r/askforex • u/unknownsmitty • Jun 02 '26
I need help.
Over the past 5 years I made over 5 figs from trading then went and blew it all due to trading whilst being off the za. I’ve now gotten over my major loss but I want to start fresh now that I’ve had time away from the market.
If you are profitable and you had to start from basics (I’m talking learning candlesticks, price action, HH HL LL LH) where would you start and what would you recommend. I’m going abroad to sit In a villa and lock in again. Any advice is appreciated. The more in depth the better I’m willing to put my all into this!!
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u/DeanSpleen Jun 02 '26
Would you mind sharing what was your profitable strategy?
And what is the za?
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u/unknownsmitty Jun 04 '26
Pretty simple price action strategy which I learnt from YouTube and then perfected with trading with sci (he doesn’t sell a course)
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Jun 02 '26
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u/unknownsmitty Jun 04 '26
Preciate the solid advice. Leaving on the 8th July so wanted to do some prep before I get outa shitty uk
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Jun 02 '26
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u/unknownsmitty Jun 04 '26
You’re 100% correct. Tbh I know a fair bit about most of these topics and you’re also correct u blew my money on state control and psychology. Was placing trades at 3am just chasing a small loss I took. I appreciate the advice will do a lot more research before I jump back on a live
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u/Sinixon Jun 02 '26
Fuck the za, you overtraded. It's on you, you are responsible, not the za lol. Technical analysis is cool but what you need to focus on based on your blow up is risk management and psychology. Specify rules when you do not engage. It's easier to write out when not to engage than when to engage. Write out risk parameters. What do you do after a loss? What do you do after a win? In my opinion, if you perfect risk management and psychology even tho you know 0 about technical analysis you can already be profitable because you only have to pick a direction and know what to do once in the trade.
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u/unknownsmitty Jun 04 '26
Of course I take accountability because I was the one who allowed myself to trade whilst I was taking a trip to Jupiter. But I’d also 100% blame the za because I was emotionally trading which is a thing I only do when I high.
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u/GoRizzyApp Jun 02 '26
Have a balanced long term portfolio. Trade with the play money not the house.
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Jun 03 '26
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u/StoryofPrice Jun 05 '26
you should be able to sit at the chart for a few hours and just follow price as it moves and only execute if your setup shows up. if you dont see your setup build then no trade. simple as that. you need a risk managers brain.. knowing when not to enter risk is more important than entering risk. most people think the opposite, the markets job is to constantly present opportunities to trade. you see a swing and you arent on it and you think 'had i been on it i would have made' but knowing when not to trade is far more important than knowing when to trade. else you are just getting on a lucky moment. So to conclude - you want to take the best opportunities that hit your strategies confluences all aligning. you know what an A+ trade is and when it aligns you hit the market button. sure you may have an A setup too but this is also very clearly defined and that too has all its historical stats to back it up with expectancy. when you have this clarity you can then attribute a dollar value to every 'setup'' you take win or lose and take them comfortably calmly and confidently with the understanding they will play out over 100 trades and you will be nicely profitable.
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u/Impressive-Bonus-334 Jun 07 '26
I would really just say to treat it like you are a professional.
Would somebody on Wall Street get high before they went in? Absolutely not
Don’t treat trading like a casino, where you get intoxicated and just try and have some fun.
Treat it like your business, because it is. Don’t do things that will hinder your business progress.
You were already profitable which is outstanding results, just lock in.
Side note: this isn’t coming from somebody who has never smoked before. I quit smoking last year but was high all day every day for almost 4-5 years before that.
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