Hie everybody,my name is Kenneth all the way from southern africa, Zimbabwe to be precise. Started trading a on a real account about a month or so ago, at first i thought i was becoming a pro untill i started losing all the money, i blew my account several times and at one weekend i blew it 3 consecutive days, from Saturday through to monday. That’s when i decided to get back to the drawing board and fix my mistakes and try learn what i font know. But still it hasn’t changed. I feel like the more i learn new stuff about trading the more i lose money in the market as i try to combine all the knowledge i have before i start trading each day.
Yes, I know exactly the feeling that you can’t make heads or tails of what’s happening in the markets. Answer, stop trading until you regain your emotional control. That is critical for your ongoing success.
In the meantime, write down what was/is working and what wasn’t. Analyze your trades, both winners and losers. See if there’s a pattern arising.
In my case, I reverted back to my initial strategy, and only traded my profitable pairs. As for emotional control, every trade I made from that point onwards was a ‘good’ trade following exactly the same process throughout. It is normal for some trades to be losers, but if you’ve followed your process to the letter, give yourself a pat on the back. It was a good trade.
Here’s a link to help you going forward. https://tradertom.com/wp-content/uploads/2021/03/Phantom-of-the-Pit-Abridged.docx.pdf
best of luck.
That’s another thing, i nolonger know what was working for me then, all i just know is when i started trading i had no indicators on the chart except for the stochastic oscillator and ichimoku kinku, and when ever those 2 crossed i would buy regardles of where the market is going. Using that method i doubled my account in just 48hours and in just 5 days i had almost 5 times my initial capital in my account. Then everything started to go AWOL on me
You are clearly over leveraging and over trading, you shouldn’t blow your account after one/or a few trades. Hopefully you learn from your mistakes.
At times i think maybe it’s because i use my cellphone to analyse charts and trade since i dont have a laptop… that’s one of the reasons why i chose to start trading so that i can raise @ least $500 and buy a laptop…but clearly i can see its not that easy.
I think you need to dedicate some more time to practising before you do anything on your live account. There are demo accounts and micro accounts that are meant for this purpose. You can start with demo trading with virtual money and when you think you are ready to go live, start small with a micro account.
Welcome to the community Kenneth. I also feel the same way at times. I guess it’s all a part of the learning process. Trading isn’t easy to master. if it were easy then more people would be trading. How has it been lately? Do you still feel the same way or do you see any improvement?
Hie Zianfx, well after blowing my account a couple of times, I’ve been doing my research trying to fix my mistakes. So far i can say, i have discovered that there were things i didn’t really know. So i tried implementing what i had read, and i managed to grow my $10 to around $50… Then a few days later when i tried to grow the account again, i was taken back to $10… that’s when i realized i haven’t mastered how to identify a perfect entry otherwise had i enterered on the right time, i would have grown that account significantly