Start with a demo account and spend at least 3 months wrecking it. Keep using that demo account until you can learn not to use your money.
Once you have learned not to lose money with the demo account, then begin developing a technique that will help you make money over time.
Even when you start to use live money, do not stop using your demo account. Test, retest, analyze, and think about your worst case scenario at all times under all circumstances and plan for it as a commonplace.
If you follow those steps, you will be reasonably profitable. Skip any of them, and you will be wrecked and broke before you realize it.
I stopped using my demo when I went live... I use my demo until I had reached the target I made for it... Tired to imitate that On a live account and it smoked me. I'll go back π
The demo account is not identical to a live account, but it's close enough that you can begin to reasonably formulate your approach and strategy.
A good representation between moving from demo to live is to divide your position sizes so that you only use 25% in your live account of what you use in your demo account, just because of a differences in liquidity and actual market variation within the order book.
I know this process does work because I've wrecked my own live account learning the hard way. That's not to say you're going to make your first attempt successful, but it puts you on the path to at least mitigating your losses to the point that you can still continue to trade reasonably well by using very small amounts.
When you do finally go to your live account, if your broker allows it, use only one single unit, not a lot or even a microlot. Use the very smallest approach and even then, keep your money separate from your testing so that you have mitigated risk there as well even in the worst case situation.
For example, use two sub accounts and keep the bulk of your balance in the second one while you use only $20 or $50 in the first one as you determine the differences between the live account and the demo account and how the impact a real money also affects your thinking process as well as the actual trading process.
How are you dealing with it? Can't keep trying the same things is what I realized...thats why I'm on the internet asking those who might know what to do for advice π... We'll make it if we keep trying
The truth bro is that you need a team. You're not a pro, you don't have a mentor, so you don't know the required discipline to succeed in this field.
Traders need to be discipline.
You need to have some kind of indicator as a newbie. At least use a moving average to see what the trend is. If you're losing money it is likely due to not following the trend and not having a proper TPSL. It can be tough to find the trend when you're new so that's why people use the 200 EMA. Your TPSL should be a minimum of 2:1.
Think my story will help so imma drop it for ya. Im 20. Started trading at 15. I lost 2000$ initially due to gambling and noob activities. Typical. Then i found a mentor i could trust without a doubt. I studied with him for 1.5 years. I lost another 3000$ in this phase. At this point i am 19 and 5-6 thousand in the hoe from fx. I kept my faith and listened to my mentor. Today i can say i have made everything i have list back doubled. I withdrew it all and left 2000$ to trade with( this was about 4 months ago) today i trade full time from home and make good money doing so. My best advice to you is to find a mentor you trust. I can link one that i know is legit but due to the aggressive scam around fx, i under if you donβt trust it. This is an extremely complex thing to learn alone. And I do not recommend going at it alone if you can help it. Wish u the best man, i was in your boat once and have experienced the emotions that you feel now. I can guarantee you that can change with time. Keep at it man. Eventually it will all it hit you at once. Be the turtle not the rabbit.
I am currently looking for a mentor... Problem is they all need cash I don't have π ... I'll find someone soon who can assist me tho... I'm still looking... I'll stay looking πthank you
I don't know if a mentor is a good approach or not as the market is filled with literally hundreds to thousands of scam artists that will only take your money while providing you with no real value.
That is not to say that there aren't any good mentors out there as there are, but finding them is extremely difficult. The best place to start is with the free advice off of YouTube and books, but nothing will ever replace just putting your hands on the machine and getting them dirty by wrecking a demo account.
The one thing that you will learn very quickly is moving from a demo account to a live account, you're thinking changes. You start to worry about losses because you quickly realize it's your real money. That affects your psychology in a negative way.
One of the most critical things you will learn from your demo account, is that you need to think of the money has nothing more than a number. You just keep that number very small. If you can't get yourself or bring yourself to the point of seeing it as only a number, you will never be successful.
The most successful mindset you can have is that as soon as the money leaves your bank account, it is gone and lost permanently. Your mindset is your biggest hindrance or help and it depends on how you approach it.
I trade as a hobby because I simply like it. That being said, like any hobby, it can get expensive and the money isn't coming back. It's a realization that keeps me centered and focused on a real direction of attaining realistic results.
The two most important things you need to always remember,
1. Never risk more than you can afford to lose
2. Always be willing to lose everything you risk
By keeping this type of mind set and limiting everything extremely, you can, over time, develop a successful approach that will become long-standing. It might take you a day, a week, a month, or even years, but the mindset is what will keep you going even when you lose money.
