Very true. What I do not understand is that people who claim to have no knowledge are trading to begin with. Take the time to learn how to trade before you place orders. Terrible advertising by bucket shops to blame?
I know that I made a mistake , but I am on this forum to discuss with you guys that what I did wrong so that I can have a understanding of that mistake and will not do the same mistake than , I want to know what common or basic mistake which I did … which proved to be blunder for me. you guys told me to go to school of pipsology and have knowledge I agree , but at the same time I also wants to learn from my mistake which I already did … so that I wont repeat it ever.
Its not that from starting I am making losses , I made profits as already mentioned in my previous posts , the startegy which I was following working for me , but than what I figured out the reason for my big losses is my big lots which I traded.
If anyone finds another reason for what I did , please try to explain me … This is what I expect from you guys.
Thanx again
Suy,
In my opinion you failed to use any form of stop loss. You also risked your whole fortune. It seems to me you are taking trades for the sake of just trading.
My number one rule is to obey my rules. Every trade has a stop loss. Every trade I risk no more than 2% of my capital. I don’t take a trade unless the odds are in my favor. If I see a trade is not going as planned, then I dump it (cut my losses early). If a trade is working, then I leave it the heck alone and let the profits run until I have reached my targets. My stop loss is managed properly. If I can’t follow my own rules, then all I am doing is gambling.
One: There’s no single formula for success in Fx trading except for one, experience, hands on learning, research, hard work, etc.
Two: I assume the screenshot is from a demo acc and not a live one? Either way, head over to babypips school and review the lessons listed there, practice and practice until you have consistent results, of the kind we traders prefer. Good luck