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Hi! Everyone, hope all is well...
I'm new to the futures and forex trading market so any help would be highly appreciated...
I have lost a good some of money and no longer wish to loose any...
So where do I start?
Thanks
Deepak
The following user says Thank You to Deepak for this post:
Hi Deepak - If you are not prepared to lose any money at all, the majority of people in this business would agree that perhaps trading is not for you.
If, on the other hand, over the long term you are prepared to lose money with the aim to making more than you lose, my suggestion is this forum can be helpful in the process.
The following user says Thank You to xplorer for this post:
Well you cannot win without loosing, so yes I am prepared to loose but in the long run would definitely like to win.
I think I started to fast without the rite guidance...
The following 2 users say Thank You to Deepak for this post:
Happens to everyone I think... but I also think that the initial trauma of losing money can be a sobering and valuable experience, if one is able to draw the right conclusion from it.
The following user says Thank You to xplorer for this post:
I think that the question you need to ask yourself is 'why are you losing'?
I'm not sure if you have a spreadsheet and/or a journal that can help you get to the root cause of this question. If you don't have that, then start one immediately. Some people post their journals on this forum and good spreadsheets can be found all over the place. I use Trading Journal Spreadsheet | Trade tracking, for: Stock, Options, Futures, Forex traders as for $100 bucks it gives me most of what I need in case you want to take a look.
General advice will be helpful, but if you truly want something that will help you succeed, then you need to know why your method is failing.
Once you are able to diagnose your problem into something more specific, then some of the folks here can help you out.
Some of the top reasons I've seen people lose money
-Bad risk management
-BAd emotional management
-Lack of understanding of the market
-Gambling
-A methodology that doesn't provide an edge
But I'm sure there are 100s if not 1,000s of reasons why you could be losing money
The following user says Thank You to SoftSoap for this post:
I would say the number one thing you need to do in this business is understand yourself. Journaling will be key for this process IMHO. This entails a vast amount of intricacies written off by many as mumbo jumbo.
Mark Douglas tells a story about the first time he presented a talk at a trade conference. The room was pack with traders. Long story short, this first time out he did not really cover his main material. Later as he did the attendance fell off a huge amount.....
As I see it.....The better you know yourself the better you can know human beings in general and the better you will be at trading because you are trading with other human beings. Even if it's an algo, a machine, because the machine did not create itself, now did it.....lol
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
The following 3 users say Thank You to Blash for this post: