Thats why people use stop losses, especially trailing stop losses
I know that in my trade history it shows that I am not using stop losses but I do if am not able to monitor what’s going on. I use trailing stops only in some cases.
Ive really enjoyed this thread, great how you are sharing the bad as well as the good
I was doing really well and my confidence (risk) was growing. I have managed to wipe my account to approx. 40% of initial deposit. Did not learn my first lesson very well. It looks like I am heading for bust at the moment as I have lost all confidence in my trades. We will see what happens.
Given that I am playing with peanuts it still hurts to loose the gains I’ve made. I can only image how one must feel if I was in this position with larger sums of money.
Dang…you started so well.
Looks to me that you are taking more risks than you did at the start.
More $0.04 and $0.03 trades in some volatile pairs.
I am on a demo $500 demo account and the thing I noticed when trading with a micro account is that you need A LOT of patience. I think if this is going to work you gotta make small moves. Yes, the gains are pathetically tiny but a win is a win.
Step back and take a deep breath, then open position as you have when you first start. Be consistence with you trade. Keep doing your routine that was helping you makes the profits in the beginning. You’ll be fine.
Thanks for the feedback. Again had a few ups and downs, made a couple of mistakes like opening the wrong position (XAGUSD instead of XAUUSD). Finally account is back in black thanks to picking the right movement with XAUUSD.
It seems like getting to $1000 will take a miracle.
Feeling happy that I could turn it around though as I though bust was the next post.
At least you are able to make up the losses. Mine, when it goes down, it stayed down. And it comes up very slow.
No miracles, Strict money management,patience and discipline. How do you get your entry, stop loss and take profit points? As well what are the rules you trade by
Oh, you are on demo right? Then this experiment worth 1/100 of real account…No slippage, fast demo execution etc…
Have not really settled on a plan I am happy with, mainly because I cannot stick to it and am learning new techniques daily.
I hope to eventually develop something I can work with and stick to, it may cost me some money to learn this lesson but I think I need to keep experimenting.
I have decided to trade in gold only for now.
No this is not a demo account, not sure why it says that. If someone can tell me why it says demo and how to fix it would be great.
I am impressed by your gold trades.
I want to trade gold but the charts are all over the place…it almost seems as though you have to be there watching the screen constantly because the changes are so big. Potential for big wins but also big losses!
I wonder, if a person focused on gold for their trades for long enough, would they begin to see patterns?
60% in 2 weeks is not bat at all!!! It will take you 12 weeks to reach your goal of $1000,- that way
Got to be nice with that leverage, thats for sure
Thats a deep drawdown your currently in. Which is why over the long haul its going to difficult for you to do this.
72% DD over the accounts life.
That 500 leverage can be the death of an account.
[QUOTE=“MoneyNVRSleeps;670276”]Thats a deep drawdown your currently in. Which is why over the long haul its going to difficult for you to do this. 72% DD over the accounts life. That 500 leverage can be the death of an account.[/QUOTE]
Agreed, am in a bit of a pickle at the moment and don’t think I will get out of it without blowing the account to bits
Well Hawk, so much for that, huh…
Regroup, figure out where you went wrong, and crack at it again.
See, the high leverage is nice, and the big moves are sweet, but both will crack you apart, as you can see.
Although you have the ability to use high leverage, its all part of the plan to HELP you crash and burn. In the US, we have a 50:1 MAX, and its to help us, its not to cause discouragement.
Lower your leverage, tweek your stratagy, and slow down.
Im in your corner bud,
Great pips to Ya, !
Does the leverage really matter if you use good MM???
GAME OVER
Blew my account to pieces. Over committed, closed the wrong trades and margin dropped below 50% so broker auto closed positions trade by trade.
It was fun but bust it is. Probably learned $100 worth of lessons.
Have decided to top up account with another $100 but will no longer post on this thread.
Good luck to you all.