Ever Blown Your Trading Account?

[Froso@FXNET]

Yes, am no different from the majority of the traders wherein i have blown n number of accounts. But this year i have taken the resolution and realized the potential of making money with minimized risk. Thus, managing one trading account this year and keeping my fingers crossed.

Same with my experience , even gift of new years in this 2015 some my trading account blown also . there are unpredictable moment like in CHF currency that unbelievable movements . So the risk of blown the account always in there , no matter how high skill and how best system i am believe every trader ever blown their account

 

[EURUSD]

Same with my experience , even gift of new years in this 2015 some my trading account blown also . there are unpredictable moment like in CHF currency that unbelievable movements . So the risk of blown the account always in there , no matter how high skill and how best system i am believe every trader ever blown their account

Yes, CHF movement in the beginning of this year could give big profits to some traders and it can blow up many others. It is depending on trader's money management to prevent huge number of movement in that currency. I experienced it too (lost my account) so I am learning more about the importance of making preparation no matter in good or bad condition of market in our mind. Anything can happen in forex and I shouldn't hope price movement as my expectation but I should trade as the fact condition of market.

 

[RahmanSL]

Ever blown a trading account???

I have been dabbling in the forex market for over 5 years, have live accounts with more than 10 brokers, and have blown account & accounts with ALL of them without exception .....so, yes, I have a lot of experiences with blowing accounts and, each time it happened, I sworn it would never happen again BUT, of course, I would make the same stupid mistake & mistakes again ( being greedy and over trading) and repeat the process all over again.

On every account blow/stop out always come with margin call, forced closure of largest losing positions, and finally complete stop-out.
However, my last account stop-out with ICMarkets did not go through the process at all. One second the account was well hedged with over 450% free margin, but then all of a sudden and without any warning, the trading account was with a negative balance.
I use to trust that broker but the last account stop-out left me with a very bad taste in my mouth and with full conviction that the broker somehow manipulated my trading account......top on my list of suspicions are sudden reduction of leverage in their server, or someone switched me to one of the broker's many bad servers which have much wider spread.
Whatever happened to cause that very sudden, most unusual, and strange account stop-out, the broker never could provide me any sensible & tangible explanation except to tell me why account stop-out happen (as if I don't know after having experience so many times already).

Lesson learned is never to trust your broker too much (as I did) because they are in the business to make money and a lot of them will and can manipulate your trading account(s) especially on MT4 trading platform.

 

[joelmch]

Lesson learned is never to trust your broker too much (as I did) because they are in the business to make money and a lot of them will and can manipulate your trading account(s) especially on MT4 trading platform .

The best piece of advice that I have encountered so far. I think brokers are really that much over rated.

 

[Froso@FXNET]

Yes, CHF movement in the beginning of this year could give big profits to some traders and it can blow up many others. It is depending on trader's money management to prevent huge number of movement in that currency. I experienced it too (lost my account) so I am learning more about the importance of making preparation no matter in good or bad condition of market in our mind. Anything can happen in forex and I shouldn't hope price movement as my expectation but I should trade as the fact condition of market.

Yes this make me more carefully though traumatize to do trade still in my minds where every position that i make always monitor every news in certain websites to make sure nothing very high impact news release at that times . blown the account previously teach me about how risk of news impact

 

[Whitesnake]

Yes this make me more carefully though traumatize to do trade still in my minds where every position that i make always monitor every news in certain websites to make sure nothing very high impact news release at that times . blown the account previously teach me about how risk of news impact

If one is not very sure of the news impact then certainly when traded the account during that time, there are all chances that they may bust their trading account. Hence, risk only the money which you can afford to lose such that surviving in the forex trading business becomes possible.

 

[EURUSD]

If one is not very sure of the news impact then certainly when traded the account during that time, there are all chances that they may bust their trading account. Hence, risk only the money which you can afford to lose such that surviving in the forex trading business becomes possible.

