Hi I’m only 15 years old and I haven’t been school in the past year so sorry if my grammar sucks but anyways i started with GBP250 and I turned it all the way to GBP600 in a month with 0.10 lot size. So far everything was good but then on Friday i blew most of my money and now i’m with GBP100. It was a risky day to trades since it was NFP but i was always confident with myself but turns out market wasn’t on my side and i blew most of my balance. When i had 600 i only took a couple of losses so then when i traded on Friday i done a dumb mistake and risked 0.20 on all the trades i done because i thought i wouldn’t take a loss. So now what do i do? How do you lot manage your losses? What lot size should i use with that small balance? Can anyone give me tips on how to take losses any books? Also taking a loss for me is pretty hard because I’ve been suffering depression and anxiety for the past year which made me drop out of school so anything bad happens to me i pretty much get really emotional and it messes me up.
First off young person I want to commend you for taking the risk. Trust me if I was even half the risk taker you were at that age I’d be on some random beach sipping on mimosa daily. Now understand the biggest think in playing in the markets is understanding a lost and cut it and move on. Think of it like this you took $250 to the casino and you were winning round after round and then you hit the blackjack table and got one lost and in you trying to recoup your first lost you end up losing more. That is the markets itself it’s a devilish mistress. It adheres to no one rules and dictates the whole game. First off you should be trading 1% of your small balance because it only takes one bad trade for you to get wiped out (if you’re risking a lot which isn’t much with a small account to begin with). What you need to do is create a system of trading that you WILL ADHERE too. The most important thing is actually listening to the system (to keep you away from overtrading or enter trades you had no business entering). You have to be able to take this lost because trust me this won’t be your only lost in the markets more importantly. I’d say take a step back for a minute and reflect on yourself and your temperament. You know yourself the best so like I said you need to design a set of rules for yourself to adhere too.
It’s ok your young trust me I wish I was a risk taker at that age. If you can hone it in properly you can do great things. Just know you can do great things kid and always keep that in your mind when you feel at a lost. Your destined for greatness chap just keep grinding young man.
Please that’s not the end of life. Go back to the drawing board and review your mistakes. You are not the first nor the last. Know where you made mistakes and rectify. God bless.
I’m completely blown away. A 15 year old teenager has come a long way in a short period of time.
Whatever you were doing during the fantastic month, keep doing it. Adjust your lot size to .01 regardless, until ‘your’ next NFP. I’d personally do 90 days of microtrading until you know that you’re ok with the losses. The losses WILL come.
You’re gonna need a larger account. Unless you have a couple zeros behind your 250, you wont be able to support yourself. Do NOT fund this account until you learn to deal with loss.
That means normal loss. You will NOT bet ‘the farm’ on any trade. You must treat this as if it were a BIG business. This is your BIG business. I’d urge you to find a PT job or a source of income somewhere. This can be done, you have a gift at 15.
When time permits, soak up everything you can from BP. You’re at the right place. Try to find a good mentor. BP can teach you lot size and anything else you need to know.
Trading is 20% mechanics, you seem to have that WELL under control. Do not let anxiety get in the way of your dreams. The other 80% is in our heads. Get control of any emotions immediately. I use self talk and it works.
Losing trades is a portion of our work we all must deal with. Set yourself up to win in the end regardless… tell yourself "write this down"
I will stop trading for an hour or longer to find out exactly why the MARKET changed direction on me, causing me a losing trade. I will write down the reason and will review it at the end of my trading day. Tell yourself repeatedly, the market is never wrong. The market IS willing to let me back in because I stick to my rules every single time. I fully intend to become a FT professional trader for the rest of my life and I’m so grateful the market allows me to not only participate, but to win the vast majority of my trades.
If you do that for a month, you’ll feel much better about taking losses from time to time.
Respectfully,
Reno
its a very good message you have replied. should mark all past mistake , actually if we cant com out from past mistake , there is no way to reduce loss at all.
if you do same mistake again and again ,
honestly speaking ,
its not a mistake , its your choice and u like that very much.
you are doing something illegal
because you are not yet eighteen years old
so stop wasting your money
and go to the demo account until you reach eighteen years old
anybody advising this kid into continuing his illegal activity
will be an accomplice in that illegal activity
Ever heard of a custodial account ? The account is under my brothers name. You should be happy that I took this path at this age most 15 year olds are playing fortnite.
Please calm that negative way of thinking. There are obviously ways he can have an account he does have parents and older sibling as he stated. Instead encourage him on the right path because he’s already thinking differently from such a young age. These are the kind of kids that end up doing something great later in life. Just have faith and patience he’s young and still learning the laws of life itself. Don’t extinguish his hunger and urge to be financially free. Like I stated earlier I wish I had even a portion of his train of thought at that age.
