From $110 to nothing, Forex Journey

A stop lose was activated when I was sleeping, lost -39.24$
And on my current trade I'm on -30$

The only way I can recover is if the USD/JPY goes up. Now I realize that my trading style is very risky.

Also, all this news about "USD/JPY going to hit 100" made me take buying positions.

Any one know any other sites to help with forex beginners from your experiences.

Thanks in advance

QuiGloriam said:

A stop lose was activated when I was sleeping, lost -39.24$
And on my current trade I'm on -30$

The only way I can recover is if the USD/JPY goes up. Now I realize that my trading style is very risky.

Also, all this news about "USD/JPY going to hit 100" made me take buying positions.

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I feel that your money management is extremely bad, If at any point in time, two stop loss triggers can wipe 80% of your account out, your money management has to be terrible. Each losing trade should at most be 2-6% of your account. Right now each losing trade wipes out 40% of our account. If you were trading with 10,000$ you would not risk 8000$ on two trades would you, be realistic with yourself. I strongly suggest you distance yourself from forecasts and other unreliable sources.

The best advice I took from someone in forex is, only take advice from people with proven records. Following forecasts from a website that has the word "forex" or "forecasts" does not mean your trades will be successful, they are running a website business not a personal hedge fund right? What does that say about them and their ability to make money with forex? Only listen to people who are actually willing to show you the results of their methods on real accounts or with constant screenshots of their results, with good and bad trades included if they are using a demo account.

Think smart!
No strategy has a 100% win rate right and you know that as well so why would you risk 80% of your account on a trade? This is the same mistake i made when starting out forex, I know bad trades happen but I simply do not prepare for them, and leave room for them occurring.

NoirHat said:

learn capital/risk/money management in a Hurry

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as i posted earlier in this thread ^^^^^^^

apparently u didn't, fail you have.

DAY 3: Recovery!

On my third day I was afraid to lose it all and stop practicing with real money, but finally get recovered.

USD/JPY gone up, at some point I was on -35$ and then gone up +4$ on benefits, changed stop lose to 9$ expecting some higher levels but finally got the stop loss activated, so -9$

On the other hand used all my last founds (I had only 0.10$ left to use) to buy EUR/USD two times at two different levels. Got some money for this trades: a total of 15$

Also got a great opportunity on USD/CHF, bought this pair at the best moment, but I screwed up all the things by making the take profit VERY LOW, I could make double over there: (I made +9$)

Take profit on this was activated in less than 2 minutes, and PUM +9$, I was "WTF, where did my trade go?"


I will try to change my trading "strategy" by doing the following:
-Taking less risk
-Betting less money (except for good technical opportunities)
-Finding some very fast source of economical news related to Forex
-Learning more about technical analysis and using some real techniques, not just my guessing abilities and luck

Started with: 110$
Max ever reached: 111$ (+1$)
Current: 97$ (-13$)

wow, did you luck out..i'm not sure what news was released for a spike like that.
lower your risk per trade and don't trade on 5 minute timeframes for entry

NoirHat said:

as i posted earlier in this thread ^^^^^^^

apparently u didn't, fail you have.

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I will try to manage my risk and capital in a better way from now, hope to learn before losing my investment.

fxzombie said:

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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I risk too much, at some point I haven't money to trade with, just 10 cents. That's a thing to improve.

hatblack said:

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

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"Your profits run..." I learned that today, a very low take profit was activated, could make double

SEOtime said:

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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Thanks, hope to learn with my 110$ (now 97$) before losing it all.

vebxperts said:

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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Sorry for that mate,

This is a thing I need to try, Forex is one of the things that moves more money around the world, at least I want to understand what's going on here, of course my target is to make some money, which would be great. Will try to control my greed (no guarantee)

MrMoney2013 said:

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

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I think there is no such thing as always earn, you have to invest money at some point to make more money. I don't believe that there is a guy that makes 1000$ per month without absolutely no investment, if so, here is working for someone and I don't like that.

As I said on my first line of the first post I did a lot of things, and I've invested on all of them, even freelancing at some point.


---


My primary goal is to work by myself, make money by myself, I don't know if Forex is the solution, but at least I will try. I just HATE working for someone else, this is a thing that I experienced doing freelancing I did freelancing for a short time but got tired of it, made like 150€ and invested almost all of profit on forex.

If I fail I will go for another thing or back to some method used before... one day I will be making money by myself or die trying.

You need to try forex atleast 3-5 months before you switch to another method of making money. If you quit after a week or two of trading then you are not being realistic with yourself. People study forex all day long, been trading for many years and are finally getting the hang of it so it is extremely naive to think you can master it in just a month. Not saying it can't be done but do not set yourself up for disappointment because that will just make you want to quit even more when your unrealistic goals aren't met.

You indicated that you tried numerous IM methods which leads me to believe that you want a quick money making method, sadly that is not what forex is about. IM takes a few months to learn, you couldn't do it so ask yourself why you are trying to make it in forex, which takes 1-4 years to become successful.

All methods take time to implement, do not jump around and try a million money making methods, If you put your mind to it you could have been successful in any one of your previous IM efforts and you know that aswell so do not make the same mistake with forex and quit early.

