Originally Posted by Drown021
I couldnt leave well enough alone last night and got greedy.I gave back all my profits as well as 75% of my acct.Ouch. I was just having such a good time shorting gpb/usd but that pair had different plans and went on to new highs while my acct set new lows,lol.
Luckily I can afford to lose what little money there was,so I'm gonna throw some more in there and stick to single mini lots and practice some more.
greed is a killer.
Hi Drown, Sorry to hear that but it happens...as have been said--we all have been a statistic at some point tho so you're not alone..... Some of us several times over have been statistics
. I know for me it took me a very long while to know how to trade safely, when to trade, when NOT to trade and be ok with that..and the average Forex trader can expect to take up to a year or two to learn the ins and outs of Forex..but if you can keep at it you can see the change happen for the better...
The thing to remember about Forex--its a white-water river that goes from calm to rushing to rising and falling....when you approach it with your bucket you don't just wade out into the middle and start scooping...you look for an area where you can stay safe and dry, and yet still be able to scoop up your bucket in to get some water... Most traders think they can divert the whole river right into their bucket at their whim or can hoist a bigger bucket then is safe for more water--and suddenly their bucket is yanked away with their attempt to scoop up a ton more water, and they are washed off their feet only to drift ashore wet and without their bucket wondering what happened.. Greed can do that...complacency can do that...you need to learn to make lemonade with the bucket you have and not try to grab the whole river. It took me a long while to learn that there are times you don't trade--like when the water is crazy...and that it is OK to not trade..and you have to find an area you stand and can scoop your water and not get swamped or washed away...and again that is just finding a method or system or time that works for your style of trading. So hang in there, dry off and take a look at the river.... There is no one holy grail except finding what works for YOU consistantly thru discipline, money management and risk....and unlike in the penny or stock forums--we are nice and helpful to the learning process..cause you can learn to find your niche in trading and are not trading some turd stock that may be over-manipulated or not what it seems to be. Forex traders are generally a nicer group of folks cause we are not in an infuential position or in competition with the other guy for pips...and since there is no way to bash or trash with Forex--we can focus on helping others and encouraging folks to learn and grow in becoming a trader.. Lots of folks on here to help ya if you hit a patch of white water...
Learn from your mistakes--expect to make them and expect to make them again while you develop your methods and style. Keep a trading journal for yourself for all your TRading PLANS if you can--record every trade and why you took it, why it went well or why it did not...and you can begin to see your mistakes and begin to remedy them--and discipline yourself to stick with your trading plans...and if you don't have a trade plan for every trade--then stop and start there with developing a trade plan for every trade you take