After learning the school in babypips.com, reading a lot of forum topics, and other materials on the net, playing a bit with metatrader, searching for a good broker, studying strategies, trying to know my style, judjing technics to be worth for my attention or thinking them worthless, starting Mankiws basic book of macroeconomics . . . so after 2 months of preparation I launched my first real demo account. (I had two others, but first I had to know metatrder, then I switched from strategy to strategy, so I didn’t have strategy )
I don’t know why you fail, but maybe I start to know why I fail, but it can be helpful to you as well.
This is my month:
Most of the days I win, but when I lose I lose a “lot”. And why? Because I extend stop loss. This is a very stupid thing. Sometimes if the price is against my “calculation” I beleive that after a retracement it will favor me. And I can do it several times. My brain starts to beleive in my first analysis, but the chart already shows something else.
If the original stop loss level is braked the price will go further, and will move more than your spread+comission (most of the time), so the math is against extending stop loss as well.
Conclusion: I am really stupid sometimes.
The other thing: I think as a newbie avoid GBP pairs. Most volatile, most unpredictable and most sensitive currency. The GBP pairs stopped me out most of the time.
I am a beginner, and these I my first experinces. Discipline is very, very important.