I remember recommending this. Have you seen why you needed to start a $250 Demo Account? imagine that was you Live…
I’m guessing your problem is position sizing. Did you go through the school of pipsology? I suggest you visit the lesson on position sizing.
You are still trying to use same size as your first account, this is the difference I wanted you to see.
Stop losses are important, trust me there are. You can give your trade room to grow for weeks and months without a stop loss and still close on a negative basis when emotions set in.
It’s not really about placing a stop loss, but knowing where to place it that matters. Your stop should be placed at specific distance from price that you think price will not retrace to but if it does, at that point you want to cut losses.
You then use this predetermined stop loss (in pips) to calculate your position size to perhaps 0.5%, 1% or 2% of account equity.
In my opinion, only set TP if you are not going to be checking your screen from time to time. Why try to cap your profits on positive positions? Go and research on the concept of pyramiding. Or atleast try to buy off some profits and move stop to break even, Oh! What great joy comes with doing this.
You can only be profitable in a long run if you take great advantage of your high probability setups and make the most out of them.
Few quality trades are way better than so many that you can’t even manage anymore. Take 1 to 2 a day only and manage them accordingly. Experience will tell you to take more later on.
Perhaps two months practice can be insufficient for you when market will move suddenly or will move in very uncertain manner. You will definitely require good trading knowledge so that you can wisely make all the trading decisions.
You need to learn how to control risk.
Trading in general, in any market, is 80% risk management.
Did you take the free course from this website?
It’s pretty good.
I am going through it myself at the moment even though I consider myself an experienced trader.
You are the only person that can answer this question. Many traders get carried away and think that they are ready to crack the trading market. They need to be confident but humble in their approach. I hope that you will not rush things in investing the actual money.
You need to think thoroughly before investing in forex because you can lose your entire money in it. Forex trading spares no one. You need to ask yourself if you are ready for the tough times ahead. You need a big enough heart to enter and bounce from the obstacles of the trading process.
nobody is ever ready when they start trading but atleast they are familiar with the movements and charts so if you think you can handle and understand the movement of the market and you can read the charts, give it a shot. but try with a micro account first.