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

[Turveyd]

A society is doomed when even children from birth are educated and taught that the number one aspiration and modus operandi is "winning" when it should actually be being truthful, ethical, and morally upright. Unethical obtained wins generally stink and wreck everyone around one. Questions on account opening applications are intended to protect consumers as well, there are too many idiots among us in society who would not only harm themselves but hurt others around them if everyone was given entirely free choices. Aside that, some falsely provided broker account or bank account application information items constitute wire fraud and are a criminal offense.

You may of course dislike that concept and I would agree with you if you said that this concept is not preached nor lived anywhere anymore (though I would say Japan comes pretty close).

Re small accounts, if you read the OP between the lines it would have become clear that the intent of OP was not to learn but to get rich quick. Small accounts bankrupt people quick, that is all small accounts do to anyone who does not peruse them for the intended purpose, which is to learn.

Not into the treating everyone like there stupid and protecting them at the expense of the not stupid, let the stupid learn there stupid the hard way, maybe they'll stop lording around like there the smart ones and making out smart people are stupid.

I'm a small account guy, turned 300 in 10k pretty quickly a year area, fell out of profitable sitting around 3k in account, 3k spent at the moment.

So disagree kind, although he should of started with 300 not 2000, But still tried to get rich quick.

 

[PistolPete]

We learn the most from mistakes but that said the biggest mistake is not learning from your mistakes . My greatest epiphany has come after massive mistake , until you see the problem a solution is difficult . Losing is part of the journey , you have to accept it . If you read market wizards you will find many have blown accounts and some more than once .

 

[Byrne.d46]

The mere hope, a slim chance that you can win destroys all common sense of the guys who join. We all want to earn that's why we have to risk.

Absolutely right!

 

[GRULSTMRNN]

Desperation and hope is never a good recipe for investing and trading. More the opposite. Hard work on the other hand is and an incredible amount of passion for the job to carry oneself through the many disappointments and challenges ahead. Never heard of a job where hope leads to success.

Absolutely right!

 

[Dan1974]

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.

I can assure you that probably 99.9% of people that are self taught or learn how to trade from any website will lose most of their money from Trading, you are not alone. I lost 15-20k and now Im a break even Trader and thats after 7 years. Its the old saying that is ( never trade with money that you can't afford to lose) The reasons for this are you will Trade completely different from the sim when you have an emotional attachment to the money and you think you may tighten up the rules when its real money. If you have 1k spare or 100k spare , Most of it will be at risk if you don't have your method 100% right. I always done well on sim then went live, done ok, then slowly lost money over a longer period of time. Id say to anyone, never give up the day job, Trade with money that you really do not care about, if thats a £100 account and trade a few micro lots then thats all good.

 

[GRULSTMRNN]

Unless one has a side income or earns money primarily from other sources trading at break even is actually a huge loss due all then opportunity cost. Just saying. My only advice to someone who can't make money after 2 years is to not pursue this career. Sometimes the warning signs are perfectly clear and visible. This endeavor is not for everyone.

I can assure you that probably 99.9% of people that are self taught or learn how to trade from any website will lose most of their money from Trading, you are not alone. I lost 15-20k and now Im a break even Trader and thats after 7 years. Its the old saying that is ( never trade with money that you can't afford to lose) The reasons for this are you will Trade completely different from the sim when you have an emotional attachment to the money and you think you may tighten up the rules when its real money. If you have 1k spare or 100k spare , Most of it will be at risk if you don't have your method 100% right. I always done well on sim then went live, done ok, then slowly lost money over a longer period of time. Id say to anyone, never give up the day job, Trade with money that you really do not care about, if thats a £100 account and trade a few micro lots then thats all good.

 

[Dan1974]

Unless one has a side income or earns money primarily from other sources trading at break even is actually a huge loss due all then opportunity cost. Just saying. My only advice to someone who can't make money after 2 years is to not pursue this career. Sometimes the warning signs are perfectly clear and visible. This endeavor is not for everyone.

If you would of read my post properly you would of figured out thats what I was saying. It Took me 7 years just to get my money back. ''Don't give up the day job'' meaning have a first income. 2 years, hahahahah. more like 4-5 minimum, and still no guarantees.

 

[GRULSTMRNN]

Your perspective. I believe one has it in him or not.

If you would of read my post properly you would of figured out thats what I was saying. It Took me 7 years just to get my money back. ''Don't give up the day job'' meaning have a first income. 2 years, hahahahah. more like 4-5 minimum, and still no guarantees.

 

[Dan1974]

Your perspective. I believe one has it in him or not.

Definitly agree with you there. its not for the faint hearted either. You need an insane amount of Discipline and drive to succeed. I have those but I lack patience, which has made things harder for me.

 

[WildTrader]

Boza had a really terrific story. Taking money from parents, especially for the purpose of trading secretly which is a big no-no, it will never fulfill their/his dream, in fact shattered them. I understand that there is less awareness about negative side of forex but I would never recommend the newbie to leave the day job for the sake of finding time to make money online unless one makes good performance for more than 5 years. I'm glad he took courage to share the experience which is a real warning to all the newbies. I hope he's well and wish him a better future.