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  1. #1
    Specialist Member protrader's Avatar

    A confession – why I was loosing for 10 years !!!

    Decided to share my experience about trading forex. The title says it all, yes I was loosing for 10 consecutive years!!! This is probably unbelievable for most readers, yet it is true. Forex is an extremely demanding “job” in terms of psychology and discipline. If you don’t have these skills you either need to develop them or give up trading.

    My main problem was … guess what? Yep, greed. You know my strategy wasn’t bad but my desire to make a lot of money fast was always dominating over the discipline and I was loosing over and over again. At some point I made a lot of money with the “greedy” approach and again the greed took over and I started trading super aggressively again, and again lost it all.
    If I would only follow my strategy always precisely, my career as a pro trader would have started much earlier. But I guess you have to learn it the hard way.

    Simple advise – follow the rules
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  3. #2
    Legendry Member Michael Hodges's Avatar
    Thanks for sharing. Following the rules is hard, and takes a lot of discipline. It was one of the hardest things for me to do.

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  5. #3
    Moderator Kolyo's Avatar
    Me too was slow learner with few breakeven years, few losing ones and one profitable year and finally discover that the main problem is not in my system or capabilities to read the market price action, but in psychology, risk management and controlling fear and greed. If you are not shooting for skyrocketing returns but something more Earth bound immediately the pressure on you disappear and the good results came to you. Of course with time every good trader should train yourself to push the envelope and make bigger and more aggressive profits but never in expense of risk tolerance and psychological comfort!
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

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  7. #4
    Senior Member linda_fx's Avatar
    I know what you mean. It's hard to always manage controlling your emotions perfectly. I used to have the exact same problem and it cost me a lot of money. I had perfect rules, great plans and I kept to them for as long as I started to win constantly. Than I felt like the Qween of the world haha and started risking more and more believing that I've finally learned and I can't lose now. It always ended with an empty account. The stupidest thing is that I always realized the problem, but never managed to stop myself from repeating the same mistake. It took me quite the time to learn how to control the greedy yellow monster in my head.

    Nice for you to share.

  8. #5
    Veteran Member Dan21's Avatar
    Yeah, the first thing a trader has to do is create his own trading rules and do his best to never break them. But you have to be very self disciplined. Stopping at the right time is way harder than understanding the basic concepts of trading. Most of being profitable comes from the psychological settling you have created. There are some good books on trading psychology by the way. I think they could be useful to you.

  9. #6
    Specialist Member protrader's Avatar
    everyone knows that what is the problem, but very few know how to fix it
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  10. #7
    Legendry Member milos's Avatar
    I'm following the rules risk management. It is needed the following:
    $100-$200 $10 per trade
    $200-$300 $20 per trade
    $300-$400 $30 per trade
    $400-$500 $40 per trade
    $500-$600 $50 per trade
    $600-$700 $60 per trade
    $700-$800 $70 per trade
    $800-$900 $80 per trade
    $900-$1000 $90 per trade
    $1000-$1700 $100 per trade
    $1700-$2500 $150 per trade
    $2500-%3500 $200 per trade
    $3500-%5000 $300 per trade
    $5000-$6000 $400 per trade
    $6000-$7500 $500 per trade
    $7500-$10000 $600 per trade

  11. #8
    Veteran Member Dan21's Avatar
    Quote Originally Posted by milos View Post
    I'm following the rules risk management. It is needed the following:
    $100-$200 $10 per trade
    $200-$300 $20 per trade
    $300-$400 $30 per trade
    $400-$500 $40 per trade
    $500-$600 $50 per trade
    $600-$700 $60 per trade
    $700-$800 $70 per trade
    $800-$900 $80 per trade
    $900-$1000 $90 per trade
    $1000-$1700 $100 per trade
    $1700-$2500 $150 per trade
    $2500-%3500 $200 per trade
    $3500-%5000 $300 per trade
    $5000-$6000 $400 per trade
    $6000-$7500 $500 per trade
    $7500-$10000 $600 per trade
    Hm, this looks a little too risky for me. It's right on my upper limit.

  12. #9
    Rookie Member jeff's Avatar
    Really
    what are talking about I started last year and profiting regular basis last 7-8 month.though I am using some tricks..
    Actually success & failure are running same way same method make 1 success & make others failure due to misunderstanding & not proper in use

  13. #10
    Moderator Kolyo's Avatar
    I really think it is too much of a risk, but for maybe for a big account size. For example risking 10% per trade on a 10000$ account will be 1000$ per trade, you can lose it all in 10 consecutive loss. I stick with more conservative 1-2% risk per trade. With small accounts it can be good to risk more, but if your account accumulate most of your savings than such reckless trading won’t give you any good.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

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