Good day, traders. I hope everything is going well for you. Today I'm going to tell you how I lost my four trading accounts. Let's get this party started -
When I first started trading forex, I was so eager to become wealthy that I began looking for shortcuts despite having no knowledge of basic trading.
I know nothing about risk rewards, trading sessions, and much more, and one of the biggest things about this platform is that there are very few people you can ask for help.
I understand the reasons now, but it's all right and completely fine, which makes me a good trader now. I don't think I'll be able to trade if I keep asking for help without trying myself. Everything occurred for a reason. You simply have to find out.
First, I began purchasing a large number of indicators in order to profit quickly without regard for market structure. And I begin to pay attention to every signal. When I won the trade, I was ecstatic and began to wonder why more people didn't use it. It's simple to make money, but I soon learned that lesson. Sounds Funny!
Second, I begin using expert advisors (E A) without understanding risk management or what type of E A this is. I'm not saying whether they're good or bad. I'm saying that I was desperate to make money. I have no idea what I'm doing when I first start using E A. What is the strategy, what are the risks, and so on? Moreover, believe it or not, Most E A uses toxic methods, regardless of how intelligent they are.
I just want to say that it doesn't matter how good or bad an E A is, don't use any E A that doesn't have a tight stop loss, and avoid overtrading. Simply do not use. I'm willing to lose money with an E A that has a stop loss and no Grid, Martingale, or overtrading. I'm fine with losing my account gradually, but not all at once.
That's what happened to me, and I still remember that day. That was the first week of the month, and you all know what happened on that day. So I was new, I had no idea about toxic/dangerous methods, and I had no idea what could happen. So when I got home, I discovered that four of my accounts had been margin called. I was stunned and wondered what I should do next. Should I continue trading forex, or should I look for work? It takes time to accept losses and get moving.
As you can see, the majority of my posts were completely clean because when I start using EMA or other indicators for entry, I get confused. For example, overbought/sold, under EMA, and so on. Because you can see the market structure clearly, but that's fine with me.
And trading involves emotion because it involves money, and patience is definitely the key, but it's not easy, so I started creating E A with a basic structure and set the default to only one trade per day. If the market moves, you will get a trade; otherwise, you will not. No movement, no trade It's as simple as that. It doesn't matter if I win or lose, but after testing, my E A profited more than 70%, which made me very happy.
The reason I wrote is that you should buy or develop E A, but never buy E A that uses toxic methods. It makes no difference how important E A is. It's only a matter of time before something happens. Whether you believe it or not. Maintain your own strategy. Set firmly Stop and go for a good RR. Continue to practice without indicators on a daily basis. You will undoubtedly succeed. Without a doubt. God bless you and best wishes. Good luck trading💚
When I first started trading forex, I was so eager to become wealthy that I began looking for shortcuts despite having no knowledge of basic trading.
I know nothing about risk rewards, trading sessions, and much more, and one of the biggest things about this platform is that there are very few people you can ask for help.
I understand the reasons now, but it's all right and completely fine, which makes me a good trader now. I don't think I'll be able to trade if I keep asking for help without trying myself. Everything occurred for a reason. You simply have to find out.
First, I began purchasing a large number of indicators in order to profit quickly without regard for market structure. And I begin to pay attention to every signal. When I won the trade, I was ecstatic and began to wonder why more people didn't use it. It's simple to make money, but I soon learned that lesson. Sounds Funny!
Second, I begin using expert advisors (E A) without understanding risk management or what type of E A this is. I'm not saying whether they're good or bad. I'm saying that I was desperate to make money. I have no idea what I'm doing when I first start using E A. What is the strategy, what are the risks, and so on? Moreover, believe it or not, Most E A uses toxic methods, regardless of how intelligent they are.
I just want to say that it doesn't matter how good or bad an E A is, don't use any E A that doesn't have a tight stop loss, and avoid overtrading. Simply do not use. I'm willing to lose money with an E A that has a stop loss and no Grid, Martingale, or overtrading. I'm fine with losing my account gradually, but not all at once.
That's what happened to me, and I still remember that day. That was the first week of the month, and you all know what happened on that day. So I was new, I had no idea about toxic/dangerous methods, and I had no idea what could happen. So when I got home, I discovered that four of my accounts had been margin called. I was stunned and wondered what I should do next. Should I continue trading forex, or should I look for work? It takes time to accept losses and get moving.
As you can see, the majority of my posts were completely clean because when I start using EMA or other indicators for entry, I get confused. For example, overbought/sold, under EMA, and so on. Because you can see the market structure clearly, but that's fine with me.
And trading involves emotion because it involves money, and patience is definitely the key, but it's not easy, so I started creating E A with a basic structure and set the default to only one trade per day. If the market moves, you will get a trade; otherwise, you will not. No movement, no trade It's as simple as that. It doesn't matter if I win or lose, but after testing, my E A profited more than 70%, which made me very happy.
The reason I wrote is that you should buy or develop E A, but never buy E A that uses toxic methods. It makes no difference how important E A is. It's only a matter of time before something happens. Whether you believe it or not. Maintain your own strategy. Set firmly Stop and go for a good RR. Continue to practice without indicators on a daily basis. You will undoubtedly succeed. Without a doubt. God bless you and best wishes. Good luck trading💚