I’ve invested so far 1250 dollars I’ve already lost 850 of it I’m about to go crazy. My strategy is to enter trades on 38 to 50% bounces or pull backs the last three trades I’ve made, one was pretty emotional I lost 300 dollars in an hour after losing 50 from looking at pull back incorrectly. Had I done the opposite of what I did It would have been a positive trade and I would not have made the three hundred dollar trade the last trade I did lost me 20 bucks here again I over shot my pullback KNOWINGLY had I come down on my t/p and entry I would have been up 20.
I want to make slow steady profit I need help constucting a good risk to reward ratio and I’m not sure if this bounce pullback thing is safe.
how long have you been trading? You should have only gone live with that much money if you had been trading for a year or more.
The best thing I can say to you is go through the babypips school twice and then demo test a bunch of the different trading plans in the holy grail section
Only then will you have a good enough feel for the market and the type of analysis you want to employ.
I don’t think there’s much help out there that will tailor make a new trading plan based on your r:r ratio. However, by following other people’s plans you can figure out which works best for you and on what time frame.
As for the bounce pull-back trading plan…I don’t trade that way but feel that basing your trades solely on fib’s is not a good idea. Do you look at multiple time frames to check out the overall trend? Do you have moving averages set up on your time frame to see where your trend is heading? Stochs for over-sold/bought conditions?
All these things can help you if employed right. If you don’t know how to use them, then you’ve figured out why you lost all your money. If you do know how to use them, then look at other’s plans to see how they use them differently. It may open up new understandings to you.
Believe me, you’re not the first person to have this type of thread and you won’t be the last. Just be persistent and you’ll make it.
I have lost two 500$s and a 1000$ account when I started in forex. Forex do not behave as stocks/futures.
Whatever your strategy is make sure you are using a STOP and NOT MOVING your stop.
Also when you place your orders see how much you sre risking as a percentage of your account. You do not want to risk 300$ in a 1000$ account. Why because it is 30% of your account value. Try to risk 1-2% and maximum 5% of your account.
Three or four loosing trades in a row is a norm in any holygrail system ( I mean it can happen some or the other time). Are you ready for it - you cant be if you are risking such high proportions. Find a broker where you can trade micro lots (1000$) rather then mini lots (10000$). It will reduce your risk and you will be fine.
Started Sunday With $800, Now it’s wednesday and I’m down to $120, I understand that I’m waaaaay under capitalized. Should I be ready to push onward and try to recover over time or is it hopeless. I imagine I’d have to go smaller time frame maybe like 5-15 minutes instead of the 1h. At this point all I want is a steady slow, growth system something short to the point. Noone say eh you just don’t know what you’re doing. It’s not that I don’t know what to do it’s that I can’t throw emotion into the wind.
Someone hold me, and say don’t worry I can get this 120 back up with time, effort and patience PLEASE!
Started Sunday With $800, Now it’s wednesday and I’m down to $120, I understand that I’m waaaaay under capitalized. Should I be ready to push onward and try to recover over time or is it hopeless. I imagine I’d have to go smaller time frame maybe like 5-15 minutes instead of the 1h. At this point all I want is a steady slow, growth system something short to the point. Noone say eh you just don’t know what you’re doing. It’s not that I don’t know what to do it’s that I can’t throw emotion into the wind.
Someone hold me, and say don’t worry I can get this 120 back up with time, effort and patience PLEASE![/QUOTE]
Dude, are you trading or gambling? Cut your losses short. Hoping the trade will reverse and put you in the Pips is just like pissing in the wind. Have blown a few accounts myself so I have had my share. Attribute that as an investment in your education. Back to basic money management and sound analysis. Are there indications from your chart of predictable price action? Are you in no mans land between support and resistance? Is price moving sideways and rangebound? What do the candles tell you about who is winning the tuggle war? Just some things to think about but you are the sole owner operator of your own rig. So drive it somewhere and don’t rely on direction from me as to should i stay in or bail? who knows…only you…no one else. Hope it turns out o.k. before you are broke at the side of the road hitchhiking. Keep on Truckin
Let the $120 sit there while you go back to demo for a while. Only trade live again when you are completely confident you can start building it back up. If you find yourself falling into the same habits, keep switching to demo. Revenge trading kills accounts.
You’re not undercapitalized, you’re trading like you had a 50K$ account!
First, go back to demo and start demoing with the size of the live account. You should modify your position sizes and stops so that one bad trade doesn’t eat up more than 1-2% of your account. Babypips school can help with that. First figure out your stop loss and then calculate the suitable position size.
The reason you’re getting too emotional is that you’re losing too much. If you only lost 1% or 2% on any given trade, you wouldn’t get that emotional in the first place! You will be thinking that it’s just one trade and as you take all the trades, the edge of your system (if you have one) can start to work over time.
Sure, but don’t even think of regaining your 120$ back to 1000$ easily. You would have to double your account three times. Better to demo first, practice setting up good trades and come back to live only after you know what you’re doing. Use demo as a means to see how fast you could lose all of your money over and over again. You’ll soon start getting afraid of using too much leverage, and that’s a good thing!
PS. I’m just a newbie as well, still demoing… just wanted to help
I’m sorry about your losses but their is a way to heal the wound.
i believe that Tyman and virtec said it all. you have to start anew and then go from their.
keep the account but trade demo for awhile and build up a strategy with enough protection so that you cannot lose 300 USD in one trade.
you made a few errors with a trend which will happen but you must place enough protection (SL) and if it goes sour you take your losses and move on.
good luck and i hope that you build a sound strategy so you may build your account back when you are ready.
thanks