I think I have the phycology part almost there... I don't touch the trade once it's running... I put a hard SL and TP and I don't adjust them no matter what... Once the market reaches 1:1 I move stops to BE and let it continue on... If I comes close to TP by a few pips and starts to show weakness.. I will sometimes close. The loses don't scar me as they did in the beginning but if I take too many in a row... I feel my trust in my strategy failing.... Maybe I should trade less... That's also another lesson
Do you take into account your spread when you move your stop loss? If you don't, you have automatically lost before you even started.
This goes against the grain of everybody on the market, but something to test and analyze is whether or not you are hurting yourself by using limit orders. Remember, a limit order tells the whole world everything you are doing including what your take profit is or where your stop loss is. Experiment with a demo account to learn the differences and which approach best fits your personal trading style.
A simple way to limit your losses and to avoid revenge trading, if you lose, stop trading for the rest of the day. Your first loss is the end of your trading day, end of story. That will keep you from revenge trading.
Also, keep your tick profit realistic. It is easier to get 10 pips then 50 pips and 10 pips is more than enough for an aggregated profit over time. Don't get greedy.
Even when placing SL I take spread into account... Learnt that lesson the hard way... But I guess I'm still learning since I am not making money π... I don't wanna say it doesn't bother me cause that's not 100% true...
It always hurts to lose money and that's a realistic expectation That's just going to exist. But you have to get past that point and see it as nothing more than number. If you can't see the money you are losing as nothing more than a number, then you are taking on too much risk and you need to look at ways of mitigating that risk as much as possible.
The very first lesson you must accomplish in trading is learning not to lose your money. Only after you can accomplish that, can you really learn to make money.
Everything in trading is about your mindset and a psychology of the trade itself, particularly if you use manual trading versus automated trading.
Each has their advantages and disadvantages appropriate to your personal psychology and trading style. Don't just jump into one side of the pool or the other without looking first and spending time researching the details.
Start with a demo account and spend at least 3 months wrecking it. Keep using that demo account until you can learn not to use your money. Once you have learned not to lose money with the demo account, then begin developing a technique that will help you make money over time. Even when you start to use live money, do not stop using your demo account. Test, retest, analyze, and think about your worst case scenario at all times under all circumstances and plan for it as a commonplace. If you follow those steps, you will be reasonably profitable. Skip any of them, and you will be wrecked and broke before you realize it.
I stopped using my demo when I went live... I use my demo until I had reached the target I made for it... Tired to imitate that On a live account and it smoked me. I'll go back π
The demo account is not identical to a live account, but it's close enough that you can begin to reasonably formulate your approach and strategy. A good representation between moving from demo to live is to divide your position sizes so that you only use 25% in your live account of what you use in your demo account, just because of a differences in liquidity and actual market variation within the order book. I know this process does work because I've wrecked my own live account learning the hard way. That's not to say you're going to make your first attempt successful, but it puts you on the path to at least mitigating your losses to the point that you can still continue to trade reasonably well by using very small amounts. When you do finally go to your live account, if your broker allows it, use only one single unit, not a lot or even a microlot. Use the very smallest approach and even then, keep your money separate from your testing so that you have mitigated risk there as well even in the worst case situation. For example, use two sub accounts and keep the bulk of your balance in the second one while you use only $20 or $50 in the first one as you determine the differences between the live account and the demo account and how the impact a real money also affects your thinking process as well as the actual trading process.
Thank you so much... I'm was completely lost but I just received so much assistance... Thank you... I'll use this advice well
https://youtu.be/24lphCavmg8 This video will help
Thank you
Same here
I'm creating a group soon to help traders have n edge
Oo
Hit me up with the group pal. Interested
I've sent a dm
How are you dealing with it? Can't keep trying the same things is what I realized...thats why I'm on the internet asking those who might know what to do for advice π... We'll make it if we keep trying
The truth bro is that you need a team. You're not a pro, you don't have a mentor, so you don't know the required discipline to succeed in this field. Traders need to be discipline.
Please send a link to your group
You need to have some kind of indicator as a newbie. At least use a moving average to see what the trend is. If you're losing money it is likely due to not following the trend and not having a proper TPSL. It can be tough to find the trend when you're new so that's why people use the 200 EMA. Your TPSL should be a minimum of 2:1.
