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HOW MANY TIMES BLOWING UP ACCOUNT BEFORE GIVING UP

esierra77
Dec 12 2019 at 15:20
1 posts
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?

Professional4X
Dec 12 2019 at 22:39
1189 posts
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.
Decentprecious (Decentprecious)
Dec 12 2019 at 23:07
1 posts
Mistakes are part of the game

Once you become competent the money will follow
maitradebk (maitradebk)
Dec 12 2019 at 23:29
2 posts
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.

Everyone shines, they just need the right lighting
jamesstarks99
Dec 13 2019 at 02:54
2 posts
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

   

feelsofine
Dec 21 2019 at 09:39
51 posts
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.

Adribaasmet
Dec 21 2019 at 13:10
923 posts
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.

Treeny
Dec 21 2019 at 18:07
135 posts
Never give up....

gpdno
Dec 21 2019 at 19:49
1 posts
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.

swimmable
Dec 23 2019 at 16:05
11 posts
3 times. Once you are forgive as you are a newbie. Second time you are learning but if you lose a third time you should accept that you are a failure and should find something you are actually good at

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