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From $110 to nothing, Forex Journey

Discussion in 'My Journey Discussions' started by QuiGloriam, Apr 20, 2013.

  1. QuiGloriam

    QuiGloriam Regular Member

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    So here is my story:
    After some MNS, Fiverr, Authority Site, NSFW Site, SEO, CSS & HTML freelancing... I woke up a morning and decided to invest in Forex.
    I was practicing with a Forex demo account. With initial 10.000$ I made 13.900$ in 19 days. So I said to myself: this is my thing! Time for real money.

    Now I made a deposit of 110$ on my Forex account TODAY (Go big or go home). And decided to make this journey, so let's begin:

    DAY 1
    Deposited 110$ from PayPal
    After the deposit made my first movement, but had a problem, broker said that my deposit was cero. Ok, I lost all my money faster than I thought, but no, after pressing F5 my deposit was right.

    So again made my first movement:
    Opened a trade on EUR/USD (SELL) 1000 units, using 10$ with x100 laverage and got +10 pips | +1$

    Current money: 111$

    I'm using manual trading, not copying others, without the use of any special software or auto Forex tools, hope you like this journey, I will try to keep it updated until I lose all my money.
     
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    Last edited: Apr 20, 2013
  2. MrMoney2013

    MrMoney2013 Registered Member

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    dont try things that have earn + lose (like forex)
    just earn
     
  3. l7ucid

    l7ucid Junior Member

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    You need to practice more. live trading is much different than practice accounts, many people make this mistake and lose it all when the psychological factor comes into play. don`t get greedy amd get too far ahead of yourself, 19 days is not near enough me to learn the ropes. you need to learn lots of fundamental and technical analysis.

    I'm not just saying this, LOTS of people try the practice then go into the live setting and question why there results aren`t the same. please learn more I am assuming you barely know any indicators and ignorance in this field will be your downfall. Trust me, i've done it before, I've made your total investment in a matter of minutes through trades and thought I was competent enough but the volatility of currency markets can have you lose it all in a few trades. It will be much more worth it if you just keep practicing and learn more about trading iques. i suggest babypips.com school, its free and a very good start. not just being pessimistic, trying o be realistic and thats how it is. if it was really that easy then people wouldnt be losing their entire savings from letting the dream of an abundance of easy cash mislead them. fortunes can be made and lost and i hope you are successful, but please don't underestimate the volatility of the markets.good luck


    That's not a very optimistic goal also lol, you should invest that money into someting related to IM, you'll have a much better chance of turning over a profit. then invest some time into learning forex on the side, knowledge can be more valuable than money in the long run. anyway, I hope you prove me wrong but I am just saying this because I have experienced it first hand and lost it all because I rushed in too much without learning enough. It was only after I made some good money then got greedy and lost it that I realized there was a hell of a lot that I didn't know and could of used towards actually having a chance to turn over a profit.
     
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    Last edited: Apr 20, 2013
  4. blackhatnotes

    blackhatnotes Registered Member

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    keep trying dude,,you will find your way soon,,heee
     
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  5. silan

    silan Registered Member

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    Trading in demo account is very different from real money, with demo account I find people restart very fast after they have lost a few trades so their account does not look good but justify it as "Oh i wasn't following my trading method so that doesn't count" Remember to honestly ask yourself if that is all the decisions you would have made in your real account. Realistically speaking you probably won't make money, or make very little but the investment is so small, that you should think of it as a 100$ course on how to trade with real money.

    Also trading with 10, 000$ is much different then 100$ because of the margin call is easily achievable on 100$ as opposed to 10, 000$ so make sure you trade with the same settings as real account if you are using demo. The point is to see how well you could do with real money, without actually using real money, remember that.

    19 days is also a very short period of time to base your assumption that you can trade, it could be possible that most of your trades were buy positions and it was an bullish market for that month or anything of that nature which cannot be repeated or predicted.
     
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    Last edited: Apr 20, 2013
  6. infoasian

    infoasian Supreme Member

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    Those mini or micro accounts suck, but good luck. I find 35k is the minimum size for reasonable trading.
     
  7. hatblack

    hatblack Regular Member

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    I you invest $110 in real account, you should practice the same amount of money in your demo account. So, you also can familiar with the scale of leverage , stop loss/take profit.
     
