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Some help would be appreciated

Fritz125
Feb 25 2015 at 07:34
posts 4
So i started 'training' for forex almost a year ago, reading, learning and practicing on demo accounts with very good results.

But now i jumped into live tradingwith $500 USD and suprise, i already lost $150 in 3 days.

I'm kinda shocked, i wasn't expecting to win every trade or turn $1000 into $2000 (like i did in a demo account) but i also wasn't expecting to fail this hard.

My emotions control me and i totally spaz out whenever a trade turns against me.

Any help?

8fold
Feb 25 2015 at 10:55
posts 7
I wouldn't go as far as to say you have lost one year with demo trading, however based on my experience with risk control and money management (roughly 10 years) I can say without a doubt that it is better to start with a live account (instead of a demo), though a small one (cent or micro account) would be preferable for capital conservation reasons.

Even a $10 bankroll on a live account is preferable to a $100K demo account. Why? For the simple reason that the mind has a trigger that ... gets triggered when there is a REAL risk perceived. You won't train your emotional control appropriately using a demo account, which is a safe environment. Even a trade where you stand to risk $1 would trigger more emotions than a $10.000 demo trade. And you need that to learn to handle such emotions. More than half of the necessary equation for success in trading is emotional management.

So I'm not surprised this happened. But it's good that now you know how mind and emotions work, or at least this should be evidence enough for you to realize. So I would stick to live trading, use the smallest live account and trade sizes available and learn from the experience.

Be well!

Do. Or do not. There is no try.
rob559
Feb 25 2015 at 17:03
posts 1916
the best to learn is 'losing' learn of your mistakes,go live with a micro acc and figure out a good system and finally repeat and rice again

we have all been there and still are sometime,your dedication to learn and resilience will make the difference

davidcraigson
Feb 25 2015 at 19:38
posts 67
Yeah, seriously, go small and move up.

KyleBroflovsky (KyleBroflovsky)
Feb 26 2015 at 07:38
posts 12
keep training on demo and small depos accounts. There is no perfect strategy, but you can learn main rules and behavior on market. And better trade after March, the market will be calmer

ForexAssistant (ForexAssistant)
Mar 05 2015 at 01:45
posts 465
I see it completely different. Why should one try to control that which was given as a tool to alert us to when we are doing something wrong. I chose to go with robots as they don't seem to have any problems with any kind of emotions. Now my emotions are feeling pretty cool as my robot makes around 2 percent a month and I can go fishing.

Never send a human to do a robots job...

Bob

where research touches lives.
Lordgert
Mar 05 2015 at 07:45
posts 6
I think you also need to seriously look at your risk management - to lose 30% of your equity in a few days is very hard to come back from - trust me, I've done it myself.
You are trading lot sizes that I would only consider on a 2-3000$ account.
Reduce your leverage and drop your lot sizes so that you are only risking 1-2% if your trade fails, as they sometimes do.

Vitautas
Mar 05 2015 at 09:46
posts 51
I would start trading live with 0.01 lots if you have 500$ for trading.
And the market has been difficult to trade in the last 2-3 month anyway, EU, GU, AU, UJ was without clear trends anyway.

Stanleyie
Mar 05 2015 at 13:26
posts 1
lordgert is right, cant lost so much money from account in few days

davidcraigson
Mar 05 2015 at 21:04
posts 67
Walk away for a few days. Read back on the basics. Read some articles. Come back, and go micro trades. Play chillout music. Get laid before you trade. So on and so forth. Take the emotions out of it and you will do much better.

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