For traders who have successfully recovered from a blown-up account, whether it was a demo or live account, what advice would you offer to those currently facing a similar situation in their trading journey?
This one might help:
Education, education, education. Do not even start without a strategy and a plan. Spend a lot of time on BabyPips School of Pipsology. I can’t think of a better start. And do demo trading as you learn. Nothing to lose everything to gain.
Education and demo trading are good way to start, but only live trading can teach a person about forex trading.
I think a good start is not about knowledge and demo trading.
A very good start is a burning desire to be one of the best traders of the world.
And also a very good start is blowing one or two accounts, so the beginners understand the importance of trading plan and money management.
Only game teaches the game.
If you have a desire of being one of the best forex traders of the world, then go ahead.
Money is not enough to motivate a person from long series of losing and mental stress.
Have a great desire and try to understand how forex traders are thinking.
Forex traders think differently when they are dealing with loss, profit, win, lose, work and so on.
Ask them, or read their book.
And understand them.
Studying forex trading, only help beginners 10-20% I think.
Experience, understanding famous forex traders thinking methods, it really helps.
Education. Take the time to understand what went wrong, from your risky moves to emotional reactions. Focus on risk management, like setting stop-loss orders and sizing your positions smartly.
Thanks for sharing that link! I’ll definitely give it a read.
Appreciate the advice! Thanks!
Thanks for sharing your perspective! I’ve also heard from other traders that live trading is where you really test your knowledge and learn the ropes of trading.