Hi eamen,
Im very sorry to say this but my advice will go against all the above. I will not congratulate you nor recommend you trade a live account. There are a number of reasons for this:
You mentioned you have anxiety/ depression causing you to leave school. The truth is if you found school hard, trading will be too difficult for you to keep your emotions in check. In fact, you could be doing more harm to yourself as in school you can take on less work in trading the market doesnt care and will punish you severely for a lack in concentration.
The way you have been trading is hugely over-leveraged and too much risk for your account. My concern is you have not understood money management/ risk management and have already been trading a live account. You can read any book, watch any video or read any online page and the % risk is always risk 1-2% per trade. Did you know this but chose to not follow?
Despite the above, you can make a success of trading but not the way you’re going. You need to take time off and get back to trading education. Do the babypips course as a first step and only trade a demo account for now. Trading is great but just like being a doctor/lawyer/ footballer; you need to do the hard work first. Hope this all helped and I wish you the very best.
I didn’t explain it more but it wasn’t because of education I had problems with people in the school causing me to be scared to go. It’s been a year now and I’m better controlling my emotions with therapy and medication. Also Yes I knew but I followed it for a while but I got too greedy and messed up. I said I will stop and until may keep on learning and then get a part time job for myself so I can fund my account but I’ll trade with 0.01 lot size. I understand it takes a long time since I found about trading I always knew It take’s more then a couple of years of hard work to really see some good profit.
@anon84881086 despite the above positive and negative comments, I’m gonna act like I didn’t read most of it.
Stay live. You do not need a demo account. The purpose of a demo account is to learn to navigate the MT4 platform. Once you have that down, micro trade the live account. If you overdue your lots, YOU… know what’s gonna happen.
I’ve read countless books that warn about the NFP, holding a trade open during a weekend and a host of other warnings. Today, I trade the NFP. i always hold a trade over the weekend under MY criteria.
I personally would never risk 5% on any initial trade, however I know traders who do. There are also countless ways of adding to a winning position with zero risk.
Always remember ill eagle is noting more than a sick bird. No broker is going to fund a teenager.
Hang in there. the bottom line here is YOU decide what happens. I strongly urge you to again… avoid anything negative. There are lots of naysayers out there.
Finally, my two biggest streaks BOTH came during a major holiday. I rarely use a TP.
HAPPY TRADING
Reno .
I think you need to help yourself mentally and emotionally before taking trading any further I am myself a beginner but one thing I do no and have learned over past few months is that the financial markets a definite a way of becoming financially independent but from everything I’m learning and feeling myself when I’m trading it’s a mad emotional rollercoaster I think the big key to being successful is controlling our emotions and having the right mindset and last but not least putting a shitload of hard work in too it. Oo my grammar is terrible too 
can’t spell lol.
I think one the best things happened to you. You are lucky that you didn’t win in your early days of trading. Start paper trading and make some money using stop-loss boy. After 100 trades, look at your balance chart. If you see almost linear growth, go trade 0.01 lot (not more than that).
I would advise not trading and getting more education and demo practise first (atleast 6 months)
Educate yourself first. Make use of paper trading to understand yourself better.
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What type of trader are you?
a) Day trader or swing trader?
b) Trend follower, breakout trader or reversal trader? -
Are you looking for a system that has a high win rate but inferior risk to reward ratio (RRR)? Or are you looking for a system that allows your winners to run and each win is able to compensate for a few consecutive losses?
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Are you looking to replace your active income from your day job with trading? Or are you looking to build your wealth through trading?
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Every system has its drawdowns and down times. Are you patient enough to let your system prove itself even if you suffer 10 losses in a row (assuming you have done your back and forward testing)?
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Forex is not a get rich quick scheme.
Hope it helps.
Hey man I’m a 16 year old forex trader as well. I started out with about $500 USD and have slowly been growing it. I’m not the greatest at trading but I’ve put in tons and tons of hours into my trades and am slowly getting better. I was looking for another young person my age doing the same things I am and I am happy to have found you! Keep up the great work and if you ever want we could definitely combine our brains in the trading world😂
you are gifted i might say. first of all, avoid trade when you feel sad or angry or desperate. 2nd, you should lower your lot size eg 0.01 and mark all mistake your have done, the process will take time for you to sharpen your skill and knowledge. 3rd, follow your own sop, which is design by you yourself. More Discipline if you follow your sop, you might alter the sop after some time. 4th, pray.
greed is a horrable thing always remember that trading is not a get rich quick scheme stick to your trading plan and always remember to check the economic news on a daily biasis before you enter a trade high impact news will move the market so dont trade the pairs with high impact news trade other pairs that are not affected stick to trading 0.10 untill you feel conftable with being able to manage the stress of losses we all lose but the the idea is lose tades but come back if you let the loses affect you you will take trades without sticking to your plan if you lose stop trading for the day and come back the next day all fresh also go over your trade to see where you went wrong most of the time you can see where you went wrong when you look over your trade with a fresh head
good luck hope this has helped you