I thought I was ready but I blew my account.
So I’m here to learn and start again
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Treat blowing an account as a step forward. List your mistakes, and identify what went wrong. It’s mostly from these:
A lack of emotional control over risk and money management, overtrading, revenge trading, and gambling.
Also, IMO, I would recommend you consider to aim for an account size of a minimum $500 which allows breathing space to recover from consecutive losing trades, which is the norm for every trader on the planet. Otherwise, it’s damn difficult.
Risk 1% of your capital on each trade. Keep to a maximum 5% per day. Cut losses quick, do not nurse them in the hope they’ll reverse back in your favour. Instead focus on your winning tades, and allow them to prosper by using a trailing S/L. That’s where your profits will be found.
And another tip: try a platform strategy which means opening a trade with a small lot size of 0.01 - 0.02 which will cost you little if the trade turns out to be a loser, but if it begins to prosper add to your positions until you reach your normal lot size, which on a $500 account should be no higher than 0.06.
Best of luck…
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Brother, there is no end to trading education. The more you learn, the more knowledge you will have. And if you create knowledge, you can make a consistent profit.
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It is common to lose on the firs attempt.
Good to see you’re not giving up just yet! Good luck!!!