That’s what all of us have done somewhere on the journey, blowing some accounts.
I would say, one year is not a reliable time period for being successful on forex and you need to practice more.
regarding your question about timeframe, actually, there is no wrong or right timeframe and everything depends on your strategy.
if you’d provided more details about your strategy, we might be able to be more helpful, however, there are some general ideas for setting SLs.
For example, behind the previous swing high/low is a safe place for placing the SLs.
alternatively, you can use ATR to set your sl. For example, look at the ATR14 and see the number it shows and set the sl from one to one and a half times of that.
consistency and not changing the strategy for setting sl can be another important factor. Sometimes you widen your sl in the hope of market direction change to your favor and it gets even worse when you close your winning trades sooner than it hits your tp.
consequently, your rr gets worse and worse and you’re account start shrinking little by little and finally bursts.
that’s the good side of the story and if you follow money management to some extent otherwise you raze your account in a blink of an eye.
There are millions of reasons people blow up their account but the important thing is you figure out why it happens to you.
for instance, the first time that I blew my account was I think 2007 when I’d studied for one year and I thought I knew enough so I opened a small account — $300.
I didn’t use SLs, so basically I didn’t know anything about trading. The first trade went well and hit the tp. The second one went against me and I didn’t close it where I definitely figured out I was wrong.
I learned the lesson the hard way and didn’t do that anymore but made lots of other mistakes until I got to be in the green and learn to respect the market and my SLs.
to make the long story short, continue learning and be persistent and pay attention to the detail. Sometimes a small thing can make a huge difference. I’m using a strategy that I found in the early stage of my trading with some tweaks. I gave it up for silly reasons because I was looking for flawless HG.
I hope you find your mistakes and fix them. I know, it’s hard but possible.