I have lost more than $5000 in forex trading in just a couple of months. I am repeating the same mistake again and again in the hope of I will be rich one day.
What should I do now? I want to quit trading because it’s making me poor and depressed day by day.
But the hope and the addiction keep on pushing me to do it again.
How to leave this loop? Can anybody help?
In forex trading, you can’t become a millionaire overnight. Forex operates on the principle of compounding, and it takes time to achieve consistent returns. Discipline is crucial in trading, as it constantly tests your psychological resilience.
If you’re a beginner without at least five years of experience, it’s advisable to practice on a demo account or join a prop firm to take on challenges. However, if you struggle to maintain discipline in trading, it might be a sign that this business isn’t the right fit for you.
Don’t know why these people who can’t trade actually trade with their real own money. Like it blows my mind that these people are losing money. I have been using demo for 1 year now and still not profitable; I would not put a cent of my own money in until I can grow a small demo account.
Anyone that skips the demo part are gamblers. Demo for 2 years, save up your money in those two years; with 2 years of demo, you may be profitable and will have 2 years of savings saved up ready to go. It’s insane people have the option to save their money and practice on demo yet they skip demo and lose all their money. If not prepared to demo for 1-3 years, don’t even waste your money.
You’re making the same mistake again & again. That means you’re not willing to improve or fix your mistakes because your hope is so big that you think there’s a magic button to solve all your problems. Trust me, there isn’t. Go back, look into it and TRY TO FIX WHAT’S WRONG.
Unless you try to fix what’s wrong, you’ll never succeed in this game. And why are you using real money if you’re not proven profitable? Use a tiny amount and make continuous profits following your rules, then only scale up. This is not a get-rich-quick scheme. It takes time, dedication, effort, & most importantly, your seriousness. Hoping is not bad at all but hoping without your efforts & work isn’t anything. You’re wasting your time & money. So unless you’re ready to look into it & fix what’s wrong, don’t even trade because it’ll NEVER work.
Not pulling you down or putting you down but it is what it is. Even I make these mistakes all the time & I’m constantly improving every day. I don’t need to flip my account in 1 year. I just need to be profitable in the long run. Good luck. Also, if you need something, search “Tradesharpe” on YouTube. He’s a wonderful guy & gives everything for free. I learned from him & I’m finally profitable even though I still struggle with many things.
It seems you are just ‘gambling’ your money away without a strategy. Try and learn a strategy first, then stay consistent on that strategy; only then will you make it. You can watch some videos and do your own research for your own strategy; you can take someone’s strategy and tweak it a bit or use it as it is. It doesn’t matter; the whole point is you don’t have a strategy to follow.
If you know where your mistake is, learn from it. Don’t keep making it. You need to adapt and be able to learn from everything when trying to be successful in trading.
Remember what works for others may not work for you; that is why everyone has different strategies. And always stick to your strategy, no emotions.
Tell me the size of your account and the size of your positions as starters. That can tell a lot about your mindset and if you were poised to fail in the first place.
Trading is an advanced savings account, not a get-rich-quick scheme. Keep your day job like most people, save consistently, and aim for 2% monthly returns. Yes, just 2%. Over time, you’ll outperform many peers. Trying to flip accounts is a losing game.
Quit.
Mate, if gambling’s an issue, that’s what you need to address first. Trading without discipline is just throwing darts at a wall.
Now, about forex… it is one of the hardest markets for retail traders. It’s a utility market meant for global trade and monetary policy, not speculation. You’re up against central banks, institutions, and corporations with more resources, better tools, and access to information retail traders don’t get. Add to that shady brokers, no transparent order flow or volume data, and the misuse of leverage, and yeah, it’s a brutal environment for most.
That said, the problem isn’t forex itself—it’s how most people approach it. If you don’t understand macroeconomics, institutional flows, or proper risk management, forex will eat you alive.
Stocks and futures, on the other hand, offer centralized data, cleaner price action, and fewer barriers to entry. They’re easier to learn and trade for retail, which is why most successful traders build their wealth there.
But here’s the thing… no market is easy. If you don’t fix your mindset and strategy, it doesn’t matter where you trade. You’ll lose either way.
Brother, you can’t let evil win. You are obviously gonna fail at first, especially in this industry since it is the hardest. Just know that one day, $5k losses are gonna feel like nothing. Keep grinding, take notes, and don’t forget to never stop because when you do, you’re letting evil in.
Show me your backtest; I’ll show you your future.
Wei said:
Show me your backtest; I’ll show you your future.
Backtesting cannot tell the future. Markets are not the same. Everything changes like volume, market participants which impact volatility and momentum. That is why no system works all the time. At best, backtesting is there to see if a strategy can be used. Most people fit the curve or cherry pick charts to prove their system.
@Devin
There are certainly systems that have worked for 20 years, especially with some discretion. Quant funds even have ‘bread and butter’ algos with decades of high sharpe ratios. People assume a 20-trade trading view backtest is worthy of anything. If you backtest right, it is only a net gain; you get to know your odds, and are able to identify valid optimizations.
@Wei
What you said is a summary of what I said, ‘to see if a strategy can be used’. But it does not show the future.
Devin said:
@Wei
What you said is a summary of what I said, ‘to see if a strategy can be used’. But it does not show the future.
Sure, data can be overfitted; maybe you didn’t account for the different regimes, or you’re in a new regime right now, or any other factor that can impact backtests. You can forward test too. Any high-level trader has statistics backing their decision, whether that be backtested or not.
If you start forex trading just because you want to make a lot of money, then you’ll fail.
Well, you are off to a good start by knowing the mistake that you keep making. Now make rules for yourself to avoid that repetitive mistake.
Reading posts like this, I’m always curious about a business plan and a trading journal.
The problem is your focus is on getting rich.
Track everything. From why you took the trade to how you felt taking it. Identify the patterns that lead you to take bad trades, then work on controlling/eliminating those factors. Trade on a demo account too because you clearly aren’t ready to go live.