HOW MANY TIMES BLOWING UP ACCOUNT BEFORE GIVING UP
Dec 12, 2019 at 15:20
Hello, Ive been trading for a couple of years, Ive done my homework, develope a consistent demo account strategy, and for some reason when I go live, I start making money, something happens and end up losing my account, its all in my head, would there be a time, when i stop making mistakes?
Member Since Jan 05, 2016
1189 posts
Dec 12, 2019 at 22:39
esierra77 posted:
Hello, Ive been trading for a couple of years, Ive done my homework, develope a consistent demo account strategy, and for some reason when I go live, I start making money, something happens and end up losing my account, its all in my head, would there be a time, when i stop making mistakes?
Focus on RISK MANAGEMENT as your #1 priority. Everything else is secondary to risk management.
The difference between a profitable trader and a losing trader is RISK MANAGEMENT.
If it looks too good to be true, it's probably a scam! Let the buyer beware.
Member Since Dec 01, 2019
1 posts
Dec 12, 2019 at 23:07
Mistakes are part of the game
Once you become competent the money will follow
Member Since Feb 19, 2019
2 posts
Dec 12, 2019 at 23:29
Mistakes happen, so we got to manage the risk of every trade carefully.
I also include an extra safety net that if I had 3 losing trades in a row, I take a 20 min break from the screens. Return and reduce position/trade size on next trade to smallest position size and follow this for a number of further trades till I feel confident I am consistent and disciplined enough to increase risk and trade as before.
I also include an extra safety net that if I had 3 losing trades in a row, I take a 20 min break from the screens. Return and reduce position/trade size on next trade to smallest position size and follow this for a number of further trades till I feel confident I am consistent and disciplined enough to increase risk and trade as before.
Everyone shines, they just need the right lighting
Member Since Feb 06, 2019
2 posts
Dec 13, 2019 at 02:54
(edited Dec 13, 2019 at 02:55)
I tried trading 5/15/30 minute charts. Could never get consistent profits. Now I trade 2 hour, 4 hour and daily charts. Start with a smaller lot size, set a trailing stop that has room to breathe and let the trade run. You can also add to the trade as it becomes profitable. For instance, if you opened with a 0.5 lot size and you become profitable, add a 0.1 lot size. You do not want to add anything larger as a retracement could easily eat at your profits and force you out of the trade.
Years ago I realized my biggest problem was my being extremely impatient. I would close trades when I had a small loss or small profit and then see them take off a few days later. This is with stocks and forex. Now I try to look at the bigger picture. Kind of a 'set it and forget it' mindset. Works for me.
MY FAVORITE TRADING QUOTE
“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!”
Jesse Livermore
Years ago I realized my biggest problem was my being extremely impatient. I would close trades when I had a small loss or small profit and then see them take off a few days later. This is with stocks and forex. Now I try to look at the bigger picture. Kind of a 'set it and forget it' mindset. Works for me.
MY FAVORITE TRADING QUOTE
“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!”
Jesse Livermore
Member Since Dec 09, 2019
60 posts
Dec 21, 2019 at 09:39
You have to be very specific about this “something happens”. It could be anything, would be a big help if you explain what was it?
And someone is right - you gotta start looking into risk management and learn how to manage your assets. It helps to reduce and control the loss.
And someone is right - you gotta start looking into risk management and learn how to manage your assets. It helps to reduce and control the loss.
Member Since Aug 27, 2017
994 posts
Dec 21, 2019 at 13:10
Well; I used my demo more than 19 months before my live trading & surely faced MC in my demo for many times! It’s okay in the learning stage.
keeping patience.......
Dec 21, 2019 at 19:49
I never was any good with demo accounts. Once I started to trade with real money everything changed. I took my trading seriously and was not afraid to make mistakes. It took me less than two years to become a fulltime trader. I will never use a demo account again. All my accounts, even if I'm trying out a new system use my own money. It forces me to focus on making the perfect trade every time.
forex_trader_688163
Member Since Feb 28, 2019
140 posts
Dec 24, 2019 at 01:19
I agreed with @Professional4X
Put RISK MANAGEMENT as your priority and ACCEPT LOSSES.
Put RISK MANAGEMENT as your priority and ACCEPT LOSSES.
Dec 24, 2019 at 12:19
gpdno posted:
I never was any good with demo accounts. Once I started to trade with real money everything changed. I took my trading seriously and was not afraid to make mistakes. It took me less than two years to become a fulltime trader. I will never use a demo account again. All my accounts, even if I'm trying out a new system use my own money. It forces me to focus on making the perfect trade every time.
Well yes, the experience is different when you use your real funds, but that does not lessen the value of a demo account. One can not start trading without a demo acc I feel. Plus thats the best way to back test your strategies.
Dec 24, 2019 at 22:22
esierra77 posted:
Hello, Ive been trading for a couple of years, Ive done my homework, develope a consistent demo account strategy, and for some reason when I go live, I start making money, something happens and end up losing my account, its all in my head, would there be a time, when i stop making mistakes?
A proverb you should know was ' Failure is the mother of success ' . Learning from your mistakes is the most important lesson in order to succeed .
Dec 31, 2019 at 10:13
TNguyen posted:Couldn’t agree more, this proverb is just right. I also think that nobody can achieve success until one knows how to use failure to one’s benefit. Giving up is no solution here for sure.
A proverb you should know was ' Failure is the mother of success ' . Learning from your mistakes is the most important lesson in order to succeed .
Jan 02, 2020 at 13:32
TNguyen posted:esierra77 posted:
Hello, Ive been trading for a couple of years, Ive done my homework, develope a consistent demo account strategy, and for some reason when I go live, I start making money, something happens and end up losing my account, its all in my head, would there be a time, when i stop making mistakes?
A proverb you should know was ' Failure is the mother of success ' . Learning from your mistakes is the most important lesson in order to succeed .
I am sure, if a new trader tries his demo with full of determination & dedication, definitely he’ll be able to make consistent money in live! Forex is challenging but not impossible!
Jan 24, 2020 at 20:51
You probably need to start to control himself on so many matters. And that way after some wins you will make a rest and will not blow the rest of money on totally useless things for example. What will you say about it? Sounds good, as for me - yes.
Member Since Feb 06, 2019
2 posts
Jan 30, 2020 at 21:59
If I used a real account for every EA I tested, I now would be living in a 2 story tent on the river. Demo accounts are wonderful tools.
Apr 25, 2020 at 14:16
Not that many if you do asked me, I am quite new and waiting for such thing like your voice here, so probably like 2 times I made min deposit and still was never able to make any profit absolutely and entirely anyway. I am waiting for some more things, because 2 times is very low anyway.
