I have lost over half of my net worth/life savings trading forex.

Hello there guys,
99.7% of traders lose in Forex Trading. Hedge Fund Philadelphia Financial published a study in which he compared the trading in the Forex currency market with gambling. According to the research, 70% of clients lose their money quarterly, trading in the Forex market, and 100% lose their funds less than annually.
Philadelphia Financial's opinion is shared by ASIC, the Australian Securities and Investment Commission, which legalized gambling. In the summer of 2011, ASIC published a report in which a warning was issued that trading in Forex is the same gamble as in a casino or bet on a racetrack, and can entail unlimited losses.
As for the whole range of investment services, then trading in the Forex market is the most expensive of its kind, the Forex trade advertising consists of excessive promises and does not warn investors about the risks.
Practice (global international survey on affordable forex brokers) shows that in three years only 0.3% (!!) of traders remain in positive territory:

FX is a ruthless tool for selecting (your) money! FX - fraud,
A professional trader is as much a shark as a professional poker player!
Just decide for yourself whether you need it or not!
 
spindr0 said:
Take lawrence-lugar's advice and start your own Trading Academy website. Sell memberships and packages for $500, 1000, and the Platinum Package for $5,000. Make sure to give ET traders a hefty discount since we're your mentors. And please remind me to take the other side of your trades. :D
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Lol
 
I am sorry that you have lost money. Losing is a part of life. You do not have to curse and blame anyone for it. Own you mistakes and learn from them. Next time invest smartly. Remember to succeed in life, you must learn how to fail.
 
People have lost their entire savings in their forex trading life. Don't be disappointed in your losses. You knew the downfalls when joining the forex market. You need to have a positive outlook in life. Just forget the losses and trade with a fresh start.
 
boza said:
In about 2 months I have lost about $940. I am fully aware that some have lost much more than me. However, it is alot to me. I work for min. wage.

Before I started trading live I was paper trading and did extremely well. Originally my plan was to trade spreads on Nadex but i was unable to produce a bank statement to open an account so i took my business to forex.com. Looking back that was probably a good thing because the spreads offer even more potential exposure than spot FX.

When I started trading live most of my trades went against me. At least 70 percent of my trades went in the red. I was confused because I was doing so well in paper trading. It is obvious to me now that the fact I was trading with real money put in an emotional factor that my paper trading had not prepared me for.

One time I holding a short position over the weekend in the USD/JPY. I was wrong and it gapped up at the Sunday open and I was down about $70. When I got home from work and I saw this I yelled the f word, which caused my dad to ask my mom what the problem is. A few days earlier I had told her I was losing money and she told him. Upon hearing this he came downstairs and told me to stop throwing my money away and that he's going to stop supporting me if I keep doing what I'm doing (I'm 18). At this point I was down about $300 which he did not know about. With tax season coming I have no idea how I'm going to explain to him why I'm writing off almost $1000 in capital losses.

One big thing that made me not really think about risk management is the lack of horror stories online. Everyone wants to talk about how they turned $5000 into $50,000 in one year trading the ES or whatever, but no one wants to talk about how they lost everything they have. The main reason I am posting this is to stop other people from going down the same path I did. Trading, especially leveraged trading, can ruin your life quickly.
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It is disappointing to hear your story. Reminds me of a friend of mine who lost about $3000 worth of savings trading the forex market. This was in 2015. But he built himself up again after this massive fall. Reworked his trades and strategies and bounced back. It took time but it’s relatively stable for him now. What I am trying to say is that forex is a wildly risky and competitive market. You cannot assume that you won’t incur any loss. While you may have lost your savings you gained a lesson too. Start again and build up your confidence and skills. Design better trade plans. Manage your money and risk well. Don’t lose hope.Good luck!
 
Setar24 said:
According to the research, 70% of clients lose their money quarterly, trading in the Forex market, and 100% lose their funds less than annually.
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You can listen to the rants of a highly emotional loser that assumes everybody must lose because they did. Or you can follow the facts:

https://investors.interactivebrokers.com/en/index.php?f=3731
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comagnum said:
Or you can follow the facts:
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To be fair, though, IB accounts are in no way representative of industry figures at all.

Whenever proportions of profitable/unprofitable accounts have been published, IB's percentage of profitable accounts has always been close to 50%, but this is WAY above what's representative of the industry.

So, "facts", yes - but very highly selected ones, and with a selection process that's both highly relevant and highly significant.

If you look at other forex "brokers", i.e. counter-parties, which almost all retail forex traders are using, the story's very, very different.
 
Setar24 said:
Hello there guys,
99.7% of traders lose in Forex Trading. Hedge Fund Philadelphia Financial published a study in which he compared the trading in the Forex currency market with gambling. According to the research, 70% of clients lose their money quarterly, trading in the Forex market, and 100% lose their funds less than annually.
Philadelphia Financial's opinion is shared by ASIC, the Australian Securities and Investment Commission, which legalized gambling. In the summer of 2011, ASIC published a report in which a warning was issued that trading in Forex is the same gamble as in a casino or bet on a racetrack, and can entail unlimited losses.
As for the whole range of investment services, then trading in the Forex market is the most expensive of its kind, the Forex trade advertising consists of excessive promises and does not warn investors about the risks.
Practice (global international survey on affordable forex brokers) shows that in three years only 0.3% (!!) of traders remain in positive territory:

FX is a ruthless tool for selecting (your) money! FX - fraud,
A professional trader is as much a shark as a professional poker player!
Just decide for yourself whether you need it or not!
More...
Same ASIC issued recently a statement that says only 63% of forex traders are losing money. Its far from 99% so don't buy those rumors and apply more efforts to improve your trading knowledge and you will be decently rewarded
 
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