hello all
inspired of another thread that turned into confessions on how bad peoples first live acount went i thought i would start a thread dedicated to this subject
i have been demoing for a while now and planed on making my first deposit in a few days
so lets all in complete anonymity share the result of our first live acount i promise i will write back when my acount is blown to
have a nice day all
Started live trading in 2006. Blew account within first 2 weeks of trading. Only one culprit-did not use to use a s/l. That was the first and the last 
M first live account took about 4 months to blow. And even then it wasn’t completely blown. I started with $1000, took it down to $600, then opened a “side” account to trade another method with $500, then combined the two accounts when I decided I should focus on one method. Then I drained that down to the $500 it’s at now. SO, I burned through the first $1000, but I never got to see what a margin call feels like, and I never got to see what a 5 dollar account looks like.
I owe the losses to revenge trading and overtrading in general, not to a bad method. I would open quick reverse trades after a loss and then think immediately “WHY DID I DO THAT!?”. Still working on mastering my emotions. I blame nothing but myself for the account drainage.
This is a duplicate of my post in the other thread. Figured I would post here, in the relevant thread. I did change one spot to clarify my position on the EA, as Trav pointed out.
My name is Dale, and I blew up my first account…
It was not over a few days, or a single trade as it took about 2 months for it to happen.
Here are my main reasons for my account having these issue
[ul]
[li]The initial losses were the fault of an EA that I programmed that did not take into account changing market conditions. I became confident in the EA’s after 4 months of back testing and two months of forward demo testing showed good results.[/li][li]Over trading. Look how many trades in less than two months.[/li][li]Letting losers run.[/li][li]Sometimes trading just to trade, point and click type of trading.[/li][li]Over leveraging, my lots sizes were to big.[/li][li]Going for the big win.[/li][/ul]
I am currently back in demo now and working on a method that allows me to trade less, with less risk, yet still have a respectable account growth.
I do believe that trading a small account at first is very important, and will start with another small account until I feel confident enough in my psychology to invest more capital in myself.
I started out in forex using traditional stock trading methods and a host of indicators.
I did make some wins but I made loss after loss.
I did not wreck my account - I have too much money, but like anyone else, I was fed up with the continuing losses.
From my early learning stockmarket days, I remembered candlestick trading but paid no attention to it.
The circumstance of umpteen losses brought back to my memory the method of candlestick trading.
I now examined this method in detail and tried it on my demo.
To my utter amazement I was suddenly making profits.
I continued researching the candlestick method and adopted it as my trading strategy.
[B]I have never looked back. [/B] 
opened a micro account and got a free $25, deposited $100 of my own money. My 500 pip/week success in demo account didnt transfer over.
Down to $10 and will probably blow.
No stop losses, revenge trading, getting greedy and trading multiple lots, not checking S+R for past periods. You name it, I did it.
I’m glad there are others in the same boat as me though.
