I lost money forex help me

Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach.

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By choosing a reliable broker such as instaforex you get access to the international financial markets and open your way towards financial independence. You can sign up here. Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as instaforex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

Thread: if I lost my money in forex, will you advise me to start again? (part 3)

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If I lost my money in forex, will you advise me to start again? (part 3)

Many of us,including me got loss,but we are still trading

Loss alone should not be the factor,not to trade

But we must also learn regularly so that we can keep our losses low and hence more profits

When starting again,you need to start slow but in a steady manner so that you can get the confidence back and go about making good trading resulting in good progress and eventually to reaching your goal

This is quit challenging and you must be motivated & determined enough to do that else you can never become a good trader and simply go round & round in circles.

Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as instaforex you get access to the international financial markets and open your way towards financial independence. You can sign up here.

It depends on the passion

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Why am I losing money in forex trading?

Are you losing money in forex? Do you hear claims of successes in forex trading while all you can do is to ask yourself why are you losing in forex? Allow me to share with you why perhaps this is happening to you.

When I was a new forex trader, I knew nothing about proper money management. As time passes, I came to realize that this is one of the if not the most important factor in forex trading. The idea goes like this : risking a total of 2% at anytime for your forex trading will allow you allowance for making mistakes and learning from it. Trust me when I say that mistakes are aplenty in forex. If you risk 20% per trade, all it takes are a few mistakes and margin call will pay a visit.

So are you having proper money management ?

Another common reason for losing money in forex trading is the lack of control. Do you have an urge to be constantly trading? I did. The moment you close a trade, you scan furiously the charts in an effort to find a new trading opportunity. Now when a trade closes due to a take profit or stop loss, it means that the situation needs to be evaluated. The market will always be there and you would rather miss an opportunity which does not costs you money than to enter a wrong trade and lose money!

So do you find yourself over trading?

Lastly, are you aware of the general market fundamentals or sentiments? I used to enter a trade happily bent on riding that bullish tread only to find the price action becoming spiky and reversing on me and thus taking out my trade. Only then did I realize that it was the US non-farm payroll and there were strong speculations of a disappointing data. Forex trading is not an easy task. Do you read up on financial news or come to thegeekknows ( bookmark us now �� ) for an overview of sentiments? It is also good to have discussions with fellow forex traders over at our forum on upcoming events and sentiments so that possibility of any unexpected price action is reduced.

So are you aware of the happenings of the financial markets?

10 ways to avoid losing money in forex

The global forex market is the largest financial market in the world and the potential to reap profits in the arena entices foreign-exchange traders of all levels: from greenhorns just learning about financial markets to well-seasoned professionals with years of trading experience. Because access to the market is easy—with round-the-clock sessions, significant leverage, and relatively low costs—many forex traders quickly enter the market, but then quickly exit after experiencing losses and setbacks. Here are 10 tips to help aspiring traders avoid losing money and stay in the game in the competitive world of forex trading.

Do your homework

Just because forex is easy to get into doesn’t mean due diligence should be avoided. Learning about forex is integral to a trader’s success. While the majority of trading knowledge comes from live trading and experience, a trader should learn everything about the forex markets, including the geopolitical and economic factors that affect a trader’s preferred currencies.

Key takeaways

In order to avoid losing money in foreign exchange, do your homework and look for a reputable broker.

Use a practice account before you go live and be sure to keep analysis techniques to a minimum in order for them to be effective.

It's important to use proper money management techniques and to start small when you go live.

Control the amount of leverage and keep a trading journal.

Be sure to understand the tax implications and treat your trading as a business.

Homework is an ongoing effort as traders need to be prepared to adapt to changing market conditions, regulations, and world events. Part of this research process involves developing a trading plan—a systematic method for screening and evaluating investments, determining the amount of risk that is or should be taken, and formulating short-term and long-term investment objectives.

How do you make money trading money?

Find a reputable broker

The forex industry has much less oversight than other markets, so it is possible to end up doing business with a less-than-reputable forex broker. Due to concerns about the safety of deposits and the overall integrity of a broker, forex traders should only open an account with a firm that is a member of the national futures association (NFA) and is registered with the commodity futures trading commission (CFTC) as a futures commission merchant. each country outside the united states has its own regulatory body with which legitimate forex brokers should be registered.

