Hey sorry to hear that. My first year I lost money. It’s probably safe to say most new traders lose their first year and by that time that’s when most give up. It’s not as easy as many think and can be emotionally stressful. I don’t think i became profitable until maybe late into my 2nd year early 3rd. That was many many hours and days of training and study.
The first 10k I lost I made all back my 3rd year, this was like 8 or 9 years ago, when interest rates were still high for the USD, I was doing carry trades and just banking money from interest daily. It was a messily daily profit from carry trading, but it helped me recoup the 10k of losses. Of course today with the crap rates, that strategy won’t work. I can tell you though I became profitable when i focused on my money management system/leverage first, then entry and signals . In that order. Even with a 5k account. I would trade microlots no bigger than 3000 units, which is less than 1 mini lot at 50:1 leverage In some months I could gain near 1k that’s +20% with a drawdown of less than 7% Now some may punt for more, but for me I’d be happy with 5-10%/month thrilled with 20% Remember you could always scale the size up, that’s easy, you can’t scale anything up if you can’t be profitable with a small account or blow an account completely. So scale down and stay in the game. If you have huge drawdowns. Learn about “expectancy” You should know what your expectancy is before you trade. Your trading system should have a positive expectancy, or else long term it probably won’t be profitable. If your system has a positive expectancy and you’re still losing, your money and trade management is off, somethings off and you have check under the hood and fix that.
So my message is, don’t give up totally, this is an awesome market. I’ve traded options and it can suck with all the commission cost. At least Forex the costs are low. Scale down your positions. Safety and risk management first and foremost. In my other posts somewhere I think from last year I posted my live statement from my micro account, It’s not to show I know everything or my system makes money all of the time. What I wanted to show was you could make money trading small, and when trades went against you, you didn’t have to sweat bullets with huge drawdowns. Check my posts or website and you’ll prob find it.
Doesn’t matter how long you been trading, you’ll take losses At that point it’s a mind game. Babypips is a superb name for a site. Babypips and betting small does not mean small profits, but betting BIG and losing can mean BIG losses, that I can assure you. Sorry again to hear what happened. Keep the faith.