Who /forex/ here ?
Lost 90% of my first big deposit getting margin called in one trade because I was convinced it was going to turn back into a winner
Come make fun of me and talk about your experience trading forex
Pic related, a few hours before getting killed, total loss close to 1000 $
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Count urself lucky it only were 1000 bucks. Still, it sucks.
Don't do FX! Just don't.
Tell us about what kind of analysis got you in and kept you in the trade and about what you learn about your analysis afterwards?
lmao what the fuck
Sure, there wasn't much to my judgement. I only do TA and I felt invincible because of the post election hype for the USD. I had spotted a weak divergence the day before which could have meant reversal soon but I decided to go along with the trend instead
In a few trades I made 7% of my account in profit and it reinforced my idea that whatever happened I could just wait it out.
My trade made a small profit (1 % but I decided it wasn't enough) it then turned into a loser and never went back down. I pushed my stoploss higher and higher everytime and sudden drops kept me convinced it would dip down to an acceptable loss/small profit (not that I would have closed either, I was way too far gone)
A serious technical analysis pattern
wait a minute... after it had been falling and falling, you thought it was a good idea to short?
>i only do ta
>i don't know anything about global interbank rates
Yeah, I never call tops and bottoms. I go with the trend and I don't hold my trades very long (1 hour top). Usually I take my losses after 2%
But you're right I should educate myself on some fa
You pretty much described all the problems/mistakes by the 95% of retail traders.
You're absolutely right and all along that loss I was thinking "there is no fucking way that I'm unlucky enough to be entering a 1000+ points retrace/reversal. I'm being a reasonable, ballsy trader, not a basic bitch"
I feel fucking awful about that loss but at the same time, I take solace in the fact that this is also an expensive lesson. I'm glad I made this mistake with just a thousand bucks, I'll make it back in a week or so with my job
I still love FX, I was unlucky and stupid at the same time, and you can only do one of those at once
Are these lines right? It looks like only a 1 big figure move, not a 10 big figure move, where did you get 1000 pips from?
Yeah your lines are right
I count in points, 1 pip = 10 points
So it was a 100 pip move
ahh you are calling it points because its quoted to five figures so its a tenth of a pip which is four figures.
you should also try statistical analysis
what's easier to get, 1 or 10?
What is statistical analysis in forex ? Algorithms ?
Also 1 or 10 what ?
v patterns like that almost always mean a reversal. you can usually catch it starting on 15m with enough time to get out without too much damage.
In my opinion this would be where I would consider a short.
A reversal meaning resuming that massive plunge? Or a reversal of the massive plunge itself (thus a continuation of the uptrend)?
good attitude m8
every trader loses big at least once, then you make sure to never let that happen again.
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>reversal of the massive plunge itself (thus a continuation of the uptrend)?
it's not 100% but if you see a v pattern like that forming at the top or bottom, it's probably something you should be paying attention to.