Don’t really want to say a much. I blew my $30 account twice. Yes twice. I blew the first one after taking it to $200 in three weeks. I re-deposited and couldn’t even get it pass $50.
The reason I failed was simply because:
I refuse to accept my losses and used high lot sizes not related to my account. And I did not even demo trade up to a month.
I have decided to demo trade for six months before going back. And this time with a better capital.
Its be long I blew my account but didn’t post it.
Below are screenshots of my last trades and journal.
All views are highly welcomed.
I went through the same thing when I first started. Overtrading is an account killer smh. One thing I can suggest is to focus on like 1 or 2 pairs only, and only take trades that have high quality set ups. Also, use lot sizes that make sense and make you comfortable
this can be so hard to do! Sounds easy but the emotions/head games are strong! But think about what @Lang15 says… if you are right 1/2 the time and you can keep your losses small you have a bit of an edge and odds are a bit better that you will make $$$ over the long run!
Listen to the wise words of the “scruffy trader!!”
Mind game is the hardest part of trading , I have done this for 15 years including a former life prior to doing full time and took a long time to get my head round it , but once I dialled down the emotions and stopped thinking of money and just the process it became easier , I still have wobbles as only human but my wife is very good at pulling me back to earth ,
I didn’t use stop loss but I lost because of greed refusing to cut my loss. I don’t use stop losses, I close trade base on price action and its has been working for me. There was a time I tried the stop loss thing and it was even worst
what if price crashes out of nowhere like it does at times? But, I see what you’re saying. If you’re literally on the charts staring at the screen then you should know when price isn’t going your way and know when to exit early. I do that now. I’ll have a SL set, but if I see price isnt going my way or I see that its going to change direction I just close it early before it even hits my SL, so it makes sense to me. It still just seems a bit risky lol
to be honest, i do not agree with the stop loss thing, i think it s reckless to not use it, specially with spikes we ve been havin and geopolitical hazards, now even act of god etc… i understand the mentality about not using it, but what ur trying to achieve might be blown out of the water by a single bad news event, or a tweet etc. second, i do agree with u using bigger lot sizes, or how else are u able to grow a 30 bucks account? sure u can do 0.01 and grow it to 200 buck in a year or so…all that ofc with the prremise that u know what ur doing, and if ur taking fewer trades but those few are the high probability 1s, in my opinion it is ok to risk a bit more since ur also trading less. just my thoughts, i know people might disagree, but my experience so far led me to believe that it is possible.
cheers
I mean you’re right. It’s possible to grow a $30 account to a ridiculous amount, but that requires you to risk a lot more on your trades and use bigger lot size like you stated. It’s possible, but that’s not the most disciplined way to trade at all lol the best way is to risk small at first, and then gradually scale your way up to using bigger lot sizes
i do agree on some level, but if were talkin about small acounts, u can start to risk for example 5% and as the account grows u diminsh the risk%. that s for a small account ofc. atleast i see it that way, i guess it all depends on numerous factors, if that money is play money, or it s all that person can afford, etc. and i ain t talking to take a small account to a ridiculous number, just to grow it gradually. but still using microlots, it s insane, u can never do anything except gather experience. which is very good btw if down the road that person feels enough confident to add some more money in that account
I can understand that to a degree as stops are a good argue point as the rule book states keep tight as possible but in reality its death by a 1000 cuts due to noise. You should trade with a stop and your risk and position size should help in where to place as there is no magic pill like a fixed 10 pips sort of thing.
When I trade I have 2 stops a mental one where I reevaluate the trade and if the premises has changed I will kill the trade or manage it out and a hard stop that just kills the trade for me. It might hurt but lets me keep the account safe.
Risk & process are king rather than a profit goal as that part looks after itself.
