So I have been gaining PIPS here and there, but as you can see, ive lost 1,137.00 in 3 days.

I just finished up my losses today with a loss of 475.00.

I still have 687.00 in my account to trade with.

It wouldnt hurt for anyone reading this to PM me or something if they think they can help me.

Would value any advice to help me out of this hole ive gotten myself into.

Or is death easier than recovering a loss in FOREX?

Is this demo account?

Unfortunately no.

I have lost REAL MONEY!!!

i think forex needs more than owning the money it needs alot of studying and experience and some times it needs to loss to learn how not to, loss and profit are the feature of any trading but with agood management you can decrease your loss

i wish you good luck

40% drawdown in 3 days, my best advise is withdraw all your money now.

sorry to heard that, but as advised on your other thread, you should start on a demo account until you fully understand the forex market and money management.

just take it as a lesson, infact, many people lose thousands when they start, so ....

Thanks for the advice.

The thing is I was using demo account, and thought "I got this down."

Ive been doing it for at least 15 hours a day. I do good at the start of the morning 4 a.m. eastern time.

Problem is, it seems like the more trading, the more potential for loss.

Its almost like gambling really, with FOREX.

I just lost another 100.00 in the last 30 mins on FOREX, it doesnt make sense.

I have to say that for some reason the losses of PIPS ARE ALWAYS GREATER from what ive seen.

Even trying to switch the deal, the loss still stands no matter what.

For example, EUR/USD is going down so you change position to trace it, the gain of PIPs may only be 2-3 and you have already lossed 20 on the way.....

I just dont know.

Have you any kind of strategy or are you just tossing money in random pairs?

Bro..

I think the problem is that you had been immersed in too much things 'FOREX' in such a short span of time and are now burnt-out. You're just tired dude...tired of chasing PIPS.

The best that you can do right now is to - TAKE A BREAK.
Go on...close your trading program, or hell switch off your whole PC and just walk away.
Take a week off from doing or thinking about FOREX for a change.
Go on a holiday..spend time with your loved ones....
The thing is to clear your mind bro!

After a week..then come back to your PC and start trading again...this time with a clear head.
You will be amazed by your results bro. I myself had gone thru this patch...so i took a week off or too. And when i came back i rebounded much more than i had lose.

Try it...you've got nothing to lose.
Cheers!

LOL, you know I think you are right.

I mean, Ive been spending at least 20 hours a day on FOREX for the last week since I started.

I have been staying up late and waking up at 4 a.m. to start trading. I think I would still be in the positive earnings with no loss at all, if I took my first earning of the day.

I have earned everyday, and I thin kthats what made me want to keep at it, thinking I could make more money by trading more. Sadly this is not true,

Heres a quick rundown of how it happened for anyone that cares, maybe my loss will help someone think about being more careful.

1.I started my mini account with 250.00, first earning of 10 pips, my account was 260.00 within minutes trading on the EUR/USD.

2. Went to bed and stupidly left an open trade (I was not ready to start obviously, if I didnt know I had an open trade )

3. I depsosit 500.00 into my account, thinking hell, I will do good. I have a trading routien down now after practicing demo.

4.Goodbye 500.00 I dont know what happened to you.

5.Deposit 1000.00

6.Where are you my 1000.00

Now here I am, I will sit out for a bit and rethink what the heck im doing

Prayers are welcome

I'm no expert, but damn you shouldn't be live trading at all in my opinion. How long did you spend trading demo accounts? I don't think 1 month is enough.

Also, if you are making pips starting off the day why do you keep trading ? You need to set a REASONABLE range of pips you want to accomplish each day or week and stop trading after that.

bro, some problem i see in you, don't mind i be frank and tell you right?

1) refer to your statement:
"For example, EUR/USD is going down so you change position to trace it, the gain of PIPs may only be 2-3 and you have already lossed 20 on the way....."

you should not follow the trend blindly and switch so fast. a good trader never like to play minutes trading. we all go for day trading because with daily analysis we know our move has been comfirmed.

2) you can go to bed with open trade, no prob... as long you set the stop lost, the target.

