Forex trading horror stories

So - I've just learned that I'll be made redundant somtime within the next month.:​frowning: I work in Financial Services (nothing to do with trading) - so getting.
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Sign in with Facebook Sign in options. Join Goodreads. Quotes tagged as "forex-trading" Showing of Let this is a reminder for you not to obsess over profits and losses. In whatever you do, strive for enjoyment, focus, contentment, humility, openness Paradoxically and as an unintended consequence your trading performance will improve significantly.

Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process. That's the beginning of witchcraft. But then, after that, it's all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it's a mistake.

These are true stories, so to respect the privacy of these people we will replace each trader with the appropriate Mr Men personalities. Mr Greedy was a successful businessman, he started off like most people and got a good education so he could go off into the working world, get a good job and earn a comfortable income. Mr Greedy wanted more, so he used the money he earned through his career and started up his very own business. Mr Greedy worked hard to grow and expand his business to a point where he became a multi-millionaire. But Mr Greedy wanted more than his fair share, so he started looking for other ways to make even more money.

Mr Greedy discovered Forex trading and discovered the sky was limit when it came to potential income. Because Mr Greedy was already a successful businessman, he was very overconfident in his ability to take on the markets and generate wealth beyond his wildest dreams.


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So Mr Greedy invested more money and traded more aggressively and started to notice his money disappearing even faster. Mr Greedy was not used to this kind of failure and in his frustration poured even more of his money into the markets and pursued even more aggressive trading tactics.

Then POOF! With everything now on the line Mr Greedy was an emotional time bomb, his third attempt at making money from the Forex market bankrupted him. Mr Greedy is now a shelf packer at the local supermarket struggling to pay off his over bearing debts. The lesson : Mr Greedy thought he could apply what he had learned in the real world into the Forex market place, this is far from true.

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To make things worse, when things were not working out, Mr Greedy started to revenge trade in an attempt to recoup his loses plus some change which only accelerated his journey to bankruptcy. Mr Perfect was a trader that we knew from a public chat room. Most of the time his Forex preachings were erratic and seemed to change from day to day, however his Mr Perfect personality managed to get him quite the following in the chat room and the associated forum.

In this thread he was going to take newbie traders by the hand and show them each trade he made and explain his reasons for doing so. Mr Perfect started delivering on his promise and posted trades that he took, but no one could seem to make sense of his explanations as they were rich with Forex babble and saturated with Jargon. Not to mention his reasons for taking trades seemed to be inconsistent and his money management made no sense. Despite the confusion and inconsistency, Mr Perfect was slowly making some returns and the attention on the thread continued to expand.

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The popularity and attention Mr Perfect was getting drove him to take the next step. Mr Perfect opened a managed trading account, where traders could invest money in his trading ability. A trade copying tool was used so any trades Mr Perfect took would be duplicated on his fans real trading account. He was promoting the best forex signals so traders jumped at the offer.

The chart to the left shows Mr Perfects trading performance when he first started.

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His followers were impressed and started to sign up around mid-February. Mr Perfect continued to flood the chat room and forums with his confusing market preachings. Not only was he not making any money for his followers, he was losing them money with spread costs. There were no serious losses yet so most of his followers continued use his service.

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Mr Perfect was still confident as ever and continued to preach his stuff in the chat room and forums while we watched him closely. Finally Mr Perfect crumbled under the pressure. He increased the amount of trades opened at one time, and like a cancer, he slowly killed his followers accounts…. As the majority of people jumped on board his managed trade service around mid-February he never managed to make them any money.

Mr Perfect went from Hero to Zero very quickly, his thread was soon filled with negative comments and he was no longer welcome in the chat room. The lesson : Mr Perfect thought he knew everything about the markets and that all of his technical analyses were flawless.

Mr Perfect was an attention seeker not a professional trader, he had bad money management and there was no consistency in his trading strategy. We were just counting down the days when it was all going to fall apart on him. We were actually surprised how long he lasted. Mr Perfect was only aiming for pips profits, but risked pips to do so.

It was just unfortunate that he took a lot of other unsuspecting traders with him. We think Mr Perfect would probably make a good car salesman and should keep away from Forex trading. This story actually involves a group of traders acting together, but they all fit the Mr Gullible profile. So for simplicity sake we will just refer to the group as Mr Gullible. Mr Gullible was quite new to Forex trading, and used to hang out in a Forex public chat room that a popular site had just opened. We often tried to engage in intellectually stimulating conversation regarding Forex topics with Mr Gullible but could never maintain that level of conversation.

Mr Gullible would often change the topic towards some scalping or day trading system that he just discovered and was getting heavily involved in. Mr Gullible eventually kicked off his trading career by attempting to trade news releases on the economic calendar. WOW Mr gullible said to everyone in the chat room. So Mr Gullible purchased the Trading Robot and integrated it into his trading platform. Remember Mr Gullible in this story is actually representing a small group of traders, 3 to be precise. All 3 traders pooled their life savings together and gave the Forex trading robot full control of their hard earned money.

Uh Oh! What he had actually did was change a few random settings and really amped up the risk the trading robot would apply to the markets. In about 3 days most of their pooled life savings were destroyed, the robot had made extremely bad trading decisions and actually never once turned a profit. Only one of the Mr Gullibles was able to walk away with some of his capital, but it was church change compared to what he initially invested.

The Lesson : There are so many Forex scams out there, for every 9 Forex scams or crappy products; you will probably find 1 good trading system. This kind of saturation makes it hard to find a good Forex Trading Course to get you set on the right direction with your trading. Usually they are designed around the current market conditions. It would be hidden away in a safe while the creator reaps the rewards.

Mr Lazy was a fellow trader that we met in the public trading community.

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Mr Lazy was looking for some guidance as he was overwhelmed with the amount of Forex information and strategies available. We took Mr Lazy under our wing as he was interested in learning how to become a good price action trader. Well we regretted that decision quickly, we expected Mr Lazy to play the role of a keen student but instead he turned out to be an annoying parasite. My Lazy had no intention of learning price action trading for himself, he just wanted to bludge off our experience and be a fly on the wall when we were talking about what trades we were planning to take.


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We soon caught on to what was happening when we noticed Mr Lazy was not receptive to the knowledge we were providing him and tried to gently cut him loose. The unfortunate thing for us is he had our private email and Skype details. Every couple of hours Mr Lazy was hounding us for trading signals, even at the most inappropriate times.

The Greek elections were broadcasted in Greek. Scotch is from Canada and had to be quick on the Google translator to try keep up with what was going on in the live election feed. During the entire process Mr Lazy was bombarding Scotch with messages every 5 minutes asking him if he should go short yet. Out of frustration we eventually gave him the cold shoulder until he got the message. Firstly these traders could be the worst traders in the world and you are blindly following them, holding their hands as they walk you right off the cliff.

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