The first response you got said it all. You re going to face further losses in the future. So, find a way to move past this one. If you can turn 250 to 600 with smaller lot sizes, you can do it again. So take 1% of 100 on your trades and start doing what you do best.
Go to no nonsense forex on youtube and watch every single video, have your eyes opened to the diffrent routes than those preached by the masses, you won’t regret it
Wow. Props to these young people for entering an industry that’s not gaming or just Instagram!
What’s your account at now?
Keep that chin up, shoulders back. Keep your head help high. You got this kiddo. I think we ALL are cheering you on. One foot in front of the other. You are already a CHAMPION !!!
Basically, you learned how probability and statistics work in trading. In a nutshell they start to work in the long run - i.e. in the series of trades. Same as a coin toss - you may get TTTTT in the first 5 tosses and win 5$ but in the long run expected value of your gain is zero. Without strict money management (I.e. risking no more than 1% of equity per trade, determining TP and SL beforehand according to acceptable risk) every trader is guaranteed to fail because, in 100 of trades you WILL get a trade that will be powerful enough to drive your equity to 0. Your trades should be always protected from unexpected and unlimited risk = trading without stop loss is a disaster.
Hi Eamen442,
Your an amazing 15 year old firstly, most people your age are too busy chasing down girls or glued to the playstations and xbox. I have nothing against it but your level of thought and your passion for progression is fantastic in this day and age. I understand that school can be hard, i worked in education for 10 years in the UK and it was not fun at all. All i can say to you is, do the baby pips course first, you will discover some of the errors you will be making. Take your time and please feel free to make mistakes, remember little darling, F.A.I.L stands for FIRST ATTEMPT IN LEARNING. I dont know you but all i can say is i am a mother and i am proud of you. Keep going stay focused and you will find your way.
PS: Open a demo account it allows you to make mistakes safely its the same as live account and you can go crazy here with making mistakes. Remember the more mistakes you make the faster you will learn what works and what does not.
Keep going your fantastic!
If you have already done the school of pipology here on BabyPiips, go to YouTube and check out No Nonsense FOREX. It is a long education, but it is free and worth all the time you can put into it.
Good luck!
Let’s get technical. Position sizing and risk management are your friend. Read up on those two ASAP. And use the tools available to you. Easy!
I totally second that… This kid has more than I do at 50. I still make some idiotic mistakes from time to time due to over-confidence in spite of all the years I have invested into Trading and making it my full-time job. I always try my best to use my head and not emotions but there are times even my head goes for a ride…
Keep it up Kid… My only advise is to not allow yourself to become over-confident as I sometimes do. And reduce your Lot-size to the minimum as in Micro Lots or 0.01 for now… Till your account rebuilds itself.
Here’s to winning more and more trade versus losing then but when you do lose, lose gracefully and minimally. The key is in very good Money Management.
All the best and may more and more success come your way sooner rather than later.
I’ve grown it about 10% so 50ish dollars
same advice i have already,
generally long time education make beginners lazy ,
for that i dont support any long educational course.
Your education level improves in the course of trading, there is no thing as education course in trading in the strict sense.Trading strategies become obsolete too quickly and start to yield negative results, to protect your equity from this adverse effect you have to limit risk while trying to upgrade your strategy to make it working again.
Yeah that’s really good! Although a side question for you, what do your parents think of you trading?