that quite interesting think alot of people blow up a few accounts early, due to size too big and not cutting their loses letting them run , 50 losing trades in row!!
sounds like your stops might have been too close or unsure of your profit/loss ratio , i dont have a set rule anymore specially as a day trader so i might just take a small profit aswell as letting the winners run
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sorry i did nt mean i would nt use a stop loss and know what the loss is at the stop .I meant when i first started i attempted the 2-1 ratio which can be a red herring i feel
Good point but no.
A large portion of those trades were impulse trades that I quit virtually as soon as I saw them go in the red .
I only recognised the stupidity of what I was doing after I had done it
So actually about half of them were not that big losses
A portion were shorting downside breaks that quicky reversed, which is where my aversion for shorting comes from
Only a small portion were what I would consider legitimate losses
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i guess its accepting the losses when you have more experience of the depth win / loss sequences
Having blown out my account three times I think I am beginning to understand forex trading far better than before. Using high leverage coupled with over trsding wrecked my accounts.
Now I am trying to understand my broker’s platform perfectly so as to place trades accurately.
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The biggest obstacle for every trader is the fear that he will not succeed, that he will lose his capital or that he will simply be disappointed in what he does. And although it sounds a little shallow, I think many people will understand me. Plus, add to that the everyday worries of market analysis and deal control, and we are under a lot of stress all the time. And here you just have to learn to give yourself time to take a break, otherwise you’re always feeling exhausted and tired.
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Traders often suffer from the fact that they cannot organize their work properly. You need to constantly analyze the market and find regularities, you need to understand what to do if everything went wrong, and believe me, it’s not easy and I think that each of us periodically can not achieve the necessary indicators for this reason.
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keep persevering even though you blown 3 accounts, i lost quite alot of money until i had only 500 left my account then ranged between £500-£1000 for quite a few months eventually it starting an upward curve form £500 to £20,000 plus .point is them 4 or 5 months of solid trading with the small account was so valuable
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Trade Entry and Exit . I think this comes most likely due to lack of confidence in someone’s strategy.Has happened to me for some time but I am continuosly back testing my strategy and slowly getting back on track.
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I agree. The negative experiences, however, must be viewed as lessons.
But if you can’t see the lesson, you’re only left with the negative emotions and nothing else.
Once you see the lesson, take a break and let the negative emotions dissipate. After that, you’ll have the lesson and a clear mind to administer it.
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Yes over confidence and winning large amounts of cash can have detrimental results too lol
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