When to stop?

Beginner Questions
1

I’m a new trader on the FX market and have found it a very lucrative way of earning a bit of cash and lately I’ve just been burning my acc. I’d invest 200, gain 300 and lose it all in a matter of minutes because I make foolish long term assumptions that “no it will go back down” and keep going on with this mentality till my account no longer has the sufficient margins to hold the position.

This has happened 3 times so in total I’ve lost 600…I’m pretty annoyed because I know I can make relatively informed decisions but theres always a part of me that either gets too greedy or doesnt know when to stop for the fear of closing out a negative position…

What’s even more embarrassing is that I’m studying this in uni and I’m already failing at it.

Any advice for someone as stupid as me?

2

The only thing worse than trading with no knowledge, is trading with a little knowledge. Having said that, I’m sure if you looked at the thousands of traders you would find traders that some never went through with this, but in reality almost everyone who’s ever traded went through the OMG strategy. (OMG strategy is . . .Oh MY God it has to turn around, it just has to :51:)

First of all the market goes up, down and sideways, but not because somebody prays, wishes, yells or stomps their feet. So in order for you to make money long term, you have to analyze where the market is, why it’s there, and based on the balance of probabilities where it possibly might go. But that’s not all: not even the most experienced, best retail traders in the world get it right all the time, so to protect yourself you need to have a stop loss that minimizes risk in case you’re wrong. You do need an inordinate amount of patience and discipline to trade, but hoping for no logical reason that if price goes against you, not to worry because at some point it has to come back,

So first thing you need to do, is post your written trading method and rules by which you trade. You also need to post your money management plan with rules and lastly once you do that post one of your trades. You will get a lot more applicable advice if you frame your request that way, instead of telling traders to help you because you think your stupid. Personally you might be stupid I don’t know, but it wasn’t stupidity that is asking for help; I think it’s quite the opposite; smart. What would be stupid is to keep doing what you’re doing the way you’re doing it and expecting different results. Hope that helps
Gp

4

To me, it sounds like you’re [B]over[/B]-leveraged and [B]under[/B]-funded: two main killers of retailer accounts.

I’d read up on those two topics (alongside what Gp mentioned)…

5

you need a trading plan, and to stick with it.
look at the babypips school of pipsology. (school tab at the top of the page)
that should help you.