Lost half of my years salary in a week!

acdspit00 ..... You can still recover from this, but it will take a few years.

Open up a free demo account, try oanda.com and fxcm.com to start. Trade with the demo and get familiar with the trading station and the markets, stick to a few pairs such as EUR/USD, GBP/USD, etc. Then open up a real account and get advice and help from these forums at EliteTrader.com

You are only 21 and -$9000 isn't really all that bad, at least it was quick and not dragged out over a few months.
 
as i see in "concerned"s post at stockhideout somebody already replied to it. I do want to say again that I am not talking bad to anyone else and maybe MP6140 had good intentions for me since this stuff pretty much is still up in the air at the moment.
 
what are realistic gains/losses from a actively traded forex account by a professional? If one were ever to get an account managed what are some good questions to ask/protocals to follow to make sure your not being scammed
 
Quote from acdspit00:
what are realistic gains/losses from a actively traded forex account by a professional? If one were ever to get an account managed what are some good questions to ask/protocals to follow to make sure your not being scammed
More...
You are better off learning the Forex market yourself. A FREE demo account is a good start.
 
Quote from acdspit00:

what are realistic gains/losses from a actively traded forex account by a professional? If one were ever to get an account managed what are some good questions to ask/protocals to follow to make sure your not being scammed
More...
1. Anything around 30- 50% /YEAR is a good record.
3. Any past drawdowns should be less than 15% of account, and the smaller the better.
2. The only evidence that counts in this business is verified track record.

From reading the posts of your boy it looks like he started trading forex a few weeks ago.....
 
Quote from acdspit00:

what are realistic gains/losses from a actively traded forex account by a professional? If one were ever to get an account managed what are some good questions to ask/protocals to follow to make sure your not being scammed
More...

No-one can really say that, many managed funds, or managed accounts dont do great, by any means.
These kind of things arent like a bank account, there are no real gaurantees, period.
Most of its a sales pitch, even with big "reputable" firms.


The only certainty, is they shouldn't LOSE that much in your stated time frame-without a damn good reason, and you havent received one.


Edit-what roberk said, but remember the stated past profits dont mean success now-the drawdown figures are important, if their verifiable.
 
Quote from roberk:
1. Anything around 30- 50% /YEAR is a good record.
3. Any past drawdowns should be less than 15% of account, and the smaller the better.
2. The only evidence that counts in this business is verified track record.
More...
And since Forex is unregulated you are back to square one. How do you verify anything?
 
it is quite possible to lose a large amt in margin (leveraged) fx trading. however, in your case its obvious no money mgmt. the way i see its like selling books or giving courses, if he can obtain 9k from u, do it to 100 people => 900, u can retire on that for a low cost lifestyle
 
Quote from roberk:

1. Anything around 30- 50% /YEAR is a good record.
More...

LOL!

FYI, the most recent CTA ranking report for managers primarily trading currencies lists only a single manager exceeding 30% this year with nobody else even close. And the majority are negative. Many seriously negative.

And these are not the scammers, folks. These are the registered "pros" who will be happy to take your minimum million dollars and charge you 2% fees for the enjoyment of watching your net worth evaporate.

Just keep this in mind the next time you see a banner pop up telling you how easy it is trade the "Exciting World of Forex", or run into somebody in a chat room who tells you he's got the secret.
 
hey forex-forex...

you know what really gets me?

this thread gets 8k views in little over one day...and i trade my heart out for weeks to get a fraction of the readership...what is ET guest's interested in...reading about losing money or really losing money?

:)
 
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