What are the steps on how to blow your account?

[Potuse]

You can quickly drain your account while trading when you do not follow the right steps and you based trade on emotional decision, you will think that using stop-loss is not right and also setting unrealistic goal before trading.

 

[Billy]

Yeah, sure, trading can be a risky business and it is important to follow the right steps to avoid losing your account. Here are some steps that can lead to blowing your trading account:

1. Trades are based on emotional decisions: Behind each trading position must be a reason. Trading based on emotions can lead to irrational decisions.
2. Stop loss placement is for losers: A lot of traders consistently neglect placing a stop loss. Remember, just one single trade without that may blow your entire account.
3. Set unrealistic goals: There is a common misconception concerning trading: that the equity size is not proportional to potential gains.
4. No time for trade journaling: Journaling is an essential part of trading as it helps you keep track of your trades and identify patterns.
5. Trading plan is for fools: A trading plan is essential as it helps you stay focused and disciplined.
6. Blindly following other’s views: Following other traders blindly can lead to disastrous results.
7. Who needs economic data: Economic data can have a significant impact on the markets and ignoring it can lead to losses.
8. Indicators are the magic pill: Indicators are useful tools but they should not be relied upon solely as they can give false signals.

Remember that trading requires discipline, patience, and a willingness to learn from your mistakes.

 

[Potuse]

Yeah, sure, trading can be a risky business and it is important to follow the right steps to avoid losing your account. Here are some steps that can lead to blowing your trading account:

1. Trades are based on emotional decisions: Behind each trading position must be a reason. Trading based on emotions can lead to irrational decisions.
2. Stop loss placement is for losers: A lot of traders consistently neglect placing a stop loss. Remember, just one single trade without that may blow your entire account.
3. Set unrealistic goals: There is a common misconception concerning trading: that the equity size is not proportional to potential gains.
4. No time for trade journaling: Journaling is an essential part of trading as it helps you keep track of your trades and identify patterns.
5. Trading plan is for fools: A trading plan is essential as it helps you stay focused and disciplined.
6. Blindly following other’s views: Following other traders blindly can lead to disastrous results.
7. Who needs economic data: Economic data can have a significant impact on the markets and ignoring it can lead to losses.
8. Indicators are the magic pill: Indicators are useful tools but they should not be relied upon solely as they can give false signals.

Remember that trading requires discipline, patience, and a willingness to learn from your mistakes.

You can quickly blow your account when you trade without taking into consideration the risk that is attached to the trade and you open too many positions at a time.

 

[eLdavis]

I believe blowing of your trading account is one of the easiest things to do. All you simply need to do is take trades. Take trades as much as you want, take multiple trades. Increase your leverage as well then trade on gold.

 

[Mayorla]

This is actually a very funny question though, and To blow your account is very easy. You can blow your account through these ways;
1. Do not have a trading plan
2. Set unrealistic goals
3. Do not journal your trades
4. Blindly follow the views of others.

 

[Joy123]

To blow your account, just follow these steps : base your trade on emotional decision, stop loss placement, set unrealistic goals, and no time for trade Journaling, don't have trade plans, pay attention to the what other's think, don't use economic data.

 

[Potuse]

To blow your account, just follow these steps : base your trade on emotional decision, stop loss placement, set unrealistic goals, and no time for trade Journaling, don't have trade plans, pay attention to the what other's think, don't use economic data.

Besides, it is much more easier to blow your account than to gain a lot of income from forex . However, blowing your account need you to be careless with trading.