For those of you who have blown out your account out a few times and didn't give up, please share with us how you ultimately became a successful trader.
Dislikedwell i havent blow it yet but i almost blow it the past 2-3 days i been trading live for 2months i ve trade demo for six i used a system that fits me.
my advise is disiplen i am sorry for the mispeling but english is not my first languege. so i have been trading Gold for 2 months now my live account start with $5000 i did great i double it in almost a month i was using my system but never put stop loses BIG BIG BIG MISTAKE . my system is great and it works very well 90% of the time but my mistake was no disiplen , greed and NO STOPS the past 2 days my account sinked from 11000 to 3202 and thats becase i didnt follow all my rules 1 .didnt fully exacute my plan i was planing to get in get 200-250 pips (gold) about 150-200 dollars and get out and wait for another singnal to go short or long never did it always making my 200pips and hold my position for couple of more hundre pips.2.i never put stops my account start sinking and i was holding positions wishing it will turn around i cant mation how importan disiplene is.
as a result to lose all my profit and 2000 from my own money i guess i paid my price to learn and from now on i have to work on this 3 things i metioned before. i will go back to demo and practice again untill i am sure i am ready to double my 3k left from the disaster. practice practice practice demo. DISIPLEN DISIPLEN DISIPNEIgnored
DislikedI appreciate the replies. My biggest problem has been when I would double or triple down after a losing trade only to lose more. I also tend to overtrade. I'm ashamed to say how many trades I've made in the past two months. Let's just say it fills up three sheets with each sheet consisting of four pages.
It has been painful having experienced losses I didn't think I would incur but I am determined to become succesful at forex. I'm going to have to change my whole approach to this market. I'm going to learn from my mistakes and not look at what I have lost and let that anchor my emotions to a losing mindset. I'm going to start fresh as if I've never traded before but armed with greater knowledge.
Time will tell if I have graduated to a higher level or not.Ignored