Feeling gutted right now. Using my demo account, on Monday I opened a short limit order on EUR/USD @ 1.2964 with a TP @ 1.2900 and a stop loss above 1.3100. It fell yesterday and I was feeling good…that was until I logged into my demo account to see that it had been stopped out!! It was well within my stop-loss, so I can only assume I forgot to change the time frame on the limit order and it stopped out early. This morning the price fell below 1.2900 so I would have hit my targeet easily and made 64 pips, which would have been my biggest yet
I know it’s only on a demo but it would have been a massive confidence boost
I guess if anything it shows that demo’s do work for learning from these stupid mistakes
Don’t worry. These things are very common and you have to bear. I even had the similar experience on my live account as well. So don’t give up and continue your trading journey.
I think this is not a big mistakes and you will see much bigger mistakes in future. The important thing is that you have spot your mistake which is good as far as learning is concerned.
Don’t worry, it is a sign of better things to come. IN order to enjoy the better things, you wold want to wrap it up with your demo and go live with a micro account. Practice what you’ve learnt for real and make some cool money
[QUOTE=“toddmeister;490139”]Using my demo account, on Monday I opened a short limit order on EUR/USD @ 1.2964 with a TP @ 1.2900 and a stop loss above 1.3100.[/QUOTE]
It’s a risky business having a TP that is smaller than your SL. You risked 136+ pips to win only 64. Your system would require you to win considerably more trades than you lose to be profitable.
It is possible to trade like this & maybe your system compensates for it but I thought that I’d point it out as it just jumped out at me when I read your post.
You’ll make many more mistakes along the way (or maybe not).
As for meself, I’ve made four dozen mistakes since I started last week and the best way I correct them is I note them down. I check to see what happened, what I might have missed and if my analysis was spot on. The goal is that before I go live (again), I know I can get wins more than losses.
You don’t need more wins than losses, you only need for what you have won to be greater than what you lost - so we’re talking risk/reward ratios. A 1:2 risk/reward would allow you to have 2 losing trades for every 1 winging trade & still break even so even a 35% success percentage would be profitable.
That said, if you have a good risk/reward ratio & more winners than losers then you could say hello to one of these eventually:
These mistakes happen, and they will happen on a live account too.
Once I opened an order in GBP/USD with 1.50 Lots, rather than 0.15 Lots. That mistake cost me $1,500 when I released the next day. Confidence boost… I think not!
