Hi everyone , my basic background i have been trading for 4 years a friend introduced me to forex then i done the whole Baby Pips education( which by the way is the best thing since sliced bread every newbie should be directed there ) done some demo on and off and then thought I’m ready to go live my first live account lasted 9 months second one lasted 7 months 3rd one 4 month and my last one 1 week yeah that’s that’s right 1 week and all accounts were decent sized like $1000 if that’s decent anyway after that i said you know what I’m going to do demo properly from what I’ve learned over last 4 years .Guess what happened in the last 2 month’s since writing this post i have blown 5 demo accounts yes 5 all starting with $5000 and I’m saying what the HECK ! …All the accounts i tripled the amount in say a week then bang gone .I kind of have an idea what’s wrong i do my initial analysis on laptop but as i work during day i enter and exit using my mobile phone so maybe there’s an issue, SSSOOOOOO Guys and Ladies how many demo accounts can you go through or should you go through or as many as you like as long as you are learning ? right
Hello Gizmo, and welcome to BP! If you are blowing accounts they should definitely be demo, but the larger question is why. Can you tell us more about why you think the issue is related to managing trades with a mobile device?
Hi, if you have too little time to trade, you have two options to trade on the daily chart or trade with expert advisors. Trade requires preparation, and mobile platforms and rush deny it. Regards Greg
Hi enickma thanks for replying i do a lot of preparation ( analysis ) for trades the day before. I trade intraday only my first blown accounts were because of no Stop Loss which i have found out is a cardinal sin although some expert traders don’t use them .I have a strategy, algorithm
which i feel is good with just now but i still aspire to to learn ,thing is i work during London session opening to close so i can only enter with my mobile phone ( cell phone )
Hi professor thanks for replying ( and rush deny it ) don’t know what that means , mobile platforms you mean by my meaning of cellphone ?
Yes I was meaning cell phone. Basically your trading style is trading when you are ready not when market is ready. Make a plan and be patient.
Hi!
I hope that you are not trading like a gambler. Please excuse me if you are not! These people set high profits targets. They use everything they have regardless of how the market is behaving. They win several times, but just to lose everything in 1 or 2 trades. All hard work swept away. I think that you can do the following mostly the last one:
A) READ AND RE-READ IMPORTANT TRADING INFORMATION:
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Maybe, you need to read again only the important information from Babypips.com about how to calculate margin, prevent margin calls, avoid blowing up your account, etc.
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You must also read again about how leverage can affect you negatively.
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Read also about risk management: learn the most crucial parts of this.
B) PRACTICE THE MOST IMPORTANT INFORMATION:
- Focus on practising those important components of trading. For example, if the experienced traders say that you must use 0.01% of a position size t. It’s important to stick to that until you are conversant enough to trade successfully and consecutively. If you jump the gun, it has a way of shooting you in the leg. Even the famous Rayner Teo released a video, where he claims to have lost $100, 000.
C) SET GUIDING AND DISCIPLINARY RULES FOR YOURSELF:
- I think that this is the most important thing for a trader to do. It is not enough to simply read and practice. It’s equally important to set rules for yourself regarding how you would manage risks. Rules have helped several people stay out of trouble. For example, set a rule to help you avoid trading at ‘10%’ lot size even if the trade win is so sure. You can’t be so sure, since the trade does not wait for you.
D) FIND A MENTOR TO HELP YOU PUT ALL YOU HAVE LEARNT SO FAR INTO A SIMPLE WAY OF TRADING EFFECTIVELY.
All the best!
thanks for the reply no im not gambling but that has been a problem for me in the past can i ask how many demo accounts have you had since you started trading sorry if thats personal
Stick to demo and keep going. Dont make the mistake I did which was to run to live accounts. I blew a lot of money! And its stupidity. Why would you want to make your mistakes on real money? Make them on demo for as long as it takes.
hello,
i think you can do following things
- First thing you need to do is to trade in small lots size when you get comfortable with it increase the lot size steadily.
- open only 1 lot at a time most of the time when we are getting profit we get over confident and open more lots the problem is we don’t know when the trend will end or it was simply caused by a fakeout than we see a reversal taking place and end up having way more losses than our profit
- choose your strategy and test it at least 100 times when you do that stick to it.
- make it simple too many indicator will confuse you
- always use SL you can use 1.5/1 or 1.3/1 totally up to yo, in this way even if your strategy gives you 50% win rate you will still end up having some profits in the end.
- don’t try to catch the trend in the middle be patient don’t force a trade
- consider those demo account real don’t be careless if you end up in lose try to look what you did wrong.
hope this help good luck
That’s okay. I have had three demos so far. But I didn’t blow them up. I just didn’t like the brokers’ behaviours. That was why I kept changing them. Besides, I’m a fresher (intermediary) in trading. I started last year.
I say keep having fun with the demo accounts, i love to try different indicators and test them out. Just definitely pick one you like and work on it like crazy til you get consistent results (remember none of them work 100% of the time, so pick one that’s easy for you to follow)
There is a direct relationship between risk and reward. You made relatively high returns which imply that the odds of getting a large loss were also increased. It’s not about the way you analyse markets or make trading decisions but rather about managing risk.
Do you have a proper trading strategy?
Or are you using complete discretionary approach?
What style trading do you apply?
Have you taken any paid education?
Looks like it was random betting that’s why he had terrible results.
Can you share your strategy? What is your TP/SL strategy? Need more of an idea of what is actually going on with your trading.
Hi mate thanks for replying ,no it wasn’t random betting( aka ) gambling i do proper analysis but as i work full time i use my mobile platform …mobile phone to enter trades but from my experience it is very hard to do that because i like to look at the bigger picture before i enter it feels for me wrong on mobile because you may be right it feels like betting …i trade only short term intra day correct …i find myself always on the wrong side of the trade
Hi mate my strategy is mainly pivots ,some MAs and Mac D look for patterns look for resistance and support levels my tp is only 15-20 pips but i enter muliple trades on that position exiting a few in profit and then letting few run as they say ,just find myself jumping in when trains already left
What time frame do you trade on? Sounds like maybe 1HR or less?
I think this is possibly a big clue to your problem.
Your number of failed accounts suggests an affinity with the following definition:
“Madness = doing the same thing over and over again and expecting different results”
I am certainly not suggesting you are mad! 
But I would suggest you need to take a good look at what you are doing and make some radical changes.
I would guess that what is happening is that your method is trend-trading but on a short timeframe where the moves do not last very long. But when you enter from your mobile you are actually chasing the price and a significant part of the move has already gone. Not only that, but even if the move continues you are cutting your profits short on some positions and leaving the rest to “top-out” and ride the reversal all the way back again.
Like others have said, I would suggest you look at a minimum of 4-H timeframes and maybe daily charts.
I am really only guessing here as I only know what you have told us, but this is the impression that I am getting!