You need 100% gain to make back the $1500, which in and of itself is no small feat.
Go into demo, demo trade. Learn and study, it’s a hard and long process but it is worth it!
Patience is required; fear and greed need to be kept away. MT5 not letting you set stoplosses is mental. Always use stoploss, always allocate a max risk. That risk can be 10% if you really want; I do NOT advocate that. I advocate max of 2% (realistically 0.5% to 1%).
Have a structured and objective trading plan; your trades have no rhyme nor reason. You have 1 timeframe of analysis, and are buying strength and selling weakness.
Losing 50% of account in a month is mental.
Get out, clear your head, learn and demo, then go live. If you continue to trade live, then on your head be it.
focus on max. 4-5 minimally-correlated and highly liquid currency pairs (can include gold)
trade only with the trend on the higher timeframe
learn to draw support & resistance zones properly
focus on max. 3 patterns (e.g, pin bar, inside bar, engulfing pattern) for a few months
use only a max. of 2 indicators, preferably a couple of moving averages (e.g 10 & 20) and the ATR
record your processes and results in a trading journal
observe your wins and losses over at least 100 trades to determine what worked and what didn’t
inject a fixed percentage of capital from your salary (e.g 20%) every month into your trading account. You need money to trade
Continue learning and moving beyond chart and candlestick patterns; instead, learn how to read impulsive and corrective moves in price action.
I’m not one to persuade people to trade only the daily timeframe, because I believe your personality plays a huge part in the timeframe that you choose.
The Daily is much too slow for my liking while scalping is too fast for my brain to process, so I prefer the Hourly - enter a trade today, make (or lose) money by tomorrow. And I don’t even see the charts every hour, only several minutes in the morning, afternoon and evening each.
What people are usually mistaken about the hourly chart is that they think they need to observe it every hour. Usually no significant moves happen each and every hour, just every few hours.
I would advise backtesting your stratergy, which I hope you have. If this is not seen to be profitable, understand why and reevalulate your stratergy and back test again. Once you see a system that can be profitable no harm live trading at 0.01 lot.
Kindly go through the educational course here and come up with a working strategy. For example never get into a trade until you confirm what your indicators are telling you. Myself i use support and resistance, Moving averages (SMA), Bollinger bands and Ichimoku as my confirmation.
Oh wow, I didn’t expect so many replies here. Thank you all so much for your advice, I’ll keep them in mind.
Nowadays, I’ve been learning from baby pips and trying out some trades on my own , just one or two a day, using 0.01 lots. If it failed, I try to see what went wrong and how to avoid such failures in the future. If it succeeded , I’ll see if there are any indications that I can use to make that trade more profitable. Simple support and resistance seems to work best for me.
It was quite bold of you to start with the live account and with such huge balance in the initial stages. I feel that you should play around with the demo account for a while and practice as much as possible. It would give you an edge when you would start trading on the live account.
But I am sure that you would have learnt an important lesson in your life and you won’t repeat the same mistake ever. Demo trading is really important but I believe that more than a demo account, a micro account would have helped. You should have started small instead of invested such a big amount.
. Just don’t quit. Keep on learning. Try the school here.