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Ever Blown Your Trading Account?

Discussion in 'General Forex Talk' started by omo9ja, Jan 10, 2009.

  1. omo9ja

    omo9ja Private, 1st Class

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    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.
     
  2. sam111

    sam111 Private, 1st Class

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    Yes, friend I had this type of experience when I was working as a trader for commodities. I used to Buy and Sell commodities on behalf of clients. I have seen one of my clients losing his hard-earned money in few months. Just trading the market without any knowledge and taking help of stop loss and not booking profits at regular intervals. I have also read in a magazine about a broker AVAFX, were his client also trading the market in the same procedure without any knowledge and not taking help of any trading tools or advice from the experts. AVAFX being such a nice broker now is facing some problems because of the client who had lost his money has named AVAFX as a fraud.

    Now can any one say on who's fault the client lost his money was it the broker's fault or the clients.
     
  3. Ritpip

    Ritpip Recruit

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    Didn't you use S/R? There are some ways in which you can avoid those kinds of situations. I guess you'll need to learn something from this episode.
     
  4. forexpilot69

    forexpilot69 Recruit

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    Sometimes when I feel "greedy", I lose PIPS instead of getting more.:hissyfit: Little is better than nothing.lol
     
  5. Pharaoh

    Pharaoh Colonel

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  6. Glenbo

    Glenbo Recruit

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    Blowing Account

    I think the main reason that you should continue to trade is that you should
    be able to take this experience with you and treat it as a part of the learning
    process for a new way of life. If you start a new business there is usually a
    period of financial loss but if the experiences make you a better operator and
    enables you to build the business and move forward then it has been an
    investment in your future rather than the loss it currently appears.
    Of course there comes a point when you should realise a business may not
    be for you but only the individual can say where that point is.:cute:
     
  7. sam111

    sam111 Private, 1st Class

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    Hello omo9ja,

    I had faced this problem once when I was new to trading. One of my friend had given me some tips for trading but did not follow them and lost money in this market. He told me that once you take profit get out of the market and do your work. Trade this market for 3-4 hours and make your daily target, trading strategy and take help of trading tools.. These are some points through which you can win this market.
     
  8. Jesse B

    Jesse B Recruit

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    I have been trading the forex market since july 0f 2007 and I blew my first account with one bad trade. It was a tough lesson to learn but it was worth it in the long run. needless to say i always place stops now! ha ha, I can laugh about it.:D But I have learned many lessons and it has made me a better trader. I continue to study and read books all the time and I feel that I am always learning more with every trade I place. It takes a lot of hard work and determination and as the saying goes " If it was easy everyone would be doing it "
     
  9. tingtong

    tingtong Private

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    sure i did blow my first account in the first day. actually it was SL, and me chasing some falling prices. well, 4 SL was enough. one matter was that it was only a 100$ account, so, nothing like the demo, where there is enough money...sometimes i feel this is why demos set like that LOL
    anyway, now working on the second 100$ account, though with another broker. this week i blew half of that account too, though had a decent profit lined up in the previous 3 weeks. basicly now fighting my back to even ( not far).
    Losses are part of the learning i guess, and as long the accounts are relative small, i am ok with them. I believe it is better to blow up 10x 100$ account, than spend 1000$ on a guru course about trading, without doing an actual trade really yet.
    Of course, i dont mind if i dont have to use 10 accont before i get the better of trading finally...
     
  10. ETM302

    ETM302 Recruit

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    Lost alot

    Well last week was my 1st week on a real account and i was doing very will up about 10% on my account. I can't say i got greedy at all i was just not paying attention and tried something risky and didn't get out in time, lost down to 40% of my original investment. I didn't panic, i learned from what i had done when i made money and when i lost money, and within about a 2-3 hours of trading over the next 2 days I found a good trend on cad/jpy and made back most of the money I am only about 15% short of my initial investment and I feel confident that if i follow the rules i have set for my trading I will be back in the black in a day or two. My advice is while i was down i took every profit i could, I resisted the temptation of holding on to the trade to maximize the profit. Just took the profit what ever it was as long as it was positive and plus the eur/usd was good too me on friday.

    I don't know what most people try to get as far as profit but I have had the best luck with just taking a good profit and not trying to capture the most pips, it seems when i do that i tend to ride it too long and do not end up that far ahead.

    What kind of goals do you set for a day? Gain of 1% 5% ? Please share.
     

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