Hi, I’m new here and new to forex live trading (I’ve just started last Tuesday, so it’s only been a week)
but I’m not new to forex itself because I have been studying forex for more than 6 months but never tried a demo account
To admit it I rushed in and skipped in trying a demo account
So I’ve deposited a $200 account into my broker, this is risk capital or amount I’m willing to lose
Thinking that I can earn even only from being a part time trader and be profitable in the long run
It started by trading microlots of .01
but I went into a losing streak with 7 out of 10 of my trades are losing
then I underwent a revenge trading mentality
I lost my focus including my risk management and traded higher lots up to .05 just to recoup what I have lost
and the biggest mistake I’ve made is to trade gold and silver with the mentality that it will always rise in value
so I hold off a long position in both gold and silver without a SL and TP thinking that it will eventually rise
my mind blew up when I had a margin call on silver and I had to sell my long position on gold before the margin call also comes in (which is already close)
After a week, that experience made me have only $20 left on my account, and I’ve thought whether to give it up forever because it’s too much risk on my part and I only wanted additional income on my part
Even if I accepted it’s risk capital, the lost amount still hurt me
There’s that thought in my mind that I don’t want to do this anymore, I mean I’ve experienced it already, I don’t want to see my money losing to the unexpected market (going up this hour but going down the next) anymore and do something less risky but more profitable in the long run
Over the weekends, I’ve thought it out, and being quite stubborn and not like to give up
I’ve decided to try a demo now and back on the drawing board, Including going back to the school of pipsology but that thought of risking money in an unexpected market still bugs me
Thanks for hearing my story, Any opinions of yours is most welcome
Hi newtrader.
Your among very many people who have followed that road. I’m fairly new myself. Been on the mission since Feb. But, what separates me from you is, amongst all my research and practicing, I realize how much you need to know before you dive in on the live account. There is really so much we need to know. And even yet, to have so much of a plan in place before we can become successful. Profitable. We need a detailed trading plan, detailed trading strategy or two, money management system in place, and a track record of previous trades. Basically, what I’m doing is trying to prove to myself, by looking at a track record, if I’m able to sustain some consistency. Then, and only then, will I take the jump. I hope to go live come Jan.
And then after that, I hope to make enough money in 2 yrs to start up my own trading business. So, what I hope you can get out of me is that it is going to take a lot of time to become successful. You should realize how difficult it is to be consistent by now. And how about this…read up on all those who have made it. They have figured it out. It is possible. Bottom line is that we need to get smart about how this game is played. Becoming smart just takes a lot of work.
Thanks for listening.
As for me, I have so much of a PASSION to becoming successful at this. Maybe that’s what is gonna take me there. I know without a doubt I WILL get there. However long it takes.
Mike
First - you have done right to teak a break and restart with demo,
Second - forex always (like other investments) is [B][I][U]R[/U][/I][/B]/R, the first R stays for “Risk taking”.
If you want to have a bit more, you have to risk a bit more. The only thing
against being hurt is to protect your capital by a solid money management strategy.
You mentioned a lot of the mistakes, you should avoid with trading.
A demo will help you experiencing and practising the right attitude.
Also you should have a working strategy.
Even as a professional trader you won’t lose anxiety, but this is a normal human
behavior and it’s a good one, which will preserve you from making horrible mistakes.