new to site....forex trading

Welcome to the forum renegade321, glad you found us. It's good that you have been able to be honest with yourself and identify that your Forex trading habits are  problematic and that you are chasing your losses, in the same way people gambling using other methods do.

Please  have a look at the resources here on our website, in particular you may find it useful to do our self-help workbook https://www.gamcare.org.uk/self-help/self-help-resources/

If you haven't already had a chat to us, it may help to contact us on either the HelpLine 0808 820 133 or NetLine  https://www.gamcare.org.uk/get-support/talk-to-us-now/   from 8am – midnight, 365 days a year.

I liked what you said about replacing the time and money you spent gambling, with something that brings you joy- what a great idea and have you had any further thoughts about this? 

Wishing you all the best with your recovery,

Forum Admin

Posted by: renegade321

hi, finally....finally (I hope) come to the conclusion i need help and my habits with forex (currency) trading are obsessive and unhealthy. I have been trading for 6 years and lost quite a bit , convincing myself next week will be different if i just apply sensible risk management rules blah blah.... of course the addict in me was always laughing in the background waiting to pounce and screw everything up...This is why i cannot carry on and reaching out, as a start to heal some wounds and replace my time and money with something that might actually bring me some joy 🙂 Grateful for this group and hope to connect with you...

Hey Renegade321,

This sounds really similar to me. My journey was also about 6 years ago, when I started with SpreadBetting it was controlled for a bit but all went wrong when I made a lot of money on Bitcoin in 2014 - I thought I was the master of the world and could just make money out of thin air.

That led to me trying to make even more (and obviously losing the nearly life changing amount I had already there). After that I didn't learn my lesson and just switched back to SpreadBetting.. Ended up just losing week after week, similar thoughts that next week will be different and got myself into a pile of debt.

I managed to stop about a year ago, and got myself into StepChange to sort my debts out, but slipped again recently.. I'm not sure what the trigger was, I think having not a lot of money for the month but I found myself buying some Bitcoin and opening a trading account again.

Long story short, I made a bit but then lost some. Rather than quitting with what I had and having just enough for the month I put more in, then promptly lost that, and then did the same again -- Leaving myself in a position where I can't pay all my bills this month and feel pretty low about myself. Going to need to have some conversations with people I owe money to now and spend the next few months paying it back.

I've come to the realisation that I have two problems:

1. If I am making money trading I always think I make a little bit more
2. I can't handle the loss, especially when my own money is super tight and I end up making a bad situation worse by chasing the losses

I need to spend some time figuring out what my trigger is, I have managed to go periods without trading but I always seem to get dragged back to it. Potentially through boredom, but definitely sometimes when I think back on how much money I could have no had I just stopped X months ago.

Anyway, that's my brief story I thought you might find it useful. Happy to chat on here and help out if I can, it'd be useful to have someone in a similarish position with the problem being trading.

All the best and good luck!

In fact Forex trading is not the worst decision - at least you've tried it and understood the issues linked with Forex trading