How many times did you blow up your account?
Submitted by Skyfx on July 14, 2007 - 17:42.
Everyone tells that 90% of all beginner traders lose in Forex.
My question is here to everyone:
How many times throughout your Forex practice did you lose your entire or almost entire account?
My score is 2 times. I had to start almost from scratch and it was painful :(
I'm very new to Forex, I'm trying demoing it, but I lose every time. I stopped counting...
I have a long way to go before I go real.
I recommend each and every trader to practice seriously on demo, that's the only way to polish your skills. There is no good luck in the real Forex market. If you are not ready - save yourself money - don't go there.
What do you need this information for?
No really...
It is a question of Forex reality. While everyone think they will be among those 10% of winners they in fact do join losers.
Consider this as a scientific questions, where we are going to find out how many bumps on your head does it takes to learn a lesson of trading Forex.
Sky
I haven't blown any account yet, and don't think I will because i am reading all i can and keeping to the warnings, advices, and principles. Reading and learning will help a lot. Don't play with your demos, because attitudes will shape your trading. i feel the pain of losing 5pips on my demo and the excitement of making 150pips as if i made real money. Use your demo to learn all you can and make a commitment not to lose anything on your demo
Some things can be said about how people think or feel when it comes to Forex. First off, since there so many new people trading currencies everyday, and so many of them are under 35, I get this feeling of childish competition, with phrases like: "I havent lost once since...", "I have never blown an account". The paradigm in which the questions arises, has nothing to do with Forex or Trading. In fact not loosing can be counted as one of your bigger weakneses. Is it that bad to blow 4 1000$ accounts if that leads to learn how to make 300% per year in your 10.000$ account? Is it bad having to lose 20 pips seven times in a row if that teaches how to make 200 pips in a week?
So you see, things tend to be relative, like our beloved market, or our fellow traders.
Totally support the last comment. And more: it is not HOW MANY times you lose versus times when you win, it is HOW MUCH you lose and win. You can lose 20 times by 20 pips, but you can win 2 times and make over 400 pips. The net balance will be positive.
Still, may be this "how many" can deliver the value, especially to noob Forex traders who would learn that they can't beat the market and come clean without losses.
I'd say, keep posting your "scores" guys, this can make sense to novice Forex investors in a sense that coming new and investing big is a totally wrong investing approach.
**Dark Lord**
I agree that loosing is part of your educational costs. It is also very important to not make
trades unless the opportunity has presented itself. Sometimes 2 or 3 days will go by until
I see the right opportunity. Having a good system, and strict money management rules will
keep you out of any serious trouble. Also, if you want to trade for a living you need minimum
50k to start, 100k is even better. Demo trade only to learn your platform thoroughly.
Nothing replaces trading every day with real money even if it is a micro account.
Post new comment