOL, EFX for benefits and variety and diversity after the Refco bankruptsy. I trade in another account or 2 each day, average 15K a month profit Utilizing 3 items.

    A Strategy - any will do. ( just have you )

    Dissapline- took years to give in! And acknowledge my stubborness!

    Determination- I would not let them beat me! Period.

  9. #9
    All good stuff here. I have blown several accounts (plural), and I think my thinking really had to change before I started to make any progress. I had to realize that what you are up against while investing is really yourself. It is almost sure to be a losing battle in the long run when you cannot control yourself. Whenever you need to fight yourself all the time you'll lose because you understand how to outsmart yourself. I've discovered that the only way to combat this would be to not even allow yourself to be put in that situation and for me that meant STRICT principles must be followed concerning mm. That's the key. I have made 100% in a week before only to lose 70% on one trade. Now instead of trying to make money I'm more worried about keeping the cash I've got. The money does not grow quite as fast, but additionally, it stays around. This was the key (at least for me). I have heard this before but I have always understood a much better method (ha!) . Protect your cash so you can continue to maintain the sport. The winners will treat these.

  10. #10
    Sorry to hear about your situation.
    Stick with it's my proposal.
    I would strongly advise you to read this thread https://www.forexsoutheast.asia/gene...ding-desk.html before doing anything else and after that also Jacko's thread.

    Good luck for your future.

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