I had a happy start this week winning a total of about 280pips straight taking (6 trades) on my live account, between Monday and Tuesday following my strategy, though with lot size 0.01. This got me really exited, I continued trading, increased number of trade per time with d same lot size.
But from Tuesday evening, things started getting wrong, I lost 16 trades consecutively, though with my usual stop loss of 1:3 risk to reward ratio. This has frustrated me so much that I now doubt my tardy system. I have practically lost all 280pips realized.
16 losers in a row, that is a good trick. Try flipping a coin, that should increase your odds greatly
But seriously, 16 Trades in one night, that is more trades then I take in 3 months.
Day trading for newbies is a sure way to go bust, take those pips you were willing to lose in those 16 trades and set that as your stop lose for one good trade, Stop day trading and think longer term, give yourself a chance to be right
Not one night… I mean from Tuesday evening to Wednesday. Though all the same I got your point. I guess I started trading every signal that looks like my trading system…
Woaaah! For me, 280 pips is already such a good win. I might have already closed my positions to secure those green pips. Although I know that the adrenaline could’ve motivated you to open more positions, I think that sometimes, it’s better to close the week with secured wins than continue trading and end up with losses. This is just my own opinion though! I hope you get through this and use this as a learning experience too.
I think 16 trades in one evening is not a safe way you can loose any trade even with successful trades you should stop after some trades . Here patience is necessary , Not trade for revenge not for more gains. In both cases you are playing in emotions . Only some can manage these emotions.
I also would want to look at those trades several days later and see if how many would have been profitable had a wider stop been used. You learn more about your trading system from you losers than from your winners
Trying to become rich within few months can be destructive and it is proven from the trading journeys of many forex traders. A forex trader must try to make realistic plans and he should employ sufficient time in his trading journey to make rational decisions overall.
yup, I always go back over all of my marked up charts/trades on Fridays and Saturdays, just to see what I could have done differently,then clear everything out by early Sunday to prep for the upcoming week
Whenever an urge to trade more than usual comes over you, don’t.
That changes your psychology and this changes your trading plan.
The question is, what will you put in your trading plan for these situations? Will you demo trade until you realize the futility of over trading your system? Will you back test newer strategies? Find what works for you that doesn’t hurt your account, and puts your head back straight.
Also :the day chart doesn’t behave the same as the 5m chart, so the same system on a lower time frame isn’t a good idea unless you have back tested and live tested it that way.
yea I’ve spoken to some traders that told me that when they first started, they would go LIVE after only about a month of studying, invest like $100 and lose it all shortly after. It makes no sense. Develop a strategy first and backtest it on demo before you even think of going LIVE
You are making too many trades per day. Discipline yourself to making one or two trades MAX. per day. I make only one trade per day. Win or lose, the markets will always be there.
Well, it’s alright. You are new and I can see that you really learned from the mistake. But if you dare to make another same mistake, then you’ll be in serious trouble. It’s good that you shared here, it helps other newbies. Don’t be shy to share another mistake as well, so that we can help with your issues. That’s what community is for.
What you’ve just described is the dark side of euphoria. I think most of us go through this at some stage in our trading journey; it’s just one of the many emotions that get the best of us and that we need to learn to overcome. Just as doubt and fear can cause us to make mistakes, the pleasant feelings that come with winning streaks can result in us becoming over-excited and overconfident about the next trades, and this causes to act rashly. Just keep reminding yourself that every trade is independent of the previous trades you’ve completed. Treat it as such. Control your excitement and stick to your rules.
i have never found at any guys who got success from Forex trading within very short time , if anyone try it of course he will be loser , success in Forex is a long term process.
I was thinking this was a good plan… Mainly because you deal with real emotions and $100 is something most can afford to lose? But you’re right, if one wants to be extra sure, backtesting first is a good route.
For me, 280 pips is already such a good win. I might have already closed my positions to secure those green pips. Although I know that the adrenaline could’ve motivated you to open more positions, I think that sometimes, it’s better to close the week with secured wins than continue trading and end up with losses. 
This is just my own opinion though! 