If you lose 150$ and continue trading forex, learning bit by bit, that 150$ that you lost has some value in the lessons that your learned and taught yourself with the trades.
If you lose 150$ and just quit then the money has absolutely no value so even if you lose money try to make sure you are actually gaining something out of it.

silan said:

You indicated that you tried numerous IM methods which leads me to believe that you want a quick money making method, sadly that is not what forex is about. IM takes a few months to learn, you couldn't do it so ask yourself why you are trying to make it in forex, which takes 1-4 years to become successful.

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You just nailed it!

It's true that I'm looking for a fast method, I will keep in mind what you said, Forex is for long term. Also once I hit good amount of cash I will invest into some solid business rather than just spamming and making tons of low quality sites.

Week 1
This is my first week with Forex trading.

Started with:110$
1 Week after: 101$ (-9$)

I lost 9$ in a week, but that's not bad. Learned a little bit of things. Also at some point I had only 50$, and lost 39$ in just one trade.
For further weeks I will trade with 10$ and x100 laverage (40$ before), and I will diversify in several trades, that's giving me better results, also will have better control of risk.

Let's see if I can recover next week or make some profit, I'm looking for USD/JPY, everyone says that is going to hit 100 points and continue forward above that level, hope to buy just in time.

And now rest on the weekend and maybe study some Forex videos, but I think practice is the best way to learn.

If everyone says usd/jpy is going to hit 100, the fact is usd/jpy -170 pips this week. I don't follow the rumor, I follow the trend.

Week 2
Not a goodbye

I'm done with forex... for now.

I acquired some knowledge by trading real money (very different from demo account), and for now I'ts time to stop.
There are several reasons to stop for now:

-I need the money
-I have to study and trading make you nervous
-110$ is not enough to make a realistic profit, next time will invest more.
-I will change broker next time (looking for better option than etoro, lower spreads and withdraw fees, don't care about social trading)

Totally I lost 18$: 5$ because of the withdraw fee , 5$ for trading and last $8 for my last two trades that just closed without waiting for a recovery, as I needed the money.

I think it's not that bad, here is a screenshot of my last transactions:

I learned from demo account for almost a month, then real account for two weeks, next time will take it more seriously and will study more technical analysis.

For those who say that you will lose money 99% of the time it's not true, even if I lost. You really can make money on this, it's very possible, just wait for the right opportunity.

On the other hand I don't think that you can become rich by doing only forex (very very very hard to archive that), it will take too long, and on some points you will lose money and get frustrated, but, if you are already rich or have some thousands you can double your money by making investments on great opportunities like JPY, Silver and Gold on this times.

It may be a bit late now, as the experiment is over, but I'll add a couple of things.


I couldn't see what trading platform you were using, so I'll base this on spreadbetting (SB).


Demo accounts, SB or otherwise, are useless, worse than useless. As other posters have mentioned, user behaviour is artificial and doesn't represent how you would act in a real trade. But the most important factor, is that the data on demo accounts, is often not the same as that on the live accounts, you will always perform better using a demo account, than the live trading platform.

In addition, SBs use their own algorithms, based on the real futures/cash market. If you compared the same system against the official market, to the chart data on the SB, the system will perform worse on the SB platform.

Another key point, somewhere on the TOS, there will be a clause that states, to prevent financial instability or over exposure, they can adjust the market. I may be mistaken, but to me this means they have carte blanche to produce sudden spikes, taking out any number of trades, all in the name of financial stability.

If you trade sizes above the norm, or you are consistently making money, you may find your account being traded manually by the trading desk. You still set the trades up as normal, but they will be entered/exited manually, by a suddenly very slow human.

The list could go on...


That said, it can still be profitable, you need a system that works over 6 months, in high and low volatility periods, and has at least 1:2 risk/reward. Data is king, test on a live platform (as though you were really trading), tracking everything on excel (not just entry/exits), to show you patterns that could be used to tweak a better result. This is still not ideal, for the reasons mentioned above, your trades can actually change the algorithm response.

Starting out in forex, pick the less crazy pairs, EUR/GBP, don't over complicate things, simple trend lines with good money management, can be a powerful system.

Oh and forget it if you don't have any other income, to cover the down days or the spikes that only exist at the SB.

try and try and try to make exact strtegy which suits your trading time zone and select pairs according to your trading time,forex is the one of the biggest market where we can make or loss money fastly,i have tried few months and made my stretegy and now geting the results ,so dont loss hopes try and make money,if you loss learn from mistakes then sure u will get success,we always have to learn from mistakes

QuiGloriam said:

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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any new updates?

It's better that if you start one thing, not to leave until you make profit, otherwise you have wasted the time, so it's time to get back and make some real profit in forex market

Good luck on your journey.One more thing to ask, why didn't you just copy the so call "gurus" that etoro advertise so much?I used a demo account when the copytrader was released and went from 10000$ to 24000$ in 7 days.But that sound too good to be true,contacted the support with few questions and they didn't know to answer it.So i didn't invest anything in.