3) how much you're trade with $400 loss in 30 minutes? in order to archive that it's like $1000 trading amount and 40 pips down. where is your stop lost? don't tell me it went up since you short all the way and you don't know how to escape but yet trying to catch the uptrend with a few more Long possition? with this way of trading you are actually HOPING it to happen the way you thing, you're not PREDICTING because you simply don't know how to analyse!

yes forex / stock etc IS gambling, BUT the different is you don't bet with your LUCK, you bet with your PREDICTION and whether it really happen as you predicted, that's your analysis SKILL and EXPERIENCE.

how i wish i can have your $1500 and trade for you. i can make 477 pips in 3 - 5 days with GBP/JYP why can't you? the different is i trade by daily chart, confirm entering my position with hourly chart and i leave it OPEN position overnight with a nice sleep. and your trading way is like "I want to catch this, i want to make some profit fast and let go fast before the cutoff time, SO THAT I CAN SLEEP WELL"

as a matter of fact, whenever i'm trading in forex (happen maybe 2 days a week) i trade with $5000 per transaction and i trade only 1 to 3 position, i manage to grab $1000 to $2000 a day with just as low as 35 pips (of coz sometimes i also lost $1000 in a trade). i don't ask much, when the price nearly hit my tarket and it went down too much, i'll see hourly chart and determine whether the trend is still looking good, if it's against my prediction i close it and leave with just lower profit.

you can't expect water from waterfall to flow upward when it means to go downward. so you can only follow the direction, jump down. same goes to smokes, nomatter how you blow or how you cover it like indiana style, it will still rise upward.

hope you know what i'm trying to tell you.



this is not luck, it's the result of doing analysis

24 hours trading


36 hours trading


another day trade


yesterday's trade in just 3 hours time


PM me what you use to analyse. maybe i can try to help you understanding more on the indicators.

Holy crap, those are impressive PIPS!!!

Ok, concerning the Analysis aspect you are right, I am wrong.

I have jumped in each day hoping to catch a trend upon entering. I have realised why you have to enter at the right time.

If I enter at the last few +pips of a buy, trying to switch over to the new sell is going to cripple me.

I do need help with analysis. I have been using the FOREX analysis they provide, and it worked well enough for me to be earning PIPS each day, but I think I have screwed myself in the long run with making my own hopeful decisions.

If you are gaining pips in small amounts be happy with that daily. Your just letting your gambling side of your personality take over and it's costing you. Gaining those small steps each day will add up to big gains in the long run and a better understanding of how the FOREX works with the system you use. You'll gain much needed confidence and soon be able to make a bigger trade knowing even with only a few pips you'll make a great profit.


Sure it's a fact that some currencies rise or fall up to 200 pips in a day but you need to keep in a safer more reasonable area and be happy gaining 10 to 20 pips on a trade. First try to reach 200 pips in a month then as you become more consistant and gain more knowledge you can take a gamble for a longer run on maybe one trade a week.

I suggest never using more than 50% of your balance in a days time. You have seen the bad of what can happen already so think about how that happened and how you could have made it better. Learn from your experience. Most of all stay patient and take baby steps. The one thing everyone has the most of is time. Let it be your partner not your enemy.

Wow...EiGCustcare,u're doing great.

Yes. Excellent trades EIG.

Sorry to hear the losses workingforlife, don't give up yet my friend

Recovering a loss in FOREX not too difficult, sometimes we gotta learn to love our losses... must trade without having any emotions attachment...

I will focus on baby pips

My gambler side is whats messed me up with FOREX.

And even with gambling you have to know when to stop.

Ok, I just closed out an order on the EUR/JPY:

Bought 20,000 EURY/JPY @141.34

Sold 20,000 EURY/JPY @141.45

Made $18.47

Thus beginith my baby step journey.

trade with a peaceful mind and analyse properly is my key





thanks man, you can do it as well.

i only place my position when i see any confirm signal. meaning in a week i only trade 1 day, or 2 sometimes.







good start... you'll be doing fine.

next task is to determine which day is the best to trade then u'll know when to grab the fast and high profit.

Maybe u can give us signals here when u put trades.

the keyword to this problem is "patient"..don't be greedy when trading..

Thanks, I think I just started out to over zealous about gaining lots of PIPS that I lost more in the end.

So im going to take my earnings each day and stop while im ahead.

I know I can make 20 Pips a day no problem, so I will do just that, and slowly build up my account safely as I study demo at the same time.

that is excatly what i did in the past as a scalper, but didnt work out (wasnt hurt, but i blew my live account for a few times on my first 6 months, the amount was slightly higher than your account size )

put it in this way, you dont any pips limit on yourself, but the number of trade per week, so you will only trade when you see good opportunities. Before you open any position, cosider the reason you open this trade and make sure you get at least 1:1 risk to reward. Lets take a 1:2 for example, you risk 50 pips and you target 100 pips, in this scenario, you will only need 1 winner trade out of 3 to get breakeven, or 33% winning ratio.

