Yeah i know since i'm a newbie here, i think a lot of things need to consider, but i'm just trying what i can do on demo account and contest before i trade on live account. My first trade was 20 Lots for 10, 000 demo deposit. is it alright or you think i may adjust it lower?
on a 10,000 account you should be risking no more than %1 per trade. Thats 0.1 lots essentially. I see you have been trading 100 lots with no stoploss and that is just wreckless. Try to trade no more than 5 times a day maximum, make sure youre not placing conflicting positions on correlated pairs, dont bet on the news and make efforts to read up on trader psychology in regards to remaining emotionally neutral to losses and wins, trading breaks and whatnot.
this isnt a promotion but take a look at babypips.com they have a plethora of free information ranging from elementary to advanced.
Absolutely true! I'd like to use my very first account I opened in 2010. I opened a $1000 account on the Saturday (I think...), and started trading that Monday.
Now the previous few weeks I opened a demo account with the same amount, and I traded like an animal and turned it into $16000 in less than two weeks. And I think I did it mostly with 0.5 lot sizes, which on a demo account is kind of ok. The big think is, I found that when I used stop-losses I almost always lose money, so I skipped the stop loss levels and just sat in front of the PC and opened and closed trades when I feel like it. So basically I was a 'wild-west cowboy' in 'Forex-land'. And it was great. I thought of myself as a 'careful' trader because I only used a 0.5 lot size on a $1000 demo account with 1:500 leverage.
So anyway, I started trading with my live account the Monday ($1000 - 1:500 live account), and I trades small lots of 0.1 and 0.2 to begin with. The first day went great. I think I made $216 on the first day. No stop-loss, and sitting on 1-min and 5-min charts.
The second day I started opening 2-3 trades at the same time. And then suddenly the markets started running sideways the whole day, for no reason whatsoever that I could figure out. So that night I went to bed with three open SELL trades on the USD/JPY, and the next morning I was up at 5am. Still in the red. So I sat with my coffee and watched the charts.... Just after 6 my whole PC screen went totally black, with only a single green candle from top to bottom, and almost instantly my account went from about $80-something in the red to just under -800. In just a few seconds my account was close to margin calls.
Basically what happened was in those days the Japanese Central Bank intervened a lot in the FX markets to slow down the sharp appreciation of the YEN. I got caught out by three open buy trades with no stop-loss. And to top it off, in my inexperience, and out of fear of loosing my account, I went and opened a 0.3 lot buy trade right at the top. So now I'm sitting with 3 losing sell trades (0.4 lots in total) and 1 losing buy trade of 0.3 lots.
The final nail in the coffin was the Non-farm pay-rolls that killed my account the Friday. So my $1000 account lasted a total of 5 days! And that was from trading only a total of 0.4 lots (2 x 0.1 lots and 1 x 0.2 lot)
The point is this. If you trade (manually or EA's) without stop-losses, your account WILL get blown sooner or later. Anything CAN and WILL happen. Play safe, use a stop-loss in the CORRECT place, calculated with your Risk Profile. This way you will always protect your account, which is the Golden Rule of trading.
I attached a PDF file I give to people in my local area that comes to me for Forex lessons. And I'm not promoting and business here. I only do 1-on-1 sessions with people from where I live, and more for the fun of it that a real business. Got my hands full with my web development business anyway. But maybe it will help you deal with the psychological aspect of trading.