Started with 3000 now I'm at 1500

Firstly, get rid of the idea of ever “trying to get my money back”! You have to recognise that losing trades are an integral part of trading. What you are trading is not any product, it is probability. Probability is your product. And in order to make money you need to be in the market, but being in the “probability” market means there will be losses as well as gains. So the answer to this issue is money management, not trying to win back losses. In other words, your gains over time exceed your losses. This is the core principle in any business: Gross profits - gross expenses = Net profits. A business needs to manage its overheads to protect its net income. You need to do the same. Your losses are your main expense, and they will happen, and you must ensure they do not eat up all you profits.

Changing to 0.01 lots is very sensible. It allows you to set wider stops for the same stoploss value, gives you scope to build on positions, and provides the flexibility to scale in/out of moves. Then, as your consistency and confidence grow you can increase your position size accordingly.

I agree it is better to use higher TFs than you have been so far. But it is also sensible to check that the TFs you select are sufficiently far apart to be telling you something different. For example, will an hourly and 30min chart really be telling you basically the same thing? Perhaps a 4hr chart for S/R levels might work better with a 30m chart? Worth comparing various options with TFs.

If anything on your chart is not serving a purpose then take it off!

I have been thinking whether I should answer this part or not! I will state here first, as clearly as possible:
I DO NOT SUPPORT MA CROSSOVERS AS TRADING STRATEGIES IN ANY FORM.
What I am posting here about MAs is purely as an example how MAs can be used to add some structure to the price on your charts to help in identifying what is the current underlying trend (if any) and help in selecting areas where trade entries, targets and stops can be selected.

i have used the XAUUSD chart showing your same three trades that you presented above, shown in the orange rectangles. I think you can see two things here. 1) Your first two buys were clearly against the EMA band 2) Your sell was in the right direction but too far away from the EMA band and got caught by the bounce. A better short entry came about 2 hours later with a close back through that EMA band and still close to it (shown in the red circle). A sensible stoploss could then have been set above the recent swings at the red line (the points where you had earlier bought it! :slight_smile: )

This kind of triple EMA is good for keeping you in a trade and for entering after a compression - and avoiding entering at extremes too distant from the band. The basic idea is that the longest EMA is your baseline and identifies the direction or flatness. In this example, it is a 20-period EMA based on median prices. The other two reflect the momentum/strength of the move on whatever side of the baseline the price is moving. In this case these are an 8-period and 13-period EMAs (medians).

I don’t know if this is at all helpful to you, it is certainly NOT a trading strategy as such, but could form part of one if you find it helpful in putting some perspective into your entries/exits.

But you may find these lines only confuse and feel more confident with S/Rs and trendlines. This is whole point of trading strategies - you must develop what “speaks” to you personally. Do not cram too much on your chart, keep it simple, and always remember what each component of your chart set-up is meant to do!

Good luck with those gold nuggets! :slight_smile:

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Again, thanks very much for your insights. I’ll try my best to continue learning and hopefully become profitable in the near future.

Every profitable trader I know has at least 5 years of experience.

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Hmmmmm! After going training for over 6 months. I started with $100 and luckily made up to $500. I made my first withdraw from FBS. Since then, have been struggling until I blow up my account. Still struggling with discipline, when to go out of the market, and fear.

Most times I run out even before my trade appretiate

Oof. Have you figured out what you were doing wrong? :open_mouth:

You should have tested the demo first to check your trading strategy at least. Forex isn’t easy, it requires a lot of time, effort and discipline. Focus on your learning now and start it all fresh.

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Review your trading plan and see where you are going wrong.

Congratualtions on having the epiphany before the balance reached 0. Forex will always be there to humble us.

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it takes more than a year of demo trading to begin to even consider being a consistent profitable trader.

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You’re not an idiot, you just paid for a lesson… learn from it, and don’t set out to recover your balance back from the market as you will be revenge trading … instead, set out to increase the $1500 to as high as you can.

