ITT we post how much we've lost over time trading
I'm about -$11k
First deposited likle 6k in a sketch forex broker and lost it all pretty much instantly. Had NO idea what I was doing. No stops, so I took like an overleveraged -300 pip loss.
Studied for awhile after that, put in about 8k and then lost 2k and bailed.
Put in about 3k more after a year of studying and lost 2k of that. Now I'm trading at 500 and still struggling to keep my emotions in check but it's getting there.
It's hard with $500 though because any loss sucks (in the US, 1:50 10k ml min). But I pretty much oscillate from 500-1000 now, but again any loss that I fuck up or multiple losses in a row even with the most minimal risk % just sucks tits.
Idk what to do. I feel like I'm better (have a 5 pip stop and have kept my emotions in check for at least a year now) but its like.. ugh.
Any one with stories like mine that came out on top?
>in b4 lol just invest in stocks lol
>Had NO idea what I was doing.
too rich for me
the biggest problem is that you've likely got no edge ergo no reason to be trading in the first place....
you can try to control your emotions or look into money management etc.. as much as you like - if you've got no edge then you're still basically playing roulette and your frame of mind, or how you structure your bets will make no difference in the long term - you'll still lose...
only this past year (where i'm trading with only 500) have i defined and used an edge live consistently.
definitely trust it 100%, can take my losses (5-10 pips) without the whole, you know, double down bullshit that i used to do
i feel like i'm actually ready but god damn i've said that before lol :/
when i lost much more, my 'edges' i would try were based on ICT lol
super technical, bullshit voodoo.
but now i know i have something that works, been trading it live and demo for a year and i'm profitable but since it's with 500, it's just.. you know, fucking stupid.
only 1-2 trades a day, ~60 pips week and if i take one loss it puts me out. had 3 losses this week, small but it's now hard to build up again cause, you know, i have no capital lol
there's no real/reasonable risk management with < 2k. it's just balls in :(
I'm down about $2000 because I invest in index funds that track the S&P 500 and the economy is fucking doomed.
I'm not going to withdraw, though. I'll just wait it out and enjoy the decline.
I've lost about $80 and that's because I was an autist and left a trade open with no stop loss set while I watched movies.
Since then my trading has progressed and I really enjoy the fact that I didn't give up over a small loss and continued to learn a valuable skill.
This isn't literally the same thing but you might find this video interesting OP, this guy lost 7,200 dollars day trading and kept his head and still made his money back.
Its no good to you now but you don't need to fall into despair if your investment goes down hard because there will be other plays to make.
I'll trade for you op! I have only one emotion! And that's greed and greed in eternal ;)
They say that every successful forex trader empties a few accounts before running a profitable run.
They say it can take a year, or even years of trying and giving up. Of continually failing before finally succeeding.
This isn't true.
This is what they tell you so that you keep trying... Every trade has a winner and a loser. At the other end of your loss, is somebody elses win.
The best at anything were good at what they do when they started. They tell humbling stories of failure to keep the losers trying.
If you are cut out for trading, then you wouldn't have failed in the style you did. (everybody loses trades, but not in the style you are talking about). With proper risk management, you never end up losing the majority of your account. You never end up losing a 3rd of your account... These things only happen to people who don't understand the concept of risk management and patience.
They may be able to read and understand study material on it... But that's not the same thing as understanding it to the extent that you apply it properly... Every single time.
I feel bad for you. It's almost like people being tricked into joining the army. They are told it may not be good at first. The profit/pay isn't worth the work etc. But if you're good enough and really commit, you'll end up on top at the end with a fantastic military career and job safety for life.
Think about it.
you're retarded. seriously think about what you're saying.
not bad, it's tuition.
eh, i see the mentality you're going here but it's very tinfoil-esque.
i know quite a few successful traders (millionaires) who started humble, blew accounts up, and are now living their dreams after these kinds of trials/errors.
i know one man personally who lost ~200k before becoming a multimillionaire in trading.
If you know someone who blew a 200k account before becoming a multimillionaire trader... Then why are you bothering to trade with your own money? I'm sure if you know such a man then he can help you out.
I'm up about $5k after putting in $20k over a few years. I don't know if you'd call me a trader though. I buy and hold good companies and etfs in industry sectors I like (health and finance)
>I'm about -$11k
unless you are an actual professional trader, as in you went to university and someone is willing to pay you a salary to do it, you're a gambling addict
get a financial advisor and say you fucked up and want to save for retirement
Face it. I'm not the troll here.
By saying it's because "i want to do it myself" you are admitting that you could let the multimillionaire help you out...
Everyone knows the reason you aren't receiving financial help from some multimillionaire trader you know isn't that you want to do it by yourself.
You've lost nearly everything you've invested, including the latest slab of cash. Your delusions of being a trader with an edge are just that; you're a gambler, and a bad one at that. No different from that guy down the bookies who swears he's got a foolproof system for winning on the races but still manages to lose money every time.
OP you are stupid. Well almost everybody on /biz/ is stupid. Damn like for real, everyone wants to act cool and show off how pro trader he is when he has no fucking clue. I don't invest in stocks, but I have a major in finance and I'll be doing an internship this summer in an IB (m&a, not as trader), but even so, the things I read here are just fucking ridiculous. Like for real how do you invest 6k without any knowledge?
When I discovered this board I was like: oh nice, let's see if there are some cool finance anon, but it's just a bunch of wannabe faggots.
Please listen dude I'm trying to help. I've been where you were.
Pure technical analysis doesn't work. You can't be profitable with it. Not in forex.
Don't even look at charts, just open up a buisness news website on currencies and spend an hour reading and watching the casters talk about the situations.
IF you don't understand something like quantitative easing or "Yield rates are falling". Go to youtube and google them.
Then once you've read the thing like reading a story.. THEN make up your mind which market 'event' your going to exploit (Like oil price drop shown on the canadian dollar)..
ONLY then open up a USD/CAD chart, look at the trend, make sure it confirms what you've read and heard (If the story indicates there should be a downtrend and there's isntead an uptrend go back to the news websites, you MUST find out why before entering.)
Finally at this stage, when you decide a direction and an entry, use your technicals and supply and demand to find an entry point on the hourly. Enter very small, use a very very large stop. 100 pips or so. Then scale in as you get more and more right, bringing your stops to breakeven, and adding a similarly sized position a bit further on.
As the week goes on youl'l have a sum of positions that almost 'feel' like your over leveraging with massive profits, but each individual trade is safe and rational.
Careful about this guy, He might be a scam, not sure.
I signed up to his 'book' a while ago, and some canadian calling me on my phone a few days later trying to get me to join some kind of trading classroom.