Traders should also research each broker’s account offerings, including leverage amounts, commissions and spreads, initial deposits, and account funding and withdrawal policies. A helpful customer service representative should have the information and will be able to answer any questions regarding the firm’s services and policies.

Use a practice account

Nearly all trading platforms come with a practice account, sometimes called a simulated account or demo account, which allow traders to place hypothetical trades without a funded account. Perhaps the most important benefit of a practice account is that it allows a trader to become adept at order-entry techniques.

Few things are as damaging to a trading account (and a trader’s confidence) as pushing the wrong button when opening or exiting a position. It is not uncommon, for example, for a new trader to accidentally add to a losing position instead of closing the trade. Multiple errors in order entry can lead to large, unprotected losing trades. Aside from the devastating financial implications, making trading mistakes is incredibly stressful. Practice makes perfect. Experiment with order entries before placing real money on the line.

$5 trillion

The average daily amount of trading in the global forex market.

Keep charts clean

Once a forex trader opens an account, it may be tempting to take advantage of all the technical analysis tools offered by the trading platform. While many of these indicators are well-suited to the forex markets, it is important to remember to keep analysis techniques to a minimum in order for them to be effective. Using multiples of the same types of indicators, such as two volatility indicators or two oscillators, for example, can become redundant and can even give opposing signals. This should be avoided.

Any analysis technique that is not regularly used to enhance trading performance should be removed from the chart. In addition to the tools that are applied to the chart, pay attention to the overall look of the workspace. The chosen colors, fonts, and types of price bars (line, candle bar, range bar, etc.) should create an easy-to-read-and-interpret chart, allowing the trader to respond more effectively to changing market conditions.

Protect your trading account

While there is much focus on making money in forex trading, it is important to learn how to avoid losing money. Proper money management techniques are an integral part of the process. Many veteran traders would agree that one can enter a position at any price and still make money—it’s how one gets out of the trade that matters.

Part of this is knowing when to accept your losses and move on. Always using a protective stop loss—a strategy designed to protect existing gains or thwart further losses by means of a stop-loss order or limit order—is an effective way to make sure that losses remain reasonable. Traders can also consider using a maximum daily loss amount beyond which all positions would be closed and no new trades initiated until the next trading session.

While traders should have plans to limit losses, it is equally essential to protect profits. Money management techniques such as utilizing trailing stops (a stop order that can be set at a defined percentage away from a security’s current market price) can help preserve winnings while still giving a trade room to grow.

Start small when going live

Once a trader has done their homework, spent time with a practice account, and has a trading plan in place, it may be time to go live—that is, start trading with real money at stake. No amount of practice trading can exactly simulate real trading. As such, it is vital to start small when going live.

Factors like emotions and slippage (the difference between the expected price of a trade and the price at which the trade is actually executed) cannot be fully understood and accounted for until trading live. Additionally, a trading plan that performed like a champ in backtesting results or practice trading could, in reality, fail miserably when applied to a live market. By starting small, a trader can evaluate their trading plan and emotions, and gain more practice in executing precise order entries—without risking the entire trading account in the process.

Use reasonable leverage

Forex trading is unique in the amount of leverage that is afforded to its participants. One reason forex appeals to active traders is the opportunity to make potentially large profits with a very small investment—sometimes as little as $50. Properly used, leverage does provide the potential for growth. But leverage can just as easily amplify losses.

A trader can control the amount of leverage used by basing position size on the account balance. For example, if a trader has $10,000 in a forex account, a $100,000 position (one standard lot) would utilize 10:1 leverage. While the trader could open a much larger position if they were to maximize leverage, a smaller position will limit risk.

Keep good records

A trading journal is an effective way to learn from both losses and successes in forex trading. Keeping a record of trading activity containing dates, instruments, profits, losses, and, perhaps most important, the trader’s own performance and emotions can be incredibly beneficial to growing as a successful trader. When periodically reviewed, a trading journal provides important feedback that makes learning possible. Einstein once said that “insanity is doing the same thing over and over and expecting different results.” without a trading journal and good record keeping, traders are likely to continue making the same mistakes, minimizing their chances of becoming profitable and successful traders.

