I blew up an account at the age of 18 with real money (all my money at the time) and over the last 3 years all I did was read (no practice trade). About two months ago I started paper trading forex and i can never consistently keep profits. I make 20% on an account in 2 weeks then i lose it, then i make it again, then i lose it. I have like 6-7-8 losers in a row (that make me lose 20%) and then like 1-2 massive winners that makes me go back up the 20%. I paper trade risking about 2%/trade and i try to keep profits running by setting initial take profits and letting the rest run, sometimes the rest gets stopped out, sometimes it gives me a huge winner. I feel like i am going around in circles. I used to be very impulsive but i have toned that down slightly. I also tell myself i will focus on longer term charts but i tend to zoom into the 1hr and 4hr charts alot.
Can anyone who has been through this provide some insight as to what i should change or look into?
Just from reading my post, it seems like i have too many losers? since i have lets say 7 losers in a row then 2 winners thats only 22% win rate, which is low? I try to trade price action at key areas of S/R, but I'm thinking maybe my stops are too close so i constantly get stopped out?
Please help me out.
Can anyone who has been through this provide some insight as to what i should change or look into?
Just from reading my post, it seems like i have too many losers? since i have lets say 7 losers in a row then 2 winners thats only 22% win rate, which is low? I try to trade price action at key areas of S/R, but I'm thinking maybe my stops are too close so i constantly get stopped out?
Please help me out.