So today is the day i blew my account Geus what ? Poor risk management i had an account of 600€ and went on trades with 0.10 lost i bought to Manu lots and before i lnew it it was blow poof everything gone. I am not sad or angry i am just surprised I knew it was not smart to buy that much but still did it I am surprised of my stupidity and ignorance I LEARND THE LESSON
what were you trading? and is this a LIVE or demo account
GBP/NZD (Buy)
GBP/USD (Buy)
USD/JPY (Buy)
It was a real account the volotility of the market today took me out and of course I was stupid anough to buy to much lots
well GU to me is choppy as hell right now and is in a bit of a range so I would have avoided GU. GN was a clear sell, and UJ was in a range…it needs to break out of resistance. What helps me is to only focus on no more than 2 pairs for the day. And if you’re sure on one pair, then just compound it instead of taking positions on other pairs,it’s more risk on your account when you trade like 3 or more different pairs at once
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Alright thank you for the tip I think I had to make a los a big one at that to learn it the hard way. I am not mad or suprised because in the back of my mind I knew it lol but then again I didn’t listen to that vois and lost al
I thought when it went down it was retesting support and placed more bids to buy
yea I know what you mean lol when I first started demo I used to second guess myself a lot, and missed out on a lot of moves that way,and losses are a part of the game,just learn to minimize your losses and make sure you arent risking what you cant afford to lose. Capital preservation is a term I learned today by the legendary Uncle Ted lol he’s awesome 
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Hahaha lol ye Treu well I am happy I learned my lesson for today next time I know what not to do a blessing and a curse lol where it al went wiring
and don’t open that many positions LOL its not necessary at all
Believe me I won’t ever lol
Hey @thetrade1…
I would suggest to carefully go over the school of pipsology lessons on psychology once again, or as many times as you deem necessary until you’re confident you can hold yourself accountable before you place every single buy or sell order on the market.
Like you said, you know trading the way you did was absolutely wrong and still went ahead anyway. Why did you do that even though you knew it was wrong? The answer to that question will form the starting point for everything else.
There are two possibilities, either you’re treating trading as a sport of some sort which I don’t think is the case (in which case you probably should just open a cent account and you can trade away as many cents as you like while enjoying yourself) …
or you really have a plan to do this in a profitable way for yourself, in which case you really need to master control over your actions when trading. It’s tough to do, but’s it’s the only way to profitable trading.
Ask @dpaterso if you in any doubt about that, and maybe for a few pointers too. Although I suspect he’s already seen this and decided to pass it over lol.
Good luck , on your next trading account buddy.
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Max risk per trade should be 1% when you start out.
I worry. You knew you were making a mistake and still did it. On top of that you’re not sad nor angry. I fear you will make more mistakes and blow a few more accounts. Either you dont have a good trading strategy and dont have the conviction that over time it’ll be profitable or you just want to make mistakes and are happy to take the risk. Remember continue with trades that show you profit and end the trades that show you a loss.
You need to go back to basics. Reveiw your strategy and write the rules down and read them when you take a trade.
Focus on one position.
When you open many positions like that you’re revenge trading. It’s avoiding being wrong on a trade.
Learn how to lose well.
In gymnastics they teach people how to fall first. It will safeguard you
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Oh you will, believe me. You will. The day you can put a rein on yourself, you only start to become a breakeven trader. And when your strategy are good, then you become profitable.
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Hi @thetrade1,
Sorry about the losses. Been there done that, was this your first live account? If yes, why would you trade with such a lot size? I know some might say 0.10 is a small lot size, but if it is your first time trading live I honestly think it’s a bit too much. Apart from that, I’m glad you realise that you shouldn’t open too many trades, as a rule I try not to add onto losers. This goes to say if you are stacking orders, wait for the market to move considerably and for your first order to be like 20-30 pips in profit before adding on another order.
I know many people have already asked you this, but what were your indications for a sell order on GBP/NZD?
Remember: Never add on to a loser, and never let a winner turn into a loser.
Goodluck, this is a learning curve.
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To be fair Gbp/nzd i got it from a signal but i dont look at it to be sure of the signal i trustee it lik the other Times but Those time i checked if it was going the right way. With this trade i didnt check that was 1 en 2 i bought to much of it. The other trades where al mine and i didnt folie my risk and management.
Sorry about the losses. This is 100% my nightmare, can’t even imagine how’s being for you.
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Stop day-trading. Trade long-term using the daily charts.
Stop chasing reversals. Follow trends.
Don’t fear trends. If price is in an uptrend, the most likely thing it will do next is rise: the least likely thing it will do next is form a downtrend.
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