Hey dear….trust me, u haven’t failed as many times as I have.
I had a one year losing spree in forex.Anytime I feel I have gotten it right, then boom it’s all gone.
Why?…because I get over confident, then over leveraging comes in striving from impatience.
I also lost because I put pressure on myself to succeed in forex by putting hope in my profits as my ends meet.
After getting tired of losing, I took few weeks break and came back better……I don’t have those unnecessary urge to take trades randomly again(let’s face it-most times it’s not the strategy but the over-leveraging) , I’m always conscious of my leveraging cos MISMANAGEMENT OF FUND is the highest cos of failed trading.
I encourage you to come back with a better mindset and key in ur experiences from ur previous losses and the stage is urs🤗.
What? Just 3 times? You are having a laugh (English accent).
I have a property agent in the North East of England. Two brothers - one ex nuclear industry, the other ex armed forces. Their company is called NGU. It stands for “never give up”. There is a reason they have managed all our properties for the last ten years. They Never Give Up.
Next time you feel like you are the only one who fails repeatedly, listen to this on loop for about an hour. It will never get out of your system after that. I sometimes go on a long walk with this on loop.
I don’t think you should give up entirely but I’d suggest approaching things differently since it hasn’t worked so far. Consider your strategy and trading plan - did you use the same approach each time, or have you been trying different things out? How long did you trade on demo? I’d suggest spending more time doing researching and practicing on demo until you’re bringing in consistent profits. Once you go live, you could keep a trading journal and only risk a small amount so that you can limit your losses if things don’t go well.
I have failed in forex for 3 years. Then I started to see some changes. I have a profitable system, but I am still improving it.
How many times you should try depends solely on you. Check out the poll I made, thanks to @darthdimsky for the idea, to see what strategies you can try out.
In terms of deposit blow outs I think as much as you can afford, though keep deposits small so losing it won’t cause emotional tensions or heavy mood swings. Keeping emotional balance is essential thing for mistake-free trading and also keeping focus on your trading system instead of money gains.
The upside is that you have not failed to learn about yourself and how you react. Which means you’re miles ahead of every newbie on this forum. Perseverance is an essential part of eventual success, and boy does it feel good when you know you’re at the next level, which is being a competent trader.
While I spent a lifetime in financial services, dabbled in stocks and compliance, real estate, and then took up FX trading in April 2020 while in self isolation as a hobby, I have found it the most difficult challenge to overcome.
I moved out of demo, after eight months from being consistently successful into a live account - and boy, that was a whole new ball game where I struggled for another year. It’s taken me a full 12 months to at last understand my strengths and weaknesses, and at the beginning of this year it finally clicked into place.
I now know the probability of what trades would likely make profits, and how to manage them effectively. As for losing trades, I cut them quick. On NO account do I nurse a losing trade in the hope it might turn in my favour. There’s always another trade awaiting.
Another lesson learnt is that on any one day, every trade is just a single entity out of multitude of future trades (and past ones) so I can now just shrug my shoulders if the odd one or three go adrift from time to time.
And one winning trade if managed properly, could cover several losses - and this is my moving up to the next level as being a competent trader. Experience and emotional control are invaluable, so is protecting your account all the time and focusing on a set process day in and day out.
Just pick your self up, dust your self down, and do more of what works and less of what doesn’t.
This is because you are trading emotionally and you are trading without managing risk. You cannot have successful trading unless you are limited to these two.
And you think that having a pop 3 times at trading the markets with twice being done with no education or practice and third time with a small amount of time on demo is enough? People spend years at this learning and practicing. No shortcuts. Put the work in and stop rushing to use money.
How long is a piece of string? How many roads must a man walk down? The answer is as many times as you want to. Just make sure that you are demo trading until you get profitable for at least 6 months on the demo system before putting any real money into it. You will always win trades and you will always lose trades. the trick is to make more money than you lose and only trading on a demo system for at least 6 months will give you that answer.
It took me 4 years to understand my way around, became reasonably profitable after almost 6 years. So keep trying if you are really serious about being a trader
.All part of the learning curve
making small profits.