Good trader must prepare good risk management to prevent big loss when you made mistake in your decision in every transaction no matter you're sure with our analysis in every condition of market (especially in news condition) because it can cause big loss instantly when you don't prepare good money management and good risk management to manage amount of profit or loss which could happen. If you're not so sure with your analysis in certain condition, especially in news condition, so don't use high lot size and don't ever trade without stop loss.

 

[dkami]

Ever blown a trading account???

I have been dabbling in the forex market for over 5 years, have live accounts with more than 10 brokers, and have blown account & accounts with ALL of them without exception .....so, yes, I have a lot of experiences with blowing accounts and, each time it happened, I sworn it would never happen again BUT, of course, I would make the same stupid mistake & mistakes again ( being greedy and over trading) and repeat the process all over again.

On every account blow/stop out always come with margin call, forced closure of largest losing positions, and finally complete stop-out.
However, my last account stop-out with ICMarkets did not go through the process at all. One second the account was well hedged with over 450% free margin, but then all of a sudden and without any warning, the trading account was with a negative balance.
I use to trust that broker but the last account stop-out left me with a very bad taste in my mouth and with full conviction that the broker somehow manipulated my trading account......top on my list of suspicions are sudden reduction of leverage in their server, or someone switched me to one of the broker's many bad servers which have much wider spread.
Whatever happened to cause that very sudden, most unusual, and strange account stop-out, the broker never could provide me any sensible & tangible explanation except to tell me why account stop-out happen (as if I don't know after having experience so many times already).

Lesson learned is never to trust your broker too much (as I did) because they are in the business to make money and a lot of them will and can manipulate your trading account(s) especially on MT4 trading platform.

Hi RahmanSL I opened an live account with ICM @ the start of the year and had my very first margin call that just so happen to be with this broker on the swiss bank unexpected announcement!

However due to me not having used any leverage @ the time of the announcement ICM had no choice but to reinstate all of my trades (2 long 0.05lots AUDJPY and 3 long 0.05lots AUDCHF) although it took them about one month to do so kicking and screaming, with me making some threats and a few choice words!

I still hold the 3 AUDCHF trade's and they are building up positive swap everyday and still do have a rather large drawdown on them but I have been able to wipe out all of the overall loss with banked profits!

To cut a long story short if you think you should not have been margin called and have proof, you should fight it to the very end

P.S. I don't trust any brokers they all have their bad points that's why I always withdraw my initial deposit once doubled it and then just play with profits!

 

[Whitesnake]

Good trader must prepare good risk management to prevent big loss when you made mistake in your decision in every transaction no matter you're sure with our analysis in every condition of market (especially in news condition) because it can cause big loss instantly when you don't prepare good money management and good risk management to manage amount of profit or loss which could happen. If you're not so sure with your analysis in certain condition, especially in news condition, so don't use high lot size and don't ever trade without stop loss.

Indeed improper market analysis and random trading with ideal risk and money management are the main causes of traders losing their hard earned money to the forex market. Thus, one should always implement these in their trading routine for longevity.

 

[RahmanSL]

Hi RahmanSL I opened an live account with ICM @ the start of the year and had my very first margin call that just so happen to be with this broker on the swiss bank unexpected announcement!
However due to me not having used any leverage @ the time of the announcement ICM had no choice but to reinstate all of my trades (2 long 0.05lots AUDJPY and 3 long 0.05lots AUDCHF) although it took them about one month to do so kicking and screaming, with me making some threats and a few choice words!
I still hold the 3 AUDCHF trade's and they are building up positive swap everyday and still do have a rather large drawdown on them but I have been able to wipe out all of the overall loss with banked profits!
To cut a long story short if you think you should not have been margin called and have proof, you should fight it to the very end
P.S. I don't trust any brokers they all have their bad points that's why I always withdraw my initial deposit once doubled it and then just play with profits!

At least you received a "margin call" warning......I received nothing.....one moment the hedged (all on USD/CAD) trading account was there, and then without any warning at all, the account was left with a negative balance.....and market was normal at that time.
Yes, I know I should follow this up with a complaint to FOS, but my record keeping is rather messy and I really do not want to go through all that hassle.

Anywhere, good to know that you got positive resolution from that manipulative broker ICMarkets.