Thread: How many real accounts have you blown before consistently making money in FX?

Such a fun thread this is. Thank you very much

Everyone is talking like oh yeah but today I am fine.... Yet not one attachment with any prove of anybody making a $1 at least on demo!

Wahaha...

Oh damn forgot to mention. I dropped 2 real ones (10K total).
And like 50 demos. And loosing one demo (in my signature).

That's almost 5 years. And never yet I watched a profitable trading statement which had that a few days of info...

Originally Posted by ;

For what it is worth, here's my opinion on account blow ups:

https://www.nigeriaforextrading.com/...-operator.html

PS - I would respectfully like to call BS on the above mentioned article #38. Too many reasons to list here.

Great article as usual.

Too include

#8 LOVE your little losses, adopt them because you are doing what your are meant to do and minimising the losses, your are taking account of the fact that this time around you're wrong. If you're able to take comfort in taking small losses then your account will likely last longer for you to receive it right. Also wipe the reduction from your emotion memory. Holding onto it will usually result in revenge trading or just seeking to create it back. Let's go and move on

The old saying let your profits run: Let them operate but once you are comfortable with the gain close out and reevaluate the market conditions as you search for another chance. Have a goal to create and take it. Take Break Even trades as a win too, you had the chance, you took it but the market did get to where you wanted. Hey you lived to see another trade without the reduction. More Move On.

Know leverage and how quickly it will wipe that cent account of yours should you are unable to respect it. Yes it will get you to 10k quickly but even faster are the 10 - not enough margin to start a little trade. Employ sound risk management, wipe the entire'gotta get wealthy' mindset. You ought to be in this to gain the confidence and confidence to go out and open a massive account that returns a simple income, whether that be main or secondary income without the blow out variable.

Dedie a minimum of 30 mins before investing to clear your mind, eliminate distractions and to be mentally ready to undergo and plan your day. This can go hand in hand with writting down your reasons for the trades you've taken.

Avoid threads and forums which have high return genders. There's a reason why the thread starter hasnt posted in 6 months and no it isnt since he's about his 5 million dollar yacht sailing the Bahamas, its because he's back at the shoe factory churning out so he could pay off his error. This goes with higher return Robots which sell for $199US. In my robot was making me 1000 percent annually that I couldnt give a toss for selling it for $199 just because I care. All these people today earn 1000% per year off the sales of these robots.

Before going live after 6 months of profitable trading write out a business plan. Treat this as a business and run it like that. Have clear aims that cover all the bases. Have thresholds for banking profit and aim to enhance the funding base over the year.

Avoid labelling yourself a trader to buddies. I dont know why but for some reason it sounds great, but on precisely the exact same side it turns into a weight of expectation. Much like having a general diary, your out there to impress everybody when the sole person/thing you must worry about is you and your funding.

Take periodic breaks/holidays. Like any job/business it can become tiring and you want to step away for a time period. Close out or protect positions and mind away for a week. It will help clear your mind and offer you a fresh perspective.

Love trading. I've always said that in the event that you dont like your job then quit and find something which it ered to you. I've stopped a lot of jobs over the past 15 years at the drop of a hat. I found that working for someone else was my main problem because I didnt enjoy the opinion of working harder to produce money for someone else while being chucked some scraps to reside off. The harder you work the longer you create for someone else and usually the less you recieve as an over generation:the share ratio. Hence I began a little business (not trading) and turned out the exact same pay figure as the year prior to off an average of 25 hours a week (not 60 hours). Point being that trading may have great rewards should you show any respect for your account and in case you have the passion and drive to generate money on your own. If it's merely a fly by trial then you should work out if it suits you prior to going live. Analysing bar/candles is dull and dull (according to my wife) but I love the challenge of looking for the best way to extract some money from these pixels.

Account blows up are unneccesary. I enjoy most have suffered my periods of drawdown, some substaintial but something I've learnt over the years it that it is damn difficult to create back those funds. If your down by 20 percent at this point you should create 25 percent of that capital base to get back to break even. The further down you are the more you have to work at getting back. The way you do this and if you achieve it ought to be sufficient for the paradigm shift required to steer that focus in the appropriate direction.

I hope this is below the word count enabled or I Will need to do some editing

Take care

RT

Originally Posted by ;

For what it is worth, here's my view account blow ups:

https://www.nigeriaforextrading.com/...g-journal.html

PS - I'd respectfully like to call BS on the above article #38. Too many reasons to list here.

Originally Posted by ;

Great article as usual.

Too add

#8 LOVE your small losses, embrace them as you are doing what your are intended to do and minimising the losses, your are taking account of the fact that this time around you were wrong. If you can take comfort in taking small losses then your account will likely last longer for you to get it right. Wipe the loss from your memory. Holding onto it's going to often result in revenge trading or just looking to make it back. Let's go and move on

The old saying let your profits run: Let them operate but once you are...

Excellent stuff, men.

Hi ,

simply started my demo account of 5 k with fxcm and I am really made a decision to learn currency trading like I want to eventually become financially free and retire . I think this is just too much to ask, but if anybody here will be kind enough to discuss their simple way or approaches to continuously and effectively earning pips will be very much valued.

I'm currently using only few indiores such as 50 and 150 sma's, atr and MACD... to be truthful, I have been studying a lot of e-books and youtube video on how to properly use them and be profitable... but sadly until now I only manage to deplete my capital... not ignored though but I understand it is only a matter of time.

Is there anybody who have a fantastic system, even for a small fee will be consider...

I am only a newbie

regards and thanks to all.

Kam

I had the same experience.

I blew my account for $12,000, it's the cash I could not afford to lose,

very very very painful experience, I lost a of money because of overleveraging my account.

Now I learned a lot in my experience

Forex is very hard...

Not all traders will be profitable, regardless of the number of years they spend trading. Reason? Because they are unwilling to learn to change their view. You cant beat it can you breakeven. When you play by its own rules, You win just.

I have blown 30k in stock market and approximately 6k in FX. I am still not earning profit consistantly.

After considering in sacred grains, all the indiors and trading platform, at this point I am only thinking in Price action.

Hopefully I am still studying and hopefully in the very near future I can make profit in everyday bases.

There's absolutely no reason to blow off an account, that won't stop most doing it.

I started trading with about.5% risk and rarely risk more than 1 percent of my equity on a single open position.

I lost maybe 20% of my account in my lowest ebb but never got close to the whole shooting match. Maintaining my risk low averted major losses.

Am I the only one that blow out over 30 live account with over 50k in sum before making consistent profits yearly from FX?