A way to make money off the collapse of the Euro on Forex? Watch

Dekota-XS
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#21
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#21
That's an acceptable loss when dealing in forex, just stay out of the markets for now and next time do your research.
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34253
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#22
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#22
(Original post by JMJ19)
This will be the cause:
http://www.bbc.co.uk/news/world-europe-15107538

Look at the damage... (bearing in mind I'm a student who lives off his mum, who is probably about to get cut the **** off):


I'll probably just keep bugging you here man, I can't bring myself to tell my mum and I'm not going to tell anyone else I know in real life because I'll get laughed down.
So you lost 35k? I really feel for you man. There is no shame in losing money as long as you learn from it. There is no such thing as defeat unless you quit, this is one battle lost of an entire war!
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JMJ19
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#23
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#23
(Original post by Elipsis)
So you lost 35k? I really feel for you man. There is no shame in losing money as long as you learn from it. There is no such thing as defeat unless you quit, this is one battle lost of an entire war!
I could live with it if it was 100% my money, but it's not, I used my savings I had access to this year when I turned 20, which were savings of 20k, then my mum put in another 10k, I only ever dealt in small amounts, rarely going in for more than 500, never had a loss greater than 2k either, took me ages to work up to this.

Ahhh man, I'm in shock, I don't think I'll tell her until I make another 10k so at least I can say she's lost nothing.

Hey thanks for being so supportive by the way.
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crustz
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#24
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#24
Honestly mate, get your money out of there right now, for at least a month, if not more. Really. That's an awful loss. Feel for you.

Also, don't assume that you can make it back. You're just as likely to lose it. And why don't you trade with a stop loss?
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34253
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#25
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#25
(Original post by JMJ19)
I could live with it if it was 100% my money, but it's not, I used my savings I had access to this year when I turned 20, which were savings of 20k, then my mum put in another 10k, I only ever dealt in small amounts, rarely going in for more than 500, never had a loss greater than 2k either, took me ages to work up to this.

Ahhh man, I'm in shock, I don't think I'll tell her until I make another 10k so at least I can say she's lost nothing.

Hey thanks for being so supportive by the way.
No problem . You should really be honest and open with your mum. No doubt you'll get moaned at and nagged, but never mind. I know you don't want to think about it but if you keep trading trying to get your money back you could wind up losing the lot, and then she will be super pissed. You should just use forex to gain some experience, then go and work for a bank where you'll be risking other people's money Take a breather, for at least a week. If you're itching to trade just start working it out now and execute it when the time is right. Practically everyone ends up blowing up in Forex at one point or another, it is a horrible market to trade in as far as i'm concerned.
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JMJ19
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#26
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#26
(Original post by crustz)
Honestly mate, get your money out of there right now, for at least a month, if not more. Really. That's an awful loss. Feel for you.

Also, don't assume that you can make it back. You're just as likely to lose it. And why don't you trade with a stop loss?
In hindsight I should've had one, I disabled it a while back, instead of just increasing it, as I had such a menial stop loss it was causing me problems when fluctuations happened, I don't know why on earth I didn't apply it. I'm kicking myself so hard right now, normally I would've got out of there really quick when I saw it drop, but it took all of about 10 seconds and I kind of sat there in disbelief.

I'm going to apply one now, go and take a cold bath and then have a serious think.
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JMJ19
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#27
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#27
(Original post by Elipsis)
No problem . You should really be honest and open with your mum. No doubt you'll get moaned at and nagged, but never mind. I know you don't want to think about it but if you keep trading trying to get your money back you could wind up losing the lot, and then she will be super pissed. You should just use forex to gain some experience, then go and work for a bank where you'll be risking other people's money Take a breather, for at least a week. If you're itching to trade just start working it out now and execute it when the time is right. Practically everyone ends up blowing up in Forex at one point or another, it is a horrible market to trade in as far as i'm concerned.
I'm 600 up from when I lost all that money from another position I had open, but you're right. I'm just going to call it quits, get to freshers next week and then just forget about it for a while, then I think I'll join the investment and trading society, then when I start going there I might pick it up again.

I should tell her, it'll either her being really apologetic and saying it doesn't matter because we all make mistakes and that I always have time to build it back up, or I'll get screamed and shouted at, cut off and be forced to take her money out of my remainder.

Either way I'll be at the other end of the country next week

Thanks so much for your help again man, I would rep you more but it won't let me!
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34253
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#28
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#28
(Original post by JMJ19)
I'm 600 up from when I lost all that money from another position I had open, but you're right. I'm just going to call it quits, get to freshers next week and then just forget about it for a while, then I think I'll join the investment and trading society, then when I start going there I might pick it up again.

I should tell her, it'll either her being really apologetic and saying it doesn't matter because we all make mistakes and that I always have time to build it back up, or I'll get screamed and shouted at, cut off and be forced to take her money out of my remainder.

Either way I'll be at the other end of the country next week

Thanks so much for your help again man, I would rep you more but it won't let me!
Just remember how bad this loss feels, and make sure you stick to your self imposed time off. It is gambling, and as such it is very addictive to most people, so you will find yourself thinking 'just one little trade' or 'I can make that money back'.

Enjoy freshers week, it'll be a blast.
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JMJ19
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#29
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#29
(Original post by Elipsis)
Just remember how bad this loss feels, and make sure you stick to your self imposed time off. It is gambling, and as such it is very addictive to most people, so you will find yourself thinking 'just one little trade' or 'I can make that money back'.

Enjoy freshers week, it'll be a blast.
Definitely going to give it a break. Just going to make sure I don't get tempted, though I don't think I will be.

Thanks man, I hope so and thanks again for being an all-round nice guy.
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34253
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#30
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#30
(Original post by JMJ19)
Definitely going to give it a break. Just going to make sure I don't get tempted, though I don't think I will be.

Thanks man, I hope so and thanks again for being an all-round nice guy.
That is probably the first time on this forum i've ever been thanked or been called a nice guy lol. I should probably take a screen shot for posterity. Cheers mate. Drop me a PM any time you need any help or you want a chat or anything, or preferably if you have a banging business idea that needs finance :borat:
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