HOW MANY TIMES BLOWING UP ACCOUNT BEFORE GIVING UP

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?

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.

Mistakes are part of the game

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 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

   

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.

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.

Never give up....

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.

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

I agreed with @Professional4X
Put RISK MANAGEMENT as your priority and ACCEPT LOSSES.

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.

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 .

TNguyen posted:
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 .

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.

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!

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.

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.

jamesstarks99 posted:
 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.

I must see this 2 story tent you speak of!

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.