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Direct copy and paste http://www.marilynmcdonald.net/AskMe.php
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Q. Dear Marilyn,
I am stressing out and unable to sleep. My wife let me put 100,000
into a forex account with the promise that I would only lose up to
15,000 of it. I was doing very well until I spent some time in an
online trading room and took some suggestions from those other
traders. Now I have lost my gains plus about 30,000 of the initial
deposit. I keep making bad decisions and trading emotionally. I have
never told my wife I lost any of the money and now she wants to pull
the 100,000 out to put it back in savings. How can I deal with this
situation?
Losing My Mind
Seattle, WA
A. Dear LMM,
The first thing you need to do is breathe? Personally I would confess
the loss to your partner. It would take a bunch of stress away from
you but if that is not an option for you then so be it. One thing
that strikes me is that you say you were doing well on your own. Then
you made some bad trades based upon another `traders' opinion that
you found online. I think you need to stop? and regroup. There are a
lot of good traders on the planet, and a lot of good advice. The
issue is there is quite a lot of rubbish as well. I have seen many
people that sell expensive systems that don't actually trade
themselves. They make their money by selling the system, not by
trading with it? In fact, one so called expert has been swearing the
EURUSD is heading for 1.350 for the last 9 months? I would hate to be
the person that trades on his recommendation. Bear that in mind next
time someone recommends a trade. I would think that you should pull
back on your trading, especially since you say you have been making
bad decisions. In fact, if you can just stop completely (obviously if
you have open trades you will need to deal with those). Take a break
and get your head back into the game. Go back to the beginning and
implement the strategy you started with. Make some demo trades and
then some micro lot trades. Once you make a few winning trades and
get your strategy back into play I think you will feel a lot more
confident. You have the potential to be just as good of a trader as
the other people in your trading group.
Believe in yourself and keep us posted,
Marilyn
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