In my opinion, the best trade is not the one work out in shortest time, but the one give you the best risk to reward.

Looks like you started real trading too early...that's why I'll only trade on a demo account until this summer to be sure I know what I'm doing. Don't worry tho, everybody gets a big loss on time or another. The important thing is not to give up.

Hi everyone,

Not sure if I'm qualified to voice my opinion here as I'm only trading a demo account at the mo. Although my first atempts have been in profit.

However I did read a lot about forex, and I did trade stocks quite successfuly for about 6 years.

Anyway.rambling..............Hmmm. Ah yes! My point was going to be that I read somewhere recently something that really struck a chord with me. That was "trade the data - not the money"

The whole article was about the psychology of trading, and that fear and greed play an equally negative role in forex trading. I guess I'm just reinforcing what others have said above - which is do the research. Plan your strategy......and stick to it. If it's a loss it's a loss and don't be afraid to take them.

I'd go back to a demo account if I were you.

Best of luck.

I agree, its better to take a break now, while im not at least 4,000.00 in debt.

Over time I believe with better strategy I can recover my lost funds.

It may take 3 months or so, but it should work out.

Yeah, Trade with clarity in your mind. Don't spend excessive amounts of time in FOREX, you may lose more than u earned. You have to meet certain targets, DO NOT BE GREEDY OR REVENGEFUL TO THE MARKET, when you have reached your goal, finish trading of the day.

Also, Education is the key, you can never stop learning, more better educated you are he more better you attain profit. Risk & Money Management is the key. Read the Trend, do not go against it. I use the ADX and Parabolic with W%R and MACD to spot trends, Moving Avs. There are plenty more tips.

but - clarity, peaceful mind, proper education, emotional, risk, money management are the keys to profit attentment and success

whao so the best advise is to try with a demo account?
coz i was thinking of learning forex

Yes demo trade for at least 5 months and then if you have been successful open a live account.

Yep, don't be unpatient folks. I'm learning since one month now and I won't open a live account for at least 4 months. Although, I'm beginning to somehow understand the Forex market I'm not even thinking about putting real money in the line.

i don't mind, but it will be too late because i enter once i get signal confirmation, and change stop lost and target whenever there's some news event or base on price movement pattern.





yes, that suppose to be your starting point. and also remember, the purpose you trade with demo account is NOT to see how much money you can earn. it's to make sure you understand all the analysis signal and your technical skill by looking at the trade history.

for example today you Long with USD/JPY, few days later it shoot up to 200 pips and you let go. next 2 days it shoot up another 300 pips. by looking back to the trade you will see Why you close the position so fast. and by reaching the top of 500 pips, what is the pattern and visible sign on begining of the downtrend.

so from all the trade you do with demo account, you can learn many other thing.

remember, trading is not about profit, it's about money and time management.

Wow this really really isn't good!

I seriously think you need to stop trading that live account and go back to a demo account for at least 2 months. In this time you need to do A LOT of reading. If you don't you are simply going to lose the rest of your money.

I think you need to find a simple and effective system. Try reading the Grid Trading thread in this forum. If you stick to a system it will help you control your emotions and stop the gambler in you from losing all your money!

true, must work with a newer perspective, not a gamblers mindset.

another thing that wouldn't hurt is find member phildunn and download the forex books listed in his sig

and learn all you can before you trade realtime

thanks, im gonna download those books as well.

I want to make Forex my source of income. Im 23 years old and have 24hr access to my computer, which is why I got real gung ho about Forex, when I should of stayed humble. Im able to trade at ANY hour of the day.

I thought I was a hotshot my first day, making 10 pips right of the bat within minutes of opening my forex account gave me a dilusional perspective that I would be making money EASILY in Forex.

Now I am humbled and will be working to recover my losses.

I have an uncle who day trades in the stock market, so maybe I will do EVRYTHING I can to make it work.

Once I get back to break even, I will be happy to be making 50 dollars a day trading.

Than work my way up.

I made 40 pips yesterday Stopped, and kept my gain.

Congratulations!

that's a good plan but u need to have a fix income, something realistic first to be your support. yes forex is very profitable, only if you know how to catch the signal... not the one from new, nor from indicator, it's the signal through experience that say "it's time"!!

one day your p/l will be the same or even better than mine.

6 hours trade

Great trades but don't too overexcited. We must respect the market.

Very impressive trades, LOL.


Well, made 35+Pips from the following trades I placed yesterday, I kept them open all night until 7 a.m. this morning. I was watching them until 1 a.m. in the morning, and at that time I was -40 Pips, no incurred loss yet.

So I woke up at 6 a.m. to a Profit of +35 pips.

My big winner was buying EUR/AUD @ 1.6269, made nice on it Closed at 1.6302

Heres my stats for gains last night until today

Debit/Credit 2006-03-13 17:11:27.000 25.40

Debit/Credit 2006-03-14 19:25:24.000 5.24

Debit/Credit 2006-03-15 07:03:12.000 0.00

Debit/Credit 2006-03-15 07:05:04.000 3.07

Debit/Credit 2006-03-15 07:06:45.000 5.10

Almost 40.00 earnings from overnight work !!!!

(calm down workingforlife you must maintain focus,)

(Thoughts of greed slowly dominating workingforlifes mind)

nice one there.. i manage to get a +22pips today as well, feeling good haa

More Pips for today: 60,000 share buy= 46.79 Earnings

Just closed USD/CAD @ 1.1541 bought it at 1.1532

2006-03-15 10:55:12.000 46.79


I wont officially be in profit until I recover my 1,000+ loss,but im getting there, and thats all I care about.

("No More Tears" by Ozzy Osbourne playing in the background)

I think you need to change your mindset and have more control over your emotion when doing trading. Here is a ebook that I think will help even though it is just a few pages in thickness.

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That's useful advice. If you can't control your emotions in forex then only failure awaits you.

think you are not followo a good method.ok. did tryed a channel strategy it is working well .if you are famillire with it! good trading

In forex there always seems to be a way to lose money instead of making money, even with a good system with all those commision pips one comes out a loser the majority of time

Successful people always only minority.

True, seems that way no matter what.

Thats why its so easy to loose money fast in Forex.

I agree with the others, concerning money management. Money management AND BUYING/ TRADING at THE RIGHT TIMES.

How are you doing now workingforlife ? Loosing or making profits yet ?

For now, ive taken a back seat, and am studying/demoing.

I will be honest and say that Forex hit me like a tornado

I didnt know what hit me, happened so fast, thats all I can say

In the future, I see myself getting a managed account.

Spending 20 hrs a day, and having trouble here and there is frustrating to say the least.

My own personal mistakes,yes,but theres more than meets the eye when it comes to Forex.

I dont want to sound negative, but I wonder, why forex.com is offering "Prizes", seems just like the online casinos if you ask me, and Ill leave it at that.

One more quick thing. Yep, we each take responsibility for our trades.

BUT, I have to say, the trading platforms, like forex.com, they need to do a BETTER job of inducting new forex traders.

Sure, they have many forms you have to read and fill out acknowledging the hazards of trading,but come on, they KNOW that a noobie who has NO EXPERIENCE , should not be allowed to start trading for real until they have proven themselves via Demo.

Thats all I have to say really, the demo should be MANDATORY for first time forex traders. No noobie should be allowed to start trading at all, until they have done the demo.

AND

Forex.com NEEDS to have a supervisor helping noobies with trades.

NOT TO MENTION

I used their analysis at times, and EVERYTIME the trades went BAD.

Needless to say, I went against the trades they projected, and gained EVERY TIME.

Something VERY FISHY about these online brokers.

And another thing, LOL, while im at it.

I remember my very first trading day, March 7th I think. I made 10 pips right away, and talked with the online chat at forex.com.

The man I talked with, seemed to be almost unhappy that I had a good trade.

I say this because, if the broker is negative towards you, because they are competing AGAINST you, what the heck has this world come to?

Man, I mean, Ive had my trust stolen by many scams, im not calling forex a scam, only forex.com

Please, dont bash me too hard

workingforlife,

no one is going to bash you... perhaps you should do some research on the broker's recomendation before following? and maybe the timeframe is difer from yours. they might be recomending on intraday minutes trading while you take it as day trading?

btw when you say "their indicator", which indicator do you mean?

if you need some help on indicator, you may PM me and i'll tell you in general what does it means.

happy sitting in backseat. trading is all about learn learn learn and experience.

now that you felt the pain, sit down and relook at the trade, identify why do you enter on that time and what makes you fail.

I will take your advice.

I think FXCM is the best platform, to make small trades with.

Forex.com only goes to 10/1 which may be too much for beginners.