Time to step back and rethink

[Fivefoottraders]

For some reason I just want to share with you my decision today.

After trading with concistant (small) losses for about a year I decided today to withdraw all my money from IG-markets where I was trading. The reason is that my account has become to small to keep proper money management and I have realised that I sometimes put my stops at bad places just becuase Im afraid to loose to many % of my account. Instead I will take one step back, stay out of the market for a while. pracitsing daily with forextester and a demo-account and start over again with real money some time next year. But next time I will choose a broker who offers micro-account so I can start really small and work my self up while my confidence grows.

This year has been full of trading insights for me and I have become convinced that this is something I really want to do for a living some day, but I have also realised that I don´t have the skills needed yet. My goal now is to build a solid trading plan, mostly based on naked trading, test it and hopefully 2016 will be a more successfull year for me.

Someone else out there struggling with losses? What is your plan to turn your results to the better next year?

Best regards!

I have been struggling many bad losses for this year. One thing that I want to change on my trading plan is my discipline. I am not a patient trader. I am trading on many news where the volatility is very high and trading before all the indicators take place.

Next year, I want to be a more patient trader or i call it a cautious trader. Too many losses have affected my psychology.:48: Let’s change it.

Happy New Year and Thanks,
Fivefoottraders.

[Dutchtrader1]

You are not the only one who faced this situation and there is nothing bad about it because that is the best way for you to learn on your mistakes.
I wouldn’t recommend you to start trading demo because there is nothing you can learn there (trading psychology is not included in demo trading and what ever you will create there is not going to work in a life trading).

Demo-trading does teach you some inportant things:

1. Do you have a written strategy?
2. Can you consistantly trade that strategy?
3. Is the strategy profitable after a couple of months?

Most new traders have no idea what to expect from their strategy. They do not keep track of their trades and look at them statistically. They have never calculated R-multiples on 100+ personal taken trades (strategy tester is nog the same). They do not know the expectancy.

Psychology is different on demo ghen on live trading. But immagine that you lose 20% on your strategy efficiency due to the psychology effects of live trading(this is normal) then it is good to still know what you can expect from your strategy. If you can not trade cobsistantly profitable on demo (and treat that as a business) you will never make it live.

[profitfx]

No need to become panic, loss is inevitable in forex, you should not loose your hope, just learn from your mistake, don’t withdrawal all your money, if your broker is reputable then learn from your broker and overcome that mistake which cause the reason of loss.