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I’m not going to offer any trading advice cuz I don’t know anything about anything. However, I do have a thought. A quote, actually, that I read right here on BP:

Good judgement comes from experience. Experience comes from bad judgement.

Work through the process, and as traders wiser than I have said, reduce your position size to give the process time to work. Best wishes.

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Someone already gave you the best answer but you just ignored it. I will say it again: "Get out of the live market and move to a demo account."

I mean very well when I’m telling you that. It’s obvious that you have no clue what you’re doing. You need to learn the basics and from there develop a strategy that you have back tested over a long period of time. Then you practice the strategy on demo and when you see it has a good probability, that is more losses than wins, then you proceed to a live account where you start with the smallest lot size possible and build your account from there.

That $3,000 did you no good. If your smallest lot size is $50, then play with that. That probably means that you would only need $100. It doesn’t matter if you have millions of dollars, if you cannot turn $100 into $1,000, you will blow up an account with ten million dollars easily, and judging from the rate at which you are blowing your account, very easily.

Make sure to pay attention to risk to reward. Never use a 1:1 ratio. Make sure your reward is at least 1.5 more than your risk. I say at least, because that ratio is dependent on instrument and time frame. There are some pairs where I cannot get more than 1.5, but since my strategy is sound, it’s okay. The idea behind this, is that even if your strategy is profitable only half of the time, you will still make money.

Follow sound money management principles, of which the chief one is: “Never risk more than 1% of your account on any one trade.” It’s a no brainer that you didn’t follow this rule, otherwise you would not have blown through your balance so fast. Now you learned the hard way why this rule exists. It’s about how much money you keep, not how much you make.

Another rule you should implement are maximum percentage losses for the day, week, and month. For example, if you lost 5% of your balance for the day, stop trading and go analyze why you had losses and practice for the remainder of the day. You should decide which percentages you’re comfortable with.

Next, quit following other people for entries, whether on YouTube, Instagram, Facebook groups, chatrooms and what not. If you don’t know why you entered the trade, you should not be in it.

You will keep bleeding your money unless you erase one number from your head. That number is 3000. Forget it. That number doesn’t exist to you anymore. Stop fighting and tilting again. Take days off from forex, even days off from reading and learning about it. Forex can’t run away from you and hide in a forest. It will be here for you with all the perfect setups when you come back calm. Then start learning, have a quality trade!

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You need to stop live trading and go on to a demo account. Also stop looking at ■■■■■■■ YouTube, monkey see, monkey does. I would recommend candle charts Acadamy, Steve Nison.

I like this quote a great deal, thank you for sharing.

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That’s unfortunate. You’re one of the rare ones that have lost money. About 85% to 95% of new traders double their account in 3 to 6 months. Don’t believe me? Just join my trading group and I’ll show you. It’s $5000/month but it’s worth it, if you’re doubling your account. Right? :ok_hand:

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Of course, I’m just having a little fun. I’m right there with you @Nuj. I have slowly dwindled a $2000 down to $1600 trying various strategies, so, I’m learning, too. As someone else said, keep your position size small (1% or less, probably 0.25% or 0.50% is best) while learning. Or, just stop and go completely demo. My preference is trade a small live account. That way, you learn the true emotions of handling losses (and wins!). All the best to you!

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take some time to demo

Lol Now let’s see how much hate mail you get from people who replied to that before the saw your next post.
:joy::joy::joy:

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Hei Nuj
First when you started trading you have to accept the fact that you are like a chicken among foxes. I assure you every body is after your money (that includes your broker as well). That being said I just want to tell you that trading is about part being informed and part guessing. It is about how investors feel about and where they move their money. Are they greedy and they want to take risk? when you bought EUR and sold JPY that is the statement you made- and from the screenshot you posted I see that is your only profitable trade. But when you buy gold and sell you are thinking investors are fearful and want to protect their wealth. You can not think both at the same time.In other words this is what traders call “bullish” or “Bearish” market.
And when you wre convicted about a trade- you have to be patient. Entering a trade which oppose each other and moving in and out of the market, with each PIP movement is a sure way of losing money.
Good luck next time.