I’m one of those idiots who went straight into real trading without trying out the demo. It took me just a month to reduce my balance by half.
Now I finally realised my idiocy and I’m here now to learn as much as I can and hopefully, recover my balance back to 3000.
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Well if you were an idiot before then you must cease being an idiot - and forget live trading for now
And forget all thoughts of making back what was lost, it will only hasten the demise.
Take time out, and do the learning required - and you are not the only idiot - I did exactly the same - lol
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Try not to think about “getting it back”.
I’m in the same situation, but thinking that way will land you in revenge trading. You just have to carry on as normal.
And losing that money is a great opportunity to continue learning. You can go back to demo for a few weeks and see how you do.
After that, you can trade 0.01 lots. It’s real money, but very small amounts.
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It is a process. Focus less on revenge trading. Take some time to think about why you lost and what you can do to change it. Loss is inevitable, so get a system that works better. Less loss, more wins
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Get some brake from trading and think about why you are losing your money fast. Start thinking where you are making mistakes and try to avoid repeating these mistakes in your next trade and make good plan and strategy and hold them to trade successfully.
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You’re not an idiot. I’d argue there’s a high probability that the amount of learning from this experience compressed into x amount of weeks is equal to months and months of demo trading and reading crap online.
That 1500 was one of many tuition payments you’re going to need to make over the lifetime of your trading career. Mistakes never go away, they just become less frequent.
You’re ahead of the game. Stop trading for a few days to reset. Get back into live trading but reduce down to the absolute smallest position size. It’s not about hitting home runs with every swing. It’s about compounding singles over time. Trade small and trade often and you will be ahead of 80% of the fools out there. Don’t go back to demo, that’d be taking 6 steps backward.
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i know it is easy to say but difficult to implement. but do not think about recovery. just learn and keep going with the flow
Thanks for all the advice guys. I tried trading again today and lost even more money. I really need to stop bleeding money.
For now, I’m gonna stop trading for a bit, finish the educational contents on this website and lastly, I’m gonna change my broker to one that allows 0.01 lot size.
Here’s hoping for profitable trades to come.
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Takes time and lots of research before going live
Again, wrong mindset. And one that will see you blow your account, IMO. For all the learning you’ve done, until you realise FX trading successfully is all about NOT LOSING MONEY. Which entails both low risk and low lot size for every trade.
That takes discipline and patience. Which you clearly don’t possess right now, because you’re gambling not trading. And, unfortunately, even a $1,500 account will not bring you financial freedom for decades, because it’s a slow grind to be consistently profitable.
That’s the reality, not the social media siren, which invites newbies to lose their capital. Apologies for being blunt, but I want you to make the grade once you know yourself inside out.
best of luck.
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buy EURUSD 0.1 lot at 1.20
sl at 1.167 and go have fun
or
buy Gold at 1775.77
sl 1676.576692 and go have fun or do some learning about how money makers manipulate price
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Pointless just coming here and saying how much money you lost. No one can help you unless you give more detail about what you have been doing that caused these consistent losses.
What products are you trading?, how many? what position size? what timeframes? what target/stoplosses are you applying?
I could guess you are trading short-term charts (if any) like 5min and with tight stops that just keep getting hit - even when you get the direction right.
Trading is not about just getting the direction right.
If you really want advice then tell us what you have been doing - in detail.
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Screenshots help, too.
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@dushimes
Alright so here are my trades for yesterday. I also attached some tradingview charts and my logic along with it.
The first three trades were my own. The fourth trade was when I was watching Raja Banks from wicks don’t lie on Youtube. The fifth was also during the livestream but that was a FOMO entry, Raja didn’t enter but I did, stupid mistake that one. The last one was a miss clicked entry and I closed it immediately.
Please tell me where did I go wrong cause I really wanna get better at this.
These points come to mind:
I think your position size is too big for your stage in your learning. When you are consistently losing then keep the positions small and then increase them once you have turned the tide.
I think you may do better to follow the hourly chart as your lowest TF for gold. As you can see on your charts the candles on lower TFs like 15min can often bounce in contrary directions with no meaning at all.
Following on from the above your trades are entering the candles at their extreme and anticipating them following through in the same direction, only to see them reversing on you. Basically, you are losing money in a market that is actually going nowhere at the time.
Having said that, this has been a very quiet and directionless week in XAUUSD. I think your three trades can all be justified in terms of the current direction. If you look at them on an hourly chart, the first two trades bought into the low edge of a minor upmove and could have easily seen a nice follow-though. But the market was not very active and we reversed back again. The third trade was a sell and could be justified by the break of that same upmove. And, in fact, would have earned a profit if your stop had been further away. The price rose and retested the bottom of that upmove channel before turning down again, this is not uncommon.
I don’t understand the purpose of your 15 EMA, it does not seem to enter into your entry strategy. Maybe a better MA could be selected if you want one?
I don’t think the concepts of “resistance” and “support” have any real meaning on 15min charts, especially not with a commodity like Gold that can shift very quickly when something prompts it.
So, all in all, I think the way you are using candles and S/R based on short term charts like 30/15 min is not suitable for gold (or much else either come to that).
This is naturally, only my thoughts and I put them here only to give you some things to at least think about. You may think entirely differently and that is totally OK, of course. There clearly is a problem here and I think the best way is to throw ideas into the ring and kick them around and see if any of them hit the spot. 
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I did the same thing when I started the journey))
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Thanks for your insights. I was trying to get my money back quickly and used 0.2 lots to achieve that and ended up losing money even faster. The minimum allowed by my broker is 0.1 and maybe even that is too much for my balance. I’m planning to move to XM since they allow 0.01 minimum lot size.
As for the short term charts, I think I will start using the higher time frames to set up my support and resistance and the hourly or maybe 30 minutes to decide my entry.
About the moving averages… I’ve actually forgotten as tho why I chose them. Do you have any recommendations for moving averages?