Know tax impact and treatment

It is important to understand the tax implications and treatment of forex trading activity in order to be prepared at tax time. Consulting with a qualified accountant or tax specialist can help avoid any surprises and can help individuals take advantage of various tax laws, such as marked-to-market accounting (recording the value of an asset to reflect its current market levels).

Since tax laws change regularly, it is prudent to develop a relationship with a trusted and reliable professional who can guide and manage all tax-related matters.

Treat trading as a business

It is essential to treat forex trading as a business and to remember that individual wins and losses don’t matter in the short run. It is how the trading business performs over time that is important. As such, traders should try to avoid becoming overly emotional about either wins or losses, and treat each as just another day at the office.

As with any business, forex trading incurs expenses, losses, taxes, risk and uncertainty. Also, just as small businesses rarely become successful overnight, neither do most forex traders. Planning, setting realistic goals, staying organized, and learning from both successes and failures will help ensure a long, successful career as a forex trader.

The bottom line

The worldwide forex market is attractive to many traders because of the low account requirements, round-the-clock trading, and access to high amounts of leverage. When approached as a business, forex trading can be profitable and rewarding, but reaching a level of success is extremely challenging and can take a long time. Traders can improve their odds by taking steps to avoid losses: doing research, not over-leveraging positions, using sound money management techniques, and approaching forex trading as a business.

How not to lose money in forex and get A guaranteed profit

How profitable is forex trading? This is a question that has been running in the minds of many beginner investors in forex. Of course, there are so many reviews over the internet that shows how people have made millions using forex. This has caused many investors to be attracted to this field and made it their investment choice.

Well, forex for sure makes profits considering that over $5 trillion are exchanged in this platform daily. This is a sign that investors are making cool money in forex. The next most probable question many people interested in this field is how one can get considerable profits without losing money.

IMAGE: PIXABAY

Just like any other investment, forex has losses and profits. As an investor, your work is to minimize the losses as much as possible and boost your profits. You should never be carried away by the profits made by other people and end up throwing all your money into forex. You might regret.

As an investment principle says, the higher the risk of the market is, the higher are the profits. Forex is indeed a high-risk market that requires you as the trader to be prepared for the losses. Of course, sometimes the market can be against you and result in mega losses. In every strategy, ensure that you aim at risk management.

How not to lose money on forex

According to a bloomberg report that was released in 2014 that involved analysis of various forex trading including national futures association trading, it concluded that 2 out of 3 forex traders usually lose money in their trades.

This should tell you that you need to take great care and precautionary measures before investing in this high-risk, high-profit market. Here are some of the ways that guarantee profit to you when trading with forex:

1. Do thorough preparations

There cannot be tangible profits if you don’t prepare thoroughly. Unlike gambling where you don’t need any knowledge so as to place a bet, forex trading requires you to be fully equipped with adequate knowledge.

It is also advisable to read the most recommended book in forex like “currency forecasting: A guide to fundamental and technical models of exchange rate determination” and “forex strategies: best forex strategies for high profits and reduced risk” among others. The knowledge you get in these books, use it to carve out a plan.

2. Diversify your trades

You have a better chance of making profits if you execute multiple small trades in different markets. It is always a bad idea to put all your money in one basket. Don’t be excited by the major currency pairs, which tend to be very volatile. If you are to get more opportunities to look for exotic and minor currency pairs and trade with them.

As you continue reading the books, you will be more knowledgeable about the currency pairs and the strategies to use. It is wiser to know the strategy and to understand what forex is all about than to concentrate on winning as many novice traders. Ensure you are at par with the emerging global news that might affect the currency of your choice.

4. Be patient and avoid being emotional

Don’t be thrilled and motivated by the enormous profits others are making and decide to start trading even without having an understanding of how it operates. When it comes to forex trading, don’t get nervous when you lose that you place the double amount in your next placement.

Well, although that’s what many experienced traders say, it is always advisable to pull out of the market when it is unfavorable to you. When you win maintain your cool, don’t be itchy to withdraw.

5. Develop A strategy

You need to come up with a specific strategy that you are going to be following. It could involve a certain currency pair, a certain amount of money or a certain period of trading time. The following strategy without changing requires a high level of disciple.

