Newbie on the block... +

[Charlespr]

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

[CHoto]

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.

[CharlesTag]

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...

[daxogixl54]

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.

[dlzywmrp25]

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

[admin]

Thanks I really appreciate that....

I think my problem is the following....
No journal or spreadsheet
Bad risk management
Lack of understanding of the market

I will try the spreadsheet and journal....

Thanks