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Forex has ruined my life

· 14.07.2020

forex has ruined my life

Forex ruins no man. Its Greed and get rich quick syndrome that ruins let him pick up the pieces of his life together and forge ahead. We all hev have lost. It's also systematically shattered the lives of many people who I've helped since I made it to a becoming a profitable fund level trader. I have. It's one thing to make money. It's another thing to have the time, energy and peace of mind to enjoy doing so without sacrificing family life. CHINA FOREX EXPO 2015 Generally the Yves Langisch. Of mine that is certain these not already. Find Matches engaging and.

Factors specific to trading currencies can cause some traders to expect greater investment returns than the market can consistently offer, or to take more risk than they would when trading in other markets. Certain mistakes can keep traders from achieving their investment goals. Below are some of the common pitfalls that can plague forex traders:.

Although these mistakes can afflict all types of traders and investors, issues inherent in the forex market can significantly increase trading risks. The significant amount of financial leverage afforded forex traders presents additional risks that must be managed.

Leverage provides traders with an opportunity to enhance returns. But leverage and the commensurate financial risk is a double-edged sword that amplifies the downside as much as it adds to potential gains. The forex market allows traders to leverage their accounts as much as , which can lead to massive trading gains in some cases - and account for crippling losses in others.

The market allows traders to use vast amounts of financial risk, but in many cases, it is in a trader's best interest to limit the amount of leverage used. The amount of leverage available comes from the amount of margin that brokers require for each trade. Margin is simply a good faith deposit that you make to insulate the broker from potential losses on a trade.

The bank pools the margin deposits into one very large margin deposit that it uses to make trades with the interbank market. Anyone that has ever had a trade go horribly wrong knows about the dreadful margin call, where brokers demand additional cash deposits; if they don't get them, they will sell the position at a loss to mitigate further losses or recoup their capital.

Many forex brokers require various amounts of margin, which translates into the following popular leverage ratios:. The reason many forex traders fail is that they are undercapitalized in relation to the size of the trades they make. It is either greed or the prospect of controlling vast amounts of money with only a small amount of capital that coerces forex traders to take on such huge and fragile financial risk. And every loss, even the small ones taken by being stopped out of a trade early, only exacerbates the problem by reducing the overall account balance and further increasing the leverage ratio.

Not only does leverage magnify losses, but it also increases transaction costs as a percent of the account value. The higher the leverage, the higher the transaction costs as a percentage of the account value, and these costs increase as the account value drops. While the forex market is expected to be less volatile in the long term than the equity market, it is obvious that the inability to withstand periodic losses and the negative effect of those periodic losses through high leverage levels are a disaster waiting to happen.

These issues are compounded by the fact that the forex market contains a significant level of macroeconomic and political risks that can create short-term pricing inefficiencies and play havoc with the value of certain currency pairs. Many of the factors that cause forex traders to fail are similar to those that plague investors in other asset classes. The simplest way to avoid some of these pitfalls is to build a relationship with other successful forex traders who can teach you the trading disciplines required by the asset class, including the risk and money management rules required to trade the forex market.

Only then will you be able to plan appropriately and trade with the return expectations that keep you from taking an excessive risk for the potential benefits. While understanding the macroeconomic, technical, and fundamental analysis necessary for trading forex is as important as the requisite trading psychology , one of the largest factors that separates success from failure is a trader's ability to manage a trading account.

The keys to account management include making sure to be sufficiently capitalized, using appropriate trade sizing, and limiting financial risk by using smart leverage levels. Your Money. I was no exception to the rule.

I found it impossible to make a profit trading. I was thought that the market would be a walkover. Instead, it turned out to be my number one enemy and you can be sure of one thing…it was that I made every schoolboy error in the book a dozen times over. I remember it clearly: getting up at 6am for the European open to trade my so-called intra-day strategy only to find that I was to lose more money than I would make from my day job which I would go to after. Imagine going to work knowing that your entire day spent working the day job would be spent making back the intra-day losses made in the morning.

In my case, I sustained multiple losses before the majority of people have even risen from bed. Yes, that sucked! The emotional attachment to the outcome of my trades, the ego at stake from losing and the pressure to justify the investment in my education to this point was unbearable.

It affected my mood towards others around me and my confidence in myself. The extreme, euphoric highs of winning on the odd occasion and the crippling lows of losing took their toll. Yes, I was one moody asshole…but looking back, people were very nice about it! Was it easy forex trading? It was anything but. I was told that anyone could do it and you would be an idiot not to sign up to the training programme. So I did. In fact, I was well and truly sold.

But I was also very enthusiastic and greedy. Looking back, it should have triggered alarm bells. Instead, it lead me to trade as if there was no tomorrow. Over-trading was a daily routine. Trade after trade after trade was placed.

I was like a bull in a china shop. Never mind about an account dying slowing from a thousand paper cuts — I was smashing my account up with an axe! I placed trades out of boredom, anger and revenge with losses followed by more losses…and just for good measure, the third and final hit for the session. I saw the market as an untameable cash-grapping, psychopathic, drifter with no rhyme or reason.

Far from it. It took my cake before I could even think about eating it. My then-girlfriend thought I had lost interest in her and everything else. She was partly right. After all, she saw me spending more of my time watching the moving bars on the chart with both fingers and toes crossed hoping the market would go the other way.

Why should it? That was it! What was just intended as a throwaway comment actually sowed the seeds for a quick and dramatic turnaround to profitable easy forex trading. In fact, it completely reversed my fortunes by transforming what was a gut wrenching, time consuming, loss making addiction into a carefree and relaxing hobby. Why was I trading? To make money… Did I really enjoy it? Hell, no!! It was dry and the process was stressful!

Does this sound familar too you? I was in deep and giving up would mean quitting!

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      gold on forex today

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