Ever Blown Your Trading Account?

[movit4000]

Last week i had a terrible experience. I went short on eur/usd(very unusual for me because i only trade GBP/USD) and made 80pips. Wow! i was so happy i added more lots unfortunately at the very point i later got to know that Sir pipsalot had advised to take profit. Well, guess what happened. The reversal was so massive i almost lost all my capital.
I have blown my account a few times in the past and it almost repeated itself last week except this time i had become a bit wiser.
Has anyone had this sort of experience before, I mean on a live account NOT DEMO pls? Lets talk about it. How did u feel? how did u get out of it? How come you are still trading and not discouraged? Please share you views with me. Thanks.

omo9ja.

Yes, sadly I have, too many times. I learned the hard way to ALWAYS put stop losses, there was a point were I lost close to $50k luckily I learned my lesson and NEVER EVER trade without a stop loss or risk anything more of 2% of my account. in one single trade. I have been trading happily for over 6 years now

 

[bigdolly]

My biggest loss was 2K from a trade and it took around 3 days. I didn't use stop losses and this was my mistake. I learned the lesson and it won't happen again. The best teacher is your life when it comes to simple things.

 

[thinkpad954]

You are Right i also have this kind of Experience

 

[holycow]

Everyone make mistakes in start however the losses from these mistakes are actually the cost paid to acquire knowledge and skills. So better let go these losses and go ahead in order to become a successful person.

 

[Morning1234]

I'm putting some money in the account. Just enough to provide one or two trading orders. Then I withdraw the profit, and leave the original account. For example, I opened a $1000 account. Then won $1,000 and brought. Won another $ 1000 and brought out again. Eventually withdrew $ 5000, and then lost the entire account. Won $5000, lost $1000, according to the result, we have 4000 plus. My account is lost, and so many times.

 

[nahiyar]

I is easy to say to get double amount aout of your investment , possible in dreams but I never see anyone who regularly withdraws 100% profit from account. If you had so much skill of profit making then why you will loose your account after manking $5000 . Luckies forex trader who is earning so much amount and then blows account consciously.

 

[CRPA9]

Plenty of times. Thats why 80-90% of people lose money in FOREX.
PRACTICE!

 

[iMusingKiMi]

I believe many trader has experience with blown their own account before but most of them are too shy to admit.

 

[RachelEB]

Fortunately never blown an account, I am not a BIG risk taker, and spent much time learning the principles of Risk Management and implementing them in my trading plan/strategy before going live.

 

[hitfx]

Just blown my account last week but that was very small account and I staked all on 1 trade. It was kind of double the balance or lose all, so here I am with blown account. That reminds us all to be proper risk managers while trading.