My bankruptcy
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Thread: My bankruptcy

  1. #1
    Hello to anybody who would read my thread.

    I'm writing this trading journal maybe not for anybody else's benefits,
    but for mine.

    So if you're happen to see my sad story, plz do leave some merry comments. . .haha that will be appreciated.

    I started trading stocks when I turned 18yrs old.

    Since I'm a Korean, who studies at the States,
    I have a Excellent knowledge in Korean market.
    And that's where I started my trading expertise.

    After having somewhat prosperous trading expertise in Korean stock markets,
    I decided to try something new.

    Which happened to be FX trading.

    I started FX trading on a month before,
    with initial account deposit of $250.

    After 3 weeks, I'd made amazing returns in my transactions,
    so my account balance was as big as $2220 (profits were $920 and I decided to put extra $1000 into my account)

    With this quick profits,
    I became maybe too excited.

    I started ignoring any comments from FX analysts and began to analyze Eur/USD pair.

    I made a huge mistake just this week.

    After going through a dreadful mistake, shorting this pair, I ended up losing most of my account balance.

    I have little over $500 in my account.

    Although I'm really disappointed at my reduction,
    I'm not ready to leave FX trading.

    That I am going to stick around and become profitable again.

    There will be several rules I will follow.

    For now:

    1. Compose daily journals: what I have done properly and made mistakes on.
    2. Withdraw weekly profits from my account.
    3. Do not hold 1 position for quite a while if the overall trend is going agains my position.

    I'll be adding more rules to my first 3 rules up there as I continue writing my journal.


    Everybody makes mistakes, but people who learn from their mistakes become successful traders.

  2. #2
    Don't risk more than 3 percent per trade. . .better 1 percent!!!

  3. #3
    Another rule I advise you to include:

    Trade ONLY with market money. Do not deposit more, make it grow.

  4. #4
    Quote Originally Posted by ;
    Thus if you happen to read my sad story, plz do depart some cheerful remarks. . .haha that'll be appreciated.
    Seems like a lesson which cost you a couple of hundred dollars. At least you did not go all in with 5 or 6 amounts of money. Forex lessons are expensive. Yours sounds reasonable. Just do not repeat it. Return to what was working for you, and remember, if you do that for long enough, you are going to learn things which you ought to simply never do .

  5. #5
    Profit:$15(15pips) Acct Balance:$567.00

    Price swing today was Mad.

    Because I am preparing for my finals,
    I couldn't concentrate on the market.

    However, I did have few great chances to enter excellent rankings.
    But I couldn't enter,
    because I was either scared or missed the time.

    Looking at two enter points last nite, which could have brought me total of nearly 200pips, I just became scared.

    Maybe it is kinda Trauma or some thing which I got from this week's price movement that basically wiped my account in $3000 to $552.

    Occasionally I get too greedy and does not make logical choices.

    I figure it is something which I can find out from trading in FX market.

    I lost total of something like $1800.

    My first goal is to recover my first investment.

    Now I only have $1785 to go.

    *don't get too greedy!!

  6. #6
    Quote Originally Posted by ;
    Profit:$15(15pips) Acct Balance:$567.00

    Price swing today was crazy.

    Since I'm preparing for my finals,
    I could not focus on the market.

    But I did have several great opportunities to enter excellent rankings.
    But I could not enter,
    because I was either scared or missed the timing.

    Looking at two enter points last nite, which might have brought me total of nearly 200pips, I simply became more scared.

    Maybe it is kinda Trauma or some thing which I got from that week's price movement that basically wiped my account in $3000 to $552.

    Sometimes I.. .
    Can I ask how you enter a trade or why you enter a trade?

    Is there a egy or methology you use to enter a trade?

  7. #7
    wow. In my book, you're already a winner. What's your cash management such as?

  8. #8
    Your going to spend most of your life finding out the things which don't work. That pertains to everything in existence, not just trading.

    Can you answer the following?
    What did I learn about myself and my approaches with this financial collapse?
    Can I retain my nature from repeating that which I did above?

    As you've stated.... You are in school learning. Tests are theoretically taken to verify and attest to everything you've learned. Nothing different about trading FX. You just pay your tuition otherwise. In your case the cost so far, very very fair.

    May want to run demonion or exchange smaller units until you feel confident but not cocky, comfy not complacent, disciplined not stubborn.

    Good fortune
    BR

  9. #9
    Hey,

    Just wondering at that a part of States are you in now?

  10. #10
    Being able to manage the losing trades is exactly what separates successful traders out of ex-traders. As a matter of fact, it has been demoned many times that it is not so much that the system as it is the trader's ability to keep the proper mental discipline and emotional understanding that provides the experienced trader the ability to choose the higher ground. Among the intangible benefits of learning to become a successful trader is the fact that you typically grow to be a far more honest and introspective person. You learn to honestly appraise your performance and reevaluate your flaws. You learn how to stay humble, concentrated and accepting of items you can't control. All of these items do more than make only successful traders; they can result in success in life.

    But only talking about these items is insufficient. The majority of us aren't proficient at giving ourselves a legitimate self-appraisal. What we need to do is set a frame- work of not only how to exchange our system but also how to manage emotions and plogical discipline. A trader should set procedural limitations and then learn how to match thoughts and feelings to the trading process. But how does a trader not only train themselves in the discipline of trading but also how to confirm that they're indeed being fair at self-evaluation of what they're doing wrong or right?

    Hope that this helps

    We're all crew members on spaceship Planet-Earth We can get off so that we may Too get

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