edit: holy shit i didnt realize how much i typed. LONG and boring read ahead!!!
sry for late reply
Quote:
Originally Posted by ws6ta  from our conversations you seem to have very small accounts. Its very difficult to get anywhere with a small account. Stop believing the hype of ridiculous gains from every other getrichnowdriveaferrarisin2weeks system because they don't work. Keep learning, demo trade, make money from something else (I know you in particular can work with your dad so do that!) and trade when you have a decent sized account and only put on a MAXIMUM of 3% risk per trade. I do less then 3%. When I had no concept of money management I was losing thousands daily.
Read books on psychology of trading and money management. This shit isn't easy but your foundation has to come from the psych and mm books. Trust me I've been at it for close to 2 years and if I didn't have the resources I have I'd be living on the streets by now.
Honestly boys and girls DO NOT PUT MONEY INTO FOREX THAT YOU ARE NOT READY TO LOSE.
edit: and for those of you intra day trading forex you must be awake during the most liquid hours of the market. LONDON is the session to be trading make no mistakes about it. 34.1% or 1.36 trillion dollars are traded during this period. |
Your 100% right. I actually blew my account a while ago but I just made it official just recently
What happened was back in December to January I was making a killing. I initially started out with a very small account. I turned a bit less then 1k into almost $2500 in about 2-3 weeks. I was thinking in terms of percentage so 100% gains in 3 weeks sure made my confidence go up! Thought I was the king and no one could stop me, thought about funding a larger account, make easy money, go to lambo dealer, pay asgar cash for a gallardo and walk out...LOL
Then luckily reality hit me. I started putting on trades, no stop loss, take profit of some ridiculous amount like 50 pips then check back days later. HOW STUPID! I actually cant believe how much confidence I had in making money in forex it was really retarded now that I think about it. So I kept making stupid trades and when I lost money, I made more trades thinking I would make that money back. Slowly my account went down, and down, and down until I realized what was happening. For some reason you can't think clearly when your losing money after a long winning streak.
So now im going back to my basic method, I thought about what I was doing when I was making money. Some main things I remember are I didn't listen to anyone. That means I wasn't taking advice from online forums about what to buy or sell (I don't mean you, ws6ta, your advice and tips are the reason forex hasn't made me an alcoholic!). Also I made trades based on one single method and I would never disobey it. If I were losing money on the trade and I listened to my method I would get out before I lost more then 20 pips.
Your right about demo trading but I honestly don't give a shit when i'm using fake money. I just can't keep myself to be serious about it. So I think a better solution is to have a stupidly small account like $100 or whatever your comfortable with losing and trade to see your results, because when you lose money you'll realize you lost real money but when you gain money you know how you did it
.
So right now I took a breath and see what was wrong then started trading properly (I hope!) again. Funded another account, which is a bit bigger then before and let my brain think before I enter any trade. So far thanks to god its going alright, I'll post a pic of my account history lately and you can see I've been making consistent trades with around 10 PIPS profit each. Doesn't seem like much but now im more conservative. Slowly but surely is the way to go, consistency is key in my mind. I've been on around 3 hours of sleep for the past few days so forgive me if something doesn't make sense in my post
. Here's a screen shot of my recent history of my fxtrade account with some profitable ones and one loss (you can see its my real account lol). For some reason I can't go further back
(If anyone can tell me how I can look further back to january that'd be great).
Also here's what I use to keep track of my trades. I deleted my account balance just cuz i don't feel like making it public. But the real one calculates your actual balance amount. These are just a few of my latest trades, my actual one is huge which I started recently lol(Anyone wants a copy PM me and I can send it to you in email, it works better for stock traders though)
Thanks for the long read.
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