I’ve blown my demo accounts several times and still there is no reasonable improvement. This is discouraging. It seems every entry I make is wrong.
So what are you going to do about it? There is no magic solution, and it’s time you analysed what happened on every trade, and what mistakes you made. And what excessive risks you took. Keep a daily journal.
Do you have a working strategy, and do you focus on that process for every trade? If not, why not?
Try this strategy against your trades: Four EMAs. 8-22-44-200. Change to Heikin Ashi candles. You buy above all the EMAs, and sell below all the EMAs only on trending candles as per the Daily chart and enter on the 4hr chart providing it’s in accord.
As an extra, roll down to the 15m chart to see if it aligns with the higher TFs. If not, wait until it does.
And that is your starter for ten. And believe me, it’s a whole new ballgame if you go live - like climbing Everest with a 50 kilo backpack… THERE IS NO SHORT CUT.
If you blew your account it would be most interesting and helpful to understand what strategy you were using.
Chin up ,you have not lost money yet.You have to have a strategy in place ,also practice as a professional trader as though the money real .if you disclose how you been trading you get some feedback
I trade breakouts. I enter when the breakout has retraced and put my stop loss at the broken level but the price still goes back up sometimes and touches the stop loss before continuing moving along the direction of the breakout.
Thanks a lot Steve
I trade breakouts. I enter when the breakout has retraced and put my stop loss at the broken level but the price still goes back up sometimes and touches the stop loss before continuing moving along the direction of the breakout. It’s just crazy
14 times and counting, Every time I learn something though.
I have been trading for 3 months in my demo account I never lose 10% in it.
I just have a good rick management
Thanks for your honesty
Break-outs are low probability trades and will often get you into counter-trend positions.
But do you mean break-outs from a range, or from some kind of chart pattern such as a triangle?
Just think you have paid tuition fee to trading school.
Please think about overtrading habits.
I trade very little a month.
Wait for the perfect setup. This, this will save you.
You should start a live trading.
Only game can teach you game.
Demo trading will never make you a pro trader.
Do it. Be brave and make something happen.
I meant break outs from a range. I find it difficult to spot triangles and wedges and other patterns except triple tops/bottoms, double tops/bottoms, heads and shoulders. So those patterns are out of the question for me.
Someone like me,
Understood. I agree on the difficulties with chart patterns, I never even make a note of them when looking for a set-up or managing a position. Chart patterns are the bread-and-butter of so many trading textbooks but take a look at Thomas Bulkowski’s painstaking work on chart patterns to find out how rubbish he thinks most of them really are.
The thing about the price of a pair is it establishes a behaviour because the major institutions have made a similar decision on what this or that currency is worth. They’re the smartest players in the game. Plus they’re not often wrong - they are so big that whatever prediction they make comes true, as when they buy they buy big, and that makes price rise. Price in a range will statistically more often continue in a range - it could form a new range a little higher or lower than previously but it features more false break-outs than actual range-terminations. Likewise price in a trend tends to statistically more often continue in that trend than to reverse it - it will feature more pull-backs and mid-trend consolidations than reversals.
These statistical truths can generate numerous high probability trades that are easy to spot as they arise in objectively identifiable patterns.
This is insightful. Thanks a lot Tommor
I’m gonna try this strategy too. And if it works I’ll repeat all over and over. Thanks for the strategy sir
Put the SL further then
I have blown +/- 10 accounts. Afterwards profitable.