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SadMy Emotions and Ego destroyed my Forex account

1
Hi Friends..'m new here. This happened to me on Friday. Little bit recap about my Forex trading. I opened the account with 700 dollars 3 months ago and I made 1200 dollars. I sell GBPJPY one lot on Thursday. I was down 200 dollars in less than 5 minutes. And then 300 to 700 dollars down by Friday morning. But I didn't sell. By Friday afternoon when I checked MT4 on my phone again. My position auto sold with 1700 dollars in loss. Lesson here is Never bring emotions and Ego in Trading. I will try again on Monday. I just wanna tell someone to get it off of my chest. It's bothering me too much. Not the money but the feeling that why I didn't close the position when I was just 200 dollars down. Thank-you guys.
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These users thanked the author imclosetogiveup for the post:
Jedidiah


Re: My Emotions and Ego destroyed my Forex account

2
imclosetogiveup wrote: Sun Sep 26, 2021 6:14 am Hi Friends..'m new here. This happened to me on Friday. Little bit recap about my Forex trading. I opened the account with 700 dollars 3 months ago and I made 1200 dollars. I sell GBPJPY one lot on Thursday. I was down 200 dollars in less than 5 minutes. And then 300 to 700 dollars down by Friday morning. But I didn't sell. By Friday afternoon when I checked MT4 on my phone again. My position auto sold with 1700 dollars in loss. Lesson here is Never bring emotions and Ego in Trading. I will try again on Monday. I just wanna tell someone to get it off of my chest. It's bothering me too much. Not the money but the feeling that why I didn't close the position when I was just 200 dollars down. Thank-you guys.
There are two important things called management and stop loss, put atention in there. Good luck
These users thanked the author Cladi39 for the post (total 2):
Milad8732, Jedidiah

Re: My Emotions and Ego destroyed my Forex account

3
imclosetogiveup wrote: Sun Sep 26, 2021 6:14 am Hi Friends..'m new here. This happened to me on Friday. Little bit recap about my Forex trading. I opened the account with 700 dollars 3 months ago and I made 1200 dollars. I sell GBPJPY one lot on Thursday. I was down 200 dollars in less than 5 minutes. And then 300 to 700 dollars down by Friday morning. But I didn't sell. By Friday afternoon when I checked MT4 on my phone again. My position auto sold with 1700 dollars in loss. Lesson here is Never bring emotions and Ego in Trading. I will try again on Monday. I just wanna tell someone to get it off of my chest. It's bothering me too much. Not the money but the feeling that why I didn't close the position when I was just 200 dollars down. Thank-you guys.
It's ok because I think most of the successful trader before they success in trading most of them had this kind of happened before. My past lesson is with 40K live account and similar with your situation. This is because of emotions,chasing trade, no proper SL + didn't have a good trading system. A good trading system will let you know when you should exit your trade before your SL hit. Keep moving forward , this lesson will definitely help your trading career !

Re: My Emotions and Ego destroyed my Forex account

4
imclosetogiveup wrote: Sun Sep 26, 2021 6:14 am Hi Friends..'m new here.
sorry about this experience but as much as it hurts............... that is what every trader will go through

think of it as your study fee for learning how the market works (just like your university fees etc) same shit................ have to pay to play and you are now a better person

jump back on demo for 3 months and test test test then start a new account with $500 deposit & trade small this time and NOT ON YOUR PHONE :thumbup: :thumbup: :thumbup:

👉👉👉 Trader's should not use mobile MT4 for Technical Analysis 👈👈👈
These users thanked the author moey_dw for the post (total 2):
KAESER444, Jedidiah
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