what did you do? what were you thinking and how long did you wait before trading again?
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Yes, in my early trading stages, I blew one of my live accounts, which challenged me to tighten up my risk exposure, and which helped me manage a live $200 account to reach $300.
My strategy and process was strictly followed for every trade. The only divergence was occasional lot size.
However after three years of trading I took a 6 month sabbatical, to refresh my mindset and to enjoy the challenege again.
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Since I’m still learning how to trade, I’m being cautious to reduce the chance of losing money on a live trading account.
Of course!
You have to blow accounts, training more on demo accounts will reduce the numbers but it wont make them 0. You have to blow accounts to become a trader, do not chase it
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Only the man who blew his 2 or 3 accounts and suffered pain of losing, and learnt important lessons from it can become a great professional.
All the important lessons are learnt in a very difficult way.
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Just learn and learn and learn. also I check and make a note of the history of my trades.
Yes, I am sort of addicted to demos check my trades on demos first.
do you remember how much that account was?
It was a CTI prop firm entry fee of £200 a couple of years ago. My strategy was still being developed, and I hadn’t the discipline and patience to protect my account.
Following that I opened a tiny $65 account as a challenge to not blow that, and after several months, I was still trading live, so I upped the account to $200 and seven months later I had reached $300 which I withdrawed.
After my sabbatical last December up until this month, I have invested £149 into LUX prop firm, and am running it stress free as there is no time limit.
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I think if someone blow an account , it is important to take some time to reflect , reevaluate the trading strategy , and work on improving the skills and knowledge before trading again.
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I blew $1 million in 2 days. (that’s how much my $100 was worth by the time).
yes i had and yes you had and yes everyone had
dont think it is just you we all blow accounts for mistakes that seem silly
also dont think you can be a good trader when you blow one account, it is not enough and there isnt no number for accounts you need to blow
try to learn mistakes and work more on demo i think can help you
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Yes, it is really useful to spend time analyzing and learning from past mistakes.