6. Use the right forex broker and robot

You need to choose one of the best forex robots from a very reliable forex broker. Automated forex trading robots can enable you to make better profits without much energy. With the above, you can make good profits and avoid losing your hard-earned money.

If you are interested in even more technology-related articles and information from us here at bit rebels, then we have a lot to choose from.

How to get your money back after a scam

Here’s what you can do to try and recover your money if you’ve lost out to a scam.

How did you pay?

Debit card

If you used a debit card, you may be able to ask your bank to get your money back through the chargeback scheme.

Chargeback is not enshrined in law but is part of scheme rules, which participating banks subscribe to.

It applies to all debit card transactions including goods costing less than £100, although exact rules may vary between the american express, maestro and visa networks.

But, there are no guarantees your bank will be able to recover the money through chargeback.

Chargeback also applies to credit card transactions but will be particularly useful where goods cost less than £100 and so section 75 doesn’t apply.

If you want to use chargeback to get your money back after a scam, this letter template could help.

Bank transfer

If you've been caught out by a complex and convincing scam which has resulted in you transferring your money into another bank account than you should contact your bank immediately.

The bank can try and recover the funds once they are notified.

Credit card

If you've paid for goods or services with a credit or debit card, you have greater protection if things go wrong under section 75 of the consumer credit act or by using chargeback.

But whether you can make a claim or not depends on the type of scam you have fallen for.

An example of a scam where you could use section 75 of the consumer credit act or chargeback would be a scam where you paid for goods or services and it turns out these were either never available or the 'seller' has disappeared.

Credit cards have the greatest protection, as you can make a claim against your card provider under section 75.

Under section 75, the credit card company is jointly and severally liable for any breach of contract or misrepresentation by the company.

For section 75 to apply the item or service you bought must have cost more than £100 and not more than £30,000.

Paypal

Order not delivered

If the scammer has taken payment for an item through paypal and then hasn’t sent, you should be covered by paypal buyer protection. But there are some exceptions and time limits on lodging a claim.

In some cases scammers set up convincing looking paypal payment forms which actually just gather your bank details. In this case, you have no protection under the paypal buyer protection scheme.

Fake paypal payment page

This is because paypal aren’t part of the transaction; the scammer has just used their branding without their knowledge to make fraudulent activity look legitimate.

Seller protection

Where a scammer pays through paypal, takes delivery of the order, and then claims that they didn't receive it and makes a claim through paypal buyer protection or section 75.

If you’re caught by this scam you’ll probably want to make a claim under paypal seller protection.

But this has conditions and requirements - particularly around the delivery address that's used and the seller having proof of delivery.

As long as you’ve met all of the criteria you should be protected.

In some instances the scammer will be aware of these rules and will specify a different delivery address or collect in person.

In this case you won't be covered by seller protection because you've not met the condition of posting the item to the account holder’s registered address.

Unfortunately, you might not be able to get your money back if you've been scammed out of your cash.

This is also the case for wire payment services such as moneygram and western union.

Report the fraud to the police and trading standards to see if they can take any action.

Talking to others about what's happened, and hearing about the experiences of others who have been through the same experience can help. You can get in touch with support groups through charities like citizen's advice, victim support and age UK.

Money transfer wire service

Unfortunately, you can't always get your money back if you've been scammed, especially if you've handed over cash or you’ve paid via a wire service such as moneygram, paypoint or western union.

All of these services provide advice on how to avoid fraud and scams, so it’s a good idea to read their advice to safeguard yourself against future scams of this kind.

I didn't authorise the payment

If there is a transaction on your card you know nothing about, then you can make a claim from your bank as an unauthorised transaction.

If you hand over your card to have a particular amount debited from it, and then you find more money has been taken without your permission, or a sum has been taken by someone else, you can make a claim for this extra amount.

The payment services regulations 2009 and the banking conduct of business rules place obligations on banks and building societies to provide a refund in these circumstances.

Make sure you report the unauthorised transaction as soon as you become aware of it.

Problems getting your money back after a scam?

Different banks might have different policies on reimbursing victims of fraud, but all banks have a responsibility to protect your money.