  8. NoirHat

    NoirHat Regular Member

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    learn capital/risk/money management in a Hurry
     
  9. fxaddict

    fxaddict Newbie

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    I have traded for 3 years. My advice is to learn one setup and master it. Then move to another. I lost about 13k because I roamed around trying every different way there is to trade. I am only now beginning to get my head back on and trade just what I know has worked in the past. I can recommend a couple of places to read that have 1-2 working setups.
    Don't be a dummy like I was. I wanted all the pips and thought if I learned all the best ways to trade that I could master it. I got my ass handed to me. The market is designed to take your money. You either take sniper shot trades and build your account slowly or go bust. My mentor was a teir1 bank trader and I still lost my ass. They trade with almost unlimited funds and can withstand a huge drawdown. Us retail traders cannot do that.

    Good Luck
     
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  10. QuiGloriam

    QuiGloriam Regular Member

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    Thanks for your comments.

    I know that I need more practicing, that's why I only invested 110$. If I practice with demo account it's not going to be the same, the risk management would be different and there is no motivation at all.

    I don't mind loosing my 110$, but I prefer not to lose them, so there is a little bit of motivation.

    This is my strategy so far:
    My trading style is completely manual and a combination of fundamental analysis + technical analysis. I'm always looking for a breakdown, never bet on continuity. I also wait for a good opportunity on some of the pairs (EUR/USD, USD/JPY, EUR/JPY...).

    Forex closed on weekends, so no Forex no party.
     
  11. vebxperts

    vebxperts Jr. VIP Jr. VIP Premium Member

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    Good luck with your FX journey Qui!
    I had done FX trading and earned $1000 in I think a month then in next 10 days, I lost it all and went back home loll.
    (greed kills)
     
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  12. hatblack

    hatblack Regular Member

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    Yeah, No forex party in the weekend, but usually I studied the chart history.
     
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    Last edited: Apr 20, 2013
  13. fxaddict

    fxaddict Newbie

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    No problem, I like to help others.

    One more tip. Don't fret the fundies much as a retail trader. Keep an eye on news events as they can make the market go mad for a short time. Also, pay close attention to the high,low,open,& close price of the daily and weekly. Mainly the open and close. Price often bounces or turns at these areas. The central banks & fed run the show in fx, we just want to ride along.
     
  14. QuiGloriam

    QuiGloriam Regular Member

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    Day 2: Hope the USD/JPY raise up to 100... but no

    What I did on my second day was:

    Open a trade (BUY) USD/JPY on 99.84... waiting the raise for 100 points... that actually never happened, right now I'm losing 70 pips on that trade, at this moment.

    On the other hand, at some point I bought again USD/JPY and some other currencies (while was at school , this time at lower positions with the following result:
    [​IMG]

    I could get a total of $9.06 by doing this.

    Right now I'm on -30$ on my current trades which are the first one that I mentioned and a second one, also BUY USD/JPY at a lower position (99.37)

    If when I wake up, tomorrow, USD/JPY hit 100 or above I will make some money and will be happy, if not I hope for the best... my stop lose is on -40$ on both trades so I will lose a total of $80, but I doubt that this will happen.

    Sooooo, I guess it will be hard to sleep... now this is a good practice instead of the demo account.

    As part of fundamental analysis many sources said that USD/JPY may hit 100 and above positions due to Japan don't give a f*uck about their currency at this moment.

    For the technical analysis I would say that it will be a drop before hit 100, I didn't looked at that, my mistake, but hope that the drop is not to strong, or even better no drop at all and the pair goes for the 100 mark.
     
  15. SEOtime

    SEOtime Junior Member

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    Keep trying with this journey and do not give up. Keep your head up high and continue to look for ways to improve yourself so you can make more. Best of luck to you in this.
     
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  16. hatblack

    hatblack Regular Member

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    I usually cut loss max 25 pips.
    "Let your profits run and cut your losses short"
     
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  17. fxzombie

    fxzombie Junior Member

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    Your trading is way too erratic. Every trade should be no more than 2-3% of your account. Consistency and dedication is they key.
     
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  18. service hub

    service hub BANNED BANNED

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    Don't try things that you don't know even you can loose total money at the time or within seconds

    thanks
     
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  19. manny2513

    manny2513 Junior Member

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    Great journey keep us posted
     
  20. VinceC

    VinceC Elite Member

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    One tip: most of us failed in trading, so why not trade the opposite when u placing the trade next time :)
     
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