Seems like you don’t have a good Money Management System… what is your trading strategy? Then may be we can help…
[B]And please refrain from trading until you know the problem … you will likely lose those £700[/B]
I think there is a name for it ‘King Kong Syndrome’ rings a bell! You start making large profits and “This Forex thing is easy”… You start to think no matter what you do, you will come up smelling of roses, then the complete opposite!
You start loosing money and with no money management, a bad trade gets worse!
You are lucky that it was only a demo account and it wasn’t your hard earned money! But nevertheless you should exercise your trading strategy regardless of who’s money you are trading!
Did you have a strategy to start with?
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@pipgodwannabe, please read this thread… http://forums.babypips.com/newbie-island/39068-beginners-disaster.html… might help you since the OP (HomeofGolf) went thru a similar experience.
Back to basics, work out a workable trading system. get your risk management in order. be content with smaller profits. the big money will come ones your balance grows.
Not much left for me to say. All the words with “over” come to mind. Overconfidence, overtrading, overleverage, …
Never Ever let the feeling that you are special because you have figured out the market creep in.
It usually happens after one week of profitable trading.
If you have a week where you make 25% or more, then you know you are doing something wrong. Trading to make money takes patience and is actually pretty boring when done right. If you want excitement and/or significant gains in a short period of time, go to a casino. However, if you can accept that trading well is boring then you will dramatically increase your chances of success and may actually make it as the few who prosper.
yep money managment is key,
also, demo and live trading is compleatly different because there is no fear in loosing paper money,
my advise is start again with a micro acount and use money managment,
only risk maximum 2% of your acount at any one trade,
What killed you is not necessarily leverage. What killed you is Greed. Most traders don’t know how to use leverage properly, it’s a common problem to newbies.
Pigs get slaughtered, you should have took the TP and re-entered with 25% of TP taken…
Guys - detail, always check the detail, not much use offering advice to the OP over 7 years later 
This my first day back after an extremely long sabbatical (sabbatical from these forums anyway) and I almost fell into the trap of replying to this thread myself.
Sadly though: what’s posted here is every bit as relevant today as it was years ago!!! I’ve been at this off and on for at least the past ten years (probably a little more) and I can tell you that every now and then I manage to mess myself up for EXACTLY the same reason. It happened last year BIG TIME!!! AGAIN!!! Had MONTHS, if not over a year, of uninterrupted profitable trading. And simply because of that: got ahead of myself and got into a single trade that finished me off again effectively wiping out months and months of profits and hard work and late nights!!! Today is my first day back as noted!!! LOL!!!
Regards,
Dale.
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Hi Dale, good to see you back.
It happens to the best and we end up fighting the market, trying to force our opinion on it for whatever reason, either to win back, or more often to reach b/e or even because we know we are right and add to the loser.
Sometimes too we miss the detail - UK BBC Business headline this morning:
Shares hit by Trump tariff threat to China
Sure enough the S&P gapped down - but the detail - it was the Asian market reacting to Pres Trump tweet re China, truth was he was likely ratcheting the pressure as all good deal makers do.
Here was the detail:
White House economic adviser Larry Kudlow told Fox News that the president’s tweet was a warning.
Anyways, welcome back
Good morning.
Wow. Thanks for the message @Ananais. Lovely to hear from you after all this time. It has indeed been ages.
And thank you too @peterma for the message. Much appreciated. Thanks also for the insight. Fortunately and if nothing else I know exactly what it is that I do wrong every single time and without fail. Every single time I end up messing up the pattern is the same: start out (start over) and follow my trading system to the letter and this goes on for months and months and months on end no problem. By this stage I’m sitting on nice profits (almost always having more than doubled a trading account over a few months). Then one fine day I get into THE trade. THE trade starts going against me but now the logic is “well you’ve made all of this money so you can afford to lose a bit more than usual because you can always make it up again”. Trade continues against me so now I start watching Bloomberg (this being the BIGGEST mistake OF ALL in my case over the years). Not seeing what I WANT to see on Bloomberg so start looking on the Internet for ANY justification for my staying in the trade. To make matters worse: at the time my trading system is SCREAMING to get out of THE trade and stop and reverse direction!!! Eventually find the justification to stay in the trade (if you look hard enough you’ll always find the justification you need!!! LOL!!!). And then you hold. And hold some more. And so on and so forth. Until your pain threshold has been reached. Always the same thing with me i.e. this cycle has repeated itself around once per year for at least the last five years. It’s not my trading system (which is purely mechanical and a child could trade it) or ANYTHING else i.e. it’s just ME!!! And I’ve not bothered to look at some of my old threads but I will GUARANTEE that my old threads detail the exact same path (well admittedly after I’d learned how to manage risk EVENTUALLY back in those days anyway).
Anyways. I’m no longer officially in the job market so the stakes are high right now for me. But save for the above: at least I know I can do it i.e. were that not the case this is the LAST place I’d be right now given my current financial position.
Anyways. Nice to be back on the forums.
Regards,
Dale.
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Well, sorry for the loss to start with, but absolutely I must tell you the root of your problem isn’t inadequate knowledge, the problem lies in the fact that you are adequately knowledgeable in wrong thing…which is price action. Trading on price action is emotional trading recipe, and your account is bound to wiggle as the candle flunctuates. My advice is dump price action, start looking at Momentum and see how you can base your trading plans on it.
Maybe not shoot for the god wannabe at the bell and start with something a little more realistic like archangel, saint, seraphim or cherabim!!
yes.
exactly.
Demo with what you’re real balance will be - $700? - Take it seriously, Understand how much you are risking, understand what how many pips you can lose without making a “big dent” in your acct bal.
And practice, practice, practice. Put all your past trades up on the charts, ask yourself why you put them on and took them off. Whatever the reasons, do more of the winning trades and less of the lossing trades -
Less losing is more winning!! 
KC
Yes, you have said use Momentum a couple of times, as opposed to Price Action. I think you should say a bit more about Momentum and how you trade it.
He’s trying to get his post count up is all. I’m sure some links will be following by the morning.
And once again: you guys do realize that this thread is over seven years old (before it got resurrected) (and I fell into the same trap myself on this very thread thus adding to its being perpetuated).