If you think your bank hasn’t handled your case properly, you have the right to challenge their decision.

Real life story

Scott, 30, from london was targeted by a sophisticated bank scam that tricked him into giving out his pin number.

I’m very internet savvy, but the scam I was taken in by was so slick it was totally believable.

Emotional support after a scam

Being scammed can take a huge toll on your mental health.

You might find it helpful to talk to someone about what you’re going through. It’s not your fault, and there are plenty of non-judgemental advice lines you can call who will understand.

Mind has a confidential information and support line, mind infoline, available on 0300 123 3393 (lines open 9am - 6pm, monday - friday).

Victim support

Victim support has a free helpline where you can speak to someone confidentially available on 0808 16 89 111 (lines open 24/7).

Investment scam: I lost $50 000 in fake online trading

My story

I was contacted over the phone by an online trader who specialised in binary options, cryptocurrency and forex trading. He said his company was on the cutting edge and used the latest technology and could offer guaranteed returns. I invested a few thousand and used their online platform, which seemed to work very well. I could see my trades were resulting in good profits. I invested more at their insistence and they promised I would earn even more.

When I wanted to withdraw my money I was told I would need to pay taxes on my profits before I could access it. I was never warned about this but they insisted I needed to pay taxes before I could get my money back. After I asked for my money, my trades started to fail and my accumulated profits were starting to decrease. They pressured me to invest more so that I could reverse the situation by increasing my ‘trades volume’. They said I would lose everything unless I invested more as an emergency.

I feel very embarrassed by this scam — they were very convincing and professional. They stated I would be ‘kicked off the market’ because my trades were failing and I was reduced to three per cent of my initial investment but by that point I knew it was all fake.

Signs this was a scam

Phoned out of the blue by a stranger offering unsolicited advice on investments

Told he had to pay additional fees (taxes in this case) to access his money, though he was not informed of this earlier

Offered ‘guaranteed returns’

Encouraged to invest more by being promised higher returns, and then pressured to do so or risk of losing all of his money.

Avoid this type of scam

Hang up on the caller and taken some time to think about it. Do research and seek trusted or independent financial or legal advice.

Check on the ASIC website to ensure the business is a registered financial advisor. Any business or person that offers or advises you about financial products must be an australian financial services licence holder. Check ASIC's list of companies you should not deal with.

*the story above is based on one or more real scam reports received by the ACCC. For privacy purposes the names and images of victims have not been used.

Have you been scammed?

If you think you've been scammed or know someone who has, report it to the ACCC using our report a scam page.

Report a scam

If you have lost money, contact your bank or financial institution immediately.

Lost money on a forex, CFD, crypto or binary options website? Want to get your money back?

I think I was scammed but I don’t know…

Where to go

Most people continue to believe they need the help of a solicitor, lawyer or police for scam recovery assistance. Unfortunately, these addresses will not be able to assist in getting your money back in the case of a trading loss. The correct address for recovering your funds is a special department with the issuer called the “chargeback” department. The fund recovery process starts there.

What to do

People often mistakenly tell their issuer that they are a victim of fraud. If an issuer starts chargeback under the fraud category, it is an error that will probably result in a lost chargeback. There are various chargeback rights and the correct type of case needs to be built for your situation in order for a chargeback to be raised AND won.

How to do it

Anyone can start a chargeback with their issuer, but an issuer’s chargeback department’s sole purpose is to either approve or deny a chargeback claim based on their understanding which is often uninformed or wrong. The issuer is not vested in your success. They need to move papers. Moneyback hero is invested in your success. We build an ironclad chargeback case and fight till the end to ensure you get your money back.

How we help
recover your money

Unlike other wealth recovery services, who will often keep you in the dark and leave you constantly trying to figure out what is going on and what to do, moneyback hero keeps you fully in the loop at all times.

Who we are and why we care

Money back hero is a team of scam recovery experts who are ready to fight for you. We stop at nothing to help you get your money back. As wealth recovery specialists, we have dozens of successes and millions already recovered.

We have helped victims who lost everything get their lives back. And we want to make a difference, with your help. Every case we win is a dent in the forex, CFD, crypto and binary options scam industry. This noble work gives us a greater purpose. That’s why we love what we do.