How many trading accounts have you blown?

I have blown 12, two of them were very big and even as a profitable trader now I havent been able to recover.

What's your experience? Any contribution you can give me on the psychological side of this?

Thank you for sharing.

master800ve posted:
I have blown 12, two of them were very big and even as a profitable trader now I havent been able to recover.

What's your experience? Any contribution you can give me on the psychological side of this?

Thank you for sharing.

Well to be honest a solid trading plan with a set of rules that i strictly follow helped me with the psychological side of forex so i think you should get some....i would recommend you listen to an audio book on YouTube (Trading in the zone) because that was my turning point in forex after actually listening to the book

master800ve posted:
I have blown 12, two of them were very big and even as a profitable trader now I havent been able to recover.

What's your experience? Any contribution you can give me on the psychological side of this?

Thank you for sharing.

Wow! Good to see that you're still trading despite that. Would you say that you've learned from those experiences? Did it take an emotional toll on you?

I blew one account. It was more then 4 years ago. I decided to open real one and had about $3000. And because of my huge mistake I lost almost all my capital. After that I became very cautious.

Never, Because I started trading with banks and you know how rules are rules and the funds involve,This still guilds me today with trading private funds, although i have a lot of automatic protections in all accounts, so that never gonna happen and coupled with the deciplines.

SKATA10 posted:

master800ve posted:
I have blown 12, two of them were very big and even as a profitable trader now I havent been able to recover.

What's your experience? Any contribution you can give me on the psychological side of this?

Thank you for sharing.

Well to be honest a solid trading plan with a set of rules that i strictly follow helped me with the psychological side of forex so i think you should get some....i would recommend you listen to an audio book on YouTube (Trading in the zone) because that was my turning point in forex after actually listening to the book

I agree, I read the book, Mark Douglas was a genius and it helped me a lot back at that moment.

HeavLeighGill26 posted:

master800ve posted:
I have blown 12, two of them were very big and even as a profitable trader now I havent been able to recover.

What's your experience? Any contribution you can give me on the psychological side of this?

Thank you for sharing.

Wow! Good to see that you're still trading despite that. Would you say that you've learned from those experiences? Did it take an emotional toll on you?

It did take an emotional toll at the time, it was hard, specially on the two big accounts. It did taught me a lot about who I was and why I traded the way I did.

Very expensive lesson, but on the long run worth it.

Rococo_XVII posted:
I blew one account. It was more then 4 years ago. I decided to open real one and had about $3000. And because of my huge mistake I lost almost all my capital. After that I became very cautious.

Well it can happen to anyone.

Blowing up accounts taught me a lot about myself and trading in overall.

Hope you are trading better these days! Rock on!

master800ve posted:

Rococo_XVII posted:
I blew one account. It was more then 4 years ago. I decided to open real one and had about $3000. And because of my huge mistake I lost almost all my capital. After that I became very cautious.

Well it can happen to anyone.

Blowing up accounts taught me a lot about myself and trading in overall.

Hope you are trading better these days! Rock on!

Thank you. For now I am really feeling more better than any time. The loss helped me to be more attentive. And careful. Now I got back what I once lost. And very happy about it.

Well done for staying focused and determined.
You obviously have a strong mindset to bounce back 💪

Rococo_XVII posted:

master800ve posted:

Rococo_XVII posted:
I blew one account. It was more then 4 years ago. I decided to open real one and had about $3000. And because of my huge mistake I lost almost all my capital. After that I became very cautious.

Well it can happen to anyone.

Blowing up accounts taught me a lot about myself and trading in overall.

Hope you are trading better these days! Rock on!

Thank you. For now I am really feeling more better than any time. The loss helped me to be more attentive. And careful. Now I got back what I once lost. And very happy about it.

I'm very glad to read that! Keep up the good work!

SupplyZT posted:
Well done for staying focused and determined.
You obviously have a strong mindset to bounce back 💪

Thank you! I do! Even though it was truly hard but I overcame that

One I blew was because I was trading with BTC as the base currency and took a 200% bonus from Coinexx, so I could effectively trade 3 times the volume. 2 things happened, BTC value dropped by about 30% with open trades, and when the actual equity in the account was gone, it closed all the trades and destroyed the account as the 'bonus' was not considered part of the equity. Lessons were to trade lower volumes with crypto as the base currency due to the underlying volatility, and never take a bonus - much better to trade with higher leverage which uses less equity than use a bonus to trade higher volumes.

3 nearly blown but all while using EAs when I first got into trading. As of yet no accounts from manual trading.

master800ve posted:

Rococo_XVII posted:

master800ve posted:

Rococo_XVII posted:
I blew one account. It was more then 4 years ago. I decided to open real one and had about $3000. And because of my huge mistake I lost almost all my capital. After that I became very cautious.

Well it can happen to anyone.

Blowing up accounts taught me a lot about myself and trading in overall.

Hope you are trading better these days! Rock on!

Thank you. For now I am really feeling more better than any time. The loss helped me to be more attentive. And careful. Now I got back what I once lost. And very happy about it.

I'm very glad to read that! Keep up the good work!

Thank you.
And what about you? Did you recover after blow the account? How much time did it take?

BrendanWKing posted:
One I blew was because I was trading with BTC as the base currency and took a 200% bonus from Coinexx, so I could effectively trade 3 times the volume. 2 things happened, BTC value dropped by about 30% with open trades, and when the actual equity in the account was gone, it closed all the trades and destroyed the account as the 'bonus' was not considered part of the equity. Lessons were to trade lower volumes with crypto as the base currency due to the underlying volatility, and never take a bonus - much better to trade with higher leverage which uses less equity than use a bonus to trade higher volumes.

That was quite an experience I'm sure. I agree, better to avoid 'extra bonus' and just trade with higher leverage always seems to be the better choice!

Words to live by

sebking1986 posted:
3 nearly blown but all while using EAs when I first got into trading. As of yet no accounts from manual trading.

EAs are always tough! Congratulations on not blowing accounts on manual trades! Do you make a good return on risk? Just wondering.

Rococo_XVII posted:

master800ve posted:

Rococo_XVII posted:

master800ve posted:

Rococo_XVII posted:
I blew one account. It was more then 4 years ago. I decided to open real one and had about $3000. And because of my huge mistake I lost almost all my capital. After that I became very cautious.

Well it can happen to anyone.

Blowing up accounts taught me a lot about myself and trading in overall.

Hope you are trading better these days! Rock on!

Thank you. For now I am really feeling more better than any time. The loss helped me to be more attentive. And careful. Now I got back what I once lost. And very happy about it.

I'm very glad to read that! Keep up the good work!

Thank you.
And what about you? Did you recover after blow the account? How much time did it take?

Yeah I recovered, took a few months, wasn't easy. But at least I accomplished my goal.

Notandum posted:
Ya! I have almost blown my trading account thrice in a row before I actually started making real profits.

Sometimes learning the hard way is the best way!
Kudos to you for overcoming that!