Hi guys, need your help…
I opened a live account last Tuesday, and so far i´m 25% down. I´ve been trading only Eur/Usd. What should I do know?. I know is also my fault because I didnt follow all my trading rules, so I screw it up.
I´m not scared because i know losses are part of trading, but i had no idea that real trading would be so different than demo trading.
What would you recommend me to do?
Thanks! 
Either
or
I would read THIS THREAD. I reread it myself today. It may change your perspective.
read the forex news on dailyfx.com and as much other economic news you can find for a couple of hours each day before you start trading so you can have a good idea how the trend will run for the day if you had done this you would have known the dollar was set to rise against the Euro all last week.
Also I agree with DodgeV83 reduce your lot size drastically to reduce your risk while your still having problems thats what I would do anyway.
But most of all STOP trading, don’t worry, I lost 50% in one day on one ‘go live’ attempt.
At worst you should not be more than 10% down, so I think you need to have a serious think about your approach.
Don’t get disheartened, but you may find it better to take two steps back now, and have a good think about your approach.
Do your rules work in demo mode? yes? Then the answer is easy. Follow your rules. Don’t deviate from them. At all.
Not necessarily. It depends on market conditions. If his demo strategy worked well in a ranging market, he would have been crushed this week in the highly trending market.
I’ve seen a strategy give 1000 pips one month (trending), then -500 the next month (ranging).
Advice:
[ul]
[li]Be sure to backtest your demo strategy through all market conditions.
[/li][li]Every trader inevitably has a streak of bad trades. Don’t leverage yourself so much that your streak leaves you down 25%.
[/li][/ul]
He said he know what he did wrong. Said he didn’t follow his rules. So that implies that if he had followed his rules then he wouldn’t be down 25%. Can only go by what he said.
True ranging and trending require different approaches.
Point is, if you have rules that work then you can’t let live trading cause you to stop following those rules and get crazy. You have to be disciplined.
Well i guess you didnt go short on the EUR/USD then, otherwise you would have started a thread called " I´m upp 100% in my first week ":D.
Seriously though, i feel for you, live is another world entirely. Since trading live, i like to call myself a GREAT GREAT ANALYST ( had shorts and longs on eur/usd usd/chf respectively, good spoot on the gbp/usd aswell), and a bad TRADER, selling my positions too early ( 47 p & 5…:(, not taking the gbp trade etc ).
My only consolation i can offer is that you hopefully will stick to your plan, ill post a url dont know if its ok?, anyways --> Time Tested Classic Trading Rules for the Modern Trader to Live By, by Linda Raschke @ Forex Factory . When you have broken each number 20 times, 10 for demo and 10 for live, then you are a trader:D!
Trading is hard, and breaking your rules makes it harder:D! Just hang in there, you are not alone.
While your previous post may be correct, it relies on an assumption that he knows what he’s doing. A dangerous assumption, considering he is down 25% after just opening the account last Tuesday.
Consider the following:
[ul]
[li]The opening of his account just happened to coincide with a dramatic change in market conditions.
[/li]
[li]To be down 25% so early indicates he is over leveraged.
[/li]
[li]We do not know what his mistakes were, only that he didn’t follow his rules.
[/li]
[li]He commented on how different it is to trade live than demo, indicating a possible emotional factor.
[/li]
[/ul]
As you can see, there are many reasons why his strategy might have been working fine for him in demo, only to blow up on him since going live. Considering all of the above and the fact that we are in a newbie forum, we cannot assume he has the ability to determine if his demo strategy does indeed work.
Because of this, we must be cautious when telling him to not deviate from his demo strategy at all, especially during these variable market conditions, without providing some additional information. For all we know his strategy involves extremely high leverage, only works during ranging markets and he considers his mistake to be an issue with his Stop Loss. Would we really be doing him justice by advising he continue using his possibly flawed strategy, simply because he says it works?
While it is possible his demo strategy would have been profitable absent his mistakes (which likely deal with the emotional difference between demo and live trading), the answer might not necessarily that easy.
Why didn’t you follow your rules?
I’ll have to agree with you. Don’t know what the rules are or anything really.
The first thing you need to do is set limits on daily, weekly and monthly losses and then stick to them.
I miss important info here. WHY 25% down exactly? 95% (the club) is down all the way until 100% loss. No news here. Just standard. 
my apologies but what is going to be achieved by setting daily losses targets?
I’m with you. Never understood the whole mental positive of stopping for a month because you lost your monthly limit.
It’s never helped my golf score to stop after 72 strokes over 13 holes…
If you have a tough day, hit the demo again to finish out the day, and get some positive thoughts going.
And if your rules produce positive results in demo, STICK TO THEM!!!
I agree with the golf analogy and think it is strong for this type of game. Practise, Practise, Practise, Practise, Practise…
How many times does a tennis player practise his serve? MILLIONS.
Hi guys,
thank you all for the advices!
To be more specific, this where the rules I broke:
I´m not over leveraged, I only risk 2% in each trade, the problem was that I couldn´t stop trading after my first loss, I thought I could get my money back and I ended 25% down 
I have a question: what happened to the Eur/usd last week??? I went down and down. why?
Thanks!
Because the sellers put more euros on the market than the buyers would buy?
More specific: The euro is under fire because of the southern countries (Greece, …) and it is not really backed up by anything but promises. People start, after the first hype, to recognize this now. I guess.
Well, there is always this spectacular debate about the debt. Comparing debt of the US to debt of Europe. But that’s only to cover the problems and it doesn’t put into the pot the much more real value what is behind the US economy. The US economy is a proven one for decades. One big market. The European markets are still divided. Almost no consumer in Europe really buys from another country there, say a German customer from a Spanish dealer as a Texan buys stuff from NY. The reasons are the different languages and there is no unified economy. Worst of all, Europe is way stronger heading socialism than the US under Obama. The euro was a hype and this hype is over now. People switched from loving the euro to hating the euro, I guess. Watch for a retrace and what happens afterward.
Though, only opinions. But I guess I have a good overlook over both economies, as I stay here and there then and now. 
Revenge trading - don’t do it. But there is one thing what comes before that: A not good outlined trade. If you have a good planned trade, even a loss is acceptable.
Ahhh, I remember it well, trading compulsion overrules, I keep ranting on about this in forums but it worked for me - NLP tapping technique, it’s stupid it’s silly but it works.