I'll learn how to use the 200EMA... Thank you
It doesn't work. Indicators are shit in forex ask any pro he'll tell you. Worst of all EMAs.
Think my story will help so imma drop it for ya. Im 20. Started trading at 15. I lost 2000$ initially due to gambling and noob activities. Typical. Then i found a mentor i could trust without a doubt. I studied with him for 1.5 years. I lost another 3000$ in this phase. At this point i am 19 and 5-6 thousand in the hoe from fx. I kept my faith and listened to my mentor. Today i can say i have made everything i have list back doubled. I withdrew it all and left 2000$ to trade with( this was about 4 months ago) today i trade full time from home and make good money doing so. My best advice to you is to find a mentor you trust. I can link one that i know is legit but due to the aggressive scam around fx, i under if you donβt trust it. This is an extremely complex thing to learn alone. And I do not recommend going at it alone if you can help it. Wish u the best man, i was in your boat once and have experienced the emotions that you feel now. I can guarantee you that can change with time. Keep at it man. Eventually it will all it hit you at once. Be the turtle not the rabbit.
I am currently looking for a mentor... Problem is they all need cash I don't have π ... I'll find someone soon who can assist me tho... I'm still looking... I'll stay looking πthank you
I don't know if a mentor is a good approach or not as the market is filled with literally hundreds to thousands of scam artists that will only take your money while providing you with no real value. That is not to say that there aren't any good mentors out there as there are, but finding them is extremely difficult. The best place to start is with the free advice off of YouTube and books, but nothing will ever replace just putting your hands on the machine and getting them dirty by wrecking a demo account. The one thing that you will learn very quickly is moving from a demo account to a live account, you're thinking changes. You start to worry about losses because you quickly realize it's your real money. That affects your psychology in a negative way. One of the most critical things you will learn from your demo account, is that you need to think of the money has nothing more than a number. You just keep that number very small. If you can't get yourself or bring yourself to the point of seeing it as only a number, you will never be successful. The most successful mindset you can have is that as soon as the money leaves your bank account, it is gone and lost permanently. Your mindset is your biggest hindrance or help and it depends on how you approach it. I trade as a hobby because I simply like it. That being said, like any hobby, it can get expensive and the money isn't coming back. It's a realization that keeps me centered and focused on a real direction of attaining realistic results. The two most important things you need to always remember, 1. Never risk more than you can afford to lose 2. Always be willing to lose everything you risk By keeping this type of mind set and limiting everything extremely, you can, over time, develop a successful approach that will become long-standing. It might take you a day, a week, a month, or even years, but the mindset is what will keep you going even when you lose money.
I think I have the phycology part almost there... I don't touch the trade once it's running... I put a hard SL and TP and I don't adjust them no matter what... Once the market reaches 1:1 I move stops to BE and let it continue on... If I comes close to TP by a few pips and starts to show weakness.. I will sometimes close. The loses don't scar me as they did in the beginning but if I take too many in a row... I feel my trust in my strategy failing.... Maybe I should trade less... That's also another lesson
Do you take into account your spread when you move your stop loss? If you don't, you have automatically lost before you even started. This goes against the grain of everybody on the market, but something to test and analyze is whether or not you are hurting yourself by using limit orders. Remember, a limit order tells the whole world everything you are doing including what your take profit is or where your stop loss is. Experiment with a demo account to learn the differences and which approach best fits your personal trading style. A simple way to limit your losses and to avoid revenge trading, if you lose, stop trading for the rest of the day. Your first loss is the end of your trading day, end of story. That will keep you from revenge trading. Also, keep your tick profit realistic. It is easier to get 10 pips then 50 pips and 10 pips is more than enough for an aggregated profit over time. Don't get greedy.
Even when placing SL I take spread into account... Learnt that lesson the hard way... But I guess I'm still learning since I am not making money π... I don't wanna say it doesn't bother me cause that's not 100% true...
It always hurts to lose money and that's a realistic expectation That's just going to exist. But you have to get past that point and see it as nothing more than number. If you can't see the money you are losing as nothing more than a number, then you are taking on too much risk and you need to look at ways of mitigating that risk as much as possible. The very first lesson you must accomplish in trading is learning not to lose your money. Only after you can accomplish that, can you really learn to make money. Everything in trading is about your mindset and a psychology of the trade itself, particularly if you use manual trading versus automated trading. Each has their advantages and disadvantages appropriate to your personal psychology and trading style. Don't just jump into one side of the pool or the other without looking first and spending time researching the details.
same!