My acct was just bombed with $3k loss, don't know if I ever come back except with small gambling money. The cause? Not enough protection from stop loss, not enough winning trades, USD takeoff you name it.
90% of traders lose 90% of their account balance within 90 days of opening their account
The question is, how do we prevent this from happening to 90% of people?
Is it the broker's fault? Or the trader's fault? How can you call yourself a trader if you don't know how to risk manage? Also, surely there can be no correct risk management when it comes to binary trading as your risk will never be less than your reward, however people prefer it as it appears more simple (i.e. more easier to throw away money) than Forex.
moneyfred2014 posted: My acct was just bombed with $3k loss, don't know if I ever come back except with small gambling money. The cause? Not enough protection from stop loss, not enough winning trades, USD takeoff you name it.
You blew your account after the FOCM announcement !? really?
I was just asking in another thread , who would be trying to sell USD during that rally!!!!
I think the cause is prerrt simple: Only way to earn in forex is to have skill to predict the market. We think that we have that skill, based on few lucky trades, but actually only minority actually knows where the market is going. Others are just gambling, no matter how good 'risk management' they have.
I lost between around 15K in total. And actually I started of easy and with very small profits. Till they changed my account manager and because of him I lost a lot. I was still new and learning in the Forex market and still learning. Only been trading for a year now with stops in between because of the losses. One thing I learned is I do not trust brokers an account managers. I'm sure there are honest and good brokers out there but that is like winning the lottery to get hold of one. As long they leave me along I'm ok. Follow my own rules and risk levels. I started back with what I have left over in my account and that's it. Of course they call you once in a week, most of the time to deposit more funds because of a strong signal that is about to happen. I you alway's do what they tell you, in less then a month you lose all your funds. That's my experience. And I can go on about this...
I have lost 6000$ investor money. He told me that i take losses too early and I am taking consistent small hits. So i went with his idea and let the losses run. Then i hedged when i became desperate. But all in all i think i would have been worse if i made money. He would have taken other peoples money and what has happened was bound to happen sooner or later. I am supposed to earn commissions once I hit profits of 30% per month, and I have to pay for the office space too. So the pressure was there. What i have learned is that never ever trade investor money. If you need to open a PAMM account and tell them to subscribe. now i have an account of 6000$ that i have to take back to 12000 in 3 weeks time. My hope is trading the news or quitting. Which should I take.
Always make sure the time spent Trading equates to the success, otherwise its easier to get a part time job to earn a stable income. I reverse trade meaning what ever your indicator tells you i do the opposite. Its not much of a system but its great for scalping. Brings in small profits but then i only spend 30mins trading due to me being a female with domestic duties. 😝
Look to bring back 6000$ in 3 weeks would be consider as complete insane (more then 25% a week) however with the NFP coming up you can take advantage according to the outcome. Remember that even if we have a positive outcome on the NFP and the hourly earnings is negative, that could lead to a sell of on the USD. The market is focused on the quality. I mean telling you that you need to bring back 6000$ in 3 weeks time, that is indeed putting a lot of pressure on you. Good luck!
Geeding1 posted: Always make sure the time spent Trading equates to the success, otherwise its easier to get a part time job to earn a stable income. I reverse trade meaning what ever your indicator tells you i do the opposite. Its not much of a system but its great for scalping. Brings in small profits but then i only spend 30mins trading due to me being a female with domestic duties. 😝
If you do it on any value of indicator, then it is not a system, it's gambling. I (and probably many others) do the same, but I look for a specific signal, for example today on M30 timeframe AO show ~12 green bars in a row, so I started to open shorts, and I closed them ~10pips in profit, that's scalping and that's system, not gambling.
I have been trading since February this year, opened a $300 account washed it in a week. Then I went online and learned alot, started trading price action on a demo and then put in $600. In this account I made pips but lost money simply because I would get greedy and over confident of my trades and trade larger than usual position sizes, I have now lost another $300 in this account and the balance is $300. However equity is back up to around $450 this week.
Ostrzeżenie o wysokim ryzyku: handel walutami obcymi wiąże się z wysokim poziomem ryzyka, który może nie być odpowiedni dla wszystkich inwestorów.
Dźwignia stwarza dodatkowe ryzyko i ryzyko straty. Zanim zdecydujesz się na handel walutami, dokładnie przemyśl swoje cele inwestycyjne, poziom doświadczenia i tolerancję ryzyka.
Możesz stracić część lub całość początkowej inwestycji. Nie inwestuj pieniędzy, których nie możesz stracić. Zbadaj ryzyko związane z handlem walutami i zasięgnij porady niezależnego doradcy finansowego lub podatkowego, jeśli masz jakiekolwiek pytania.
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