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
I am new as well. I have been trading and losing for over a year. However, this is what I have learned and expect. 1. Expect to lose about 50 to 60% of your trades. 2. With proper risk management, the 40/50% winners will be better than the losers. 3. Always use a Stop Loss. 3. Never move the Stop Loss. 4. Always use a Stop Loss no matter what. 5. Practice in Demo to learn your trading platform, your indicators, price action, chart pattern recognition for about 6 months. 6. Journal every trade and review them regularly, take screenshots. 7. Go into Live trading as soon as possible, maybe along with your Demo. However, use the SMALLEST lot size .01 for about a year or more. By doing this, hopefully, you will work out your emotions and learn to lose and that losing is ok and expected. 8. Journal every trade and review them. 9. It will take you about 3 to 5 years to become very consistent and profitable trader. In other words, NEVER GIVE UP!!! Keep studying and learning
I broke like 4-5 accounts.
Now i’m floating on the top. Low profits, but long run wins.
Ans you said that you want to be a succesful trader. How can you ask if you should give up?
Do you want to be succesful at trading or not?
this is not a fly by night skillset… this is something that will literally change your Life… Your must have a Consistent Successful Demo Account… before you can have a Successful Live Account - Keep Learning… its like learning a new language… Practice everyday til you know it Fluently…#MayTheForceBeWithYou