Consecutive trades

Hi

I am a new trader and i am presently dummy trading. I read an article which stated that new traders should not consider live trading until one has done 30 consecutive winning trades. I am presently struggling to do 10 consecutive winning trades. Is there any one who has done 30 consecutive winning trades and if so what is the highest number and over what period of time ?

atl trader.

consecutive loses are the problem getting 10 in a row is quite good (well as long as your r/r is decent)

Starting in the forex through a company known as CFG, I can say this was preached to me over and over again as well. "Don't trade live until you can complete a demo with over 50 trades without a loss". However after being a mentor for a couple of years, I can say this will only teach you bad habits. On your 48th trade, you will enter a negative trade that should be killed. Wanting to keep your streak though, you will hold the open negative position until it is much worse. I myself have executed 73 trades in a row without a loss on a live account, however that does not mean they were all good trades. It simply means I didn't lose for 73 trades.

Learn good money management, learn when to kill negative trades, and learn to develop a plan for every trade. This will help you immensely more than any 30 trades you take in a row without a loss. Losses are not something to be scorned; losses don't make you a bad trader. You can certainly lose 50% of the time, but if every gain is twice as much as every loss you have nothing to worry about. Just learn to kill negative trades when they are supposed to be killed.

Also, focus on building your own psychology. The ability to stick to a trading plan comes from a strong mental understanding of what is going on in the market. When you see a trade going negative in your account, it should feel the same emotionally as a positive trade taking off in your direction. I know many people will scoff and there have even been threads on "psychology means nothing if you just follow your plan". However psychology is what gives you the ability to watch that open negative position and close it at the proper time.

What if you're a trend trader?

I think it's the contrary:
new traders should not consider live trading until one has done 30 consecutive losing trades.

Well, maybe 30 consecutive losses is too much, but what I mean is learning to do well when you are winning is easy, it's what you do when you are having losses that kills you.
You see most newbie start trading with a method, they start with some winning and go on very happy, but as soon as they get 2-3 consecutive losses they immediately start to think "this method is not good", or "I just need to bet a little bit more, otherwise I will never get back the lost money", and so on.

In trading what is hard to master is how to handle losses, not how to handle wins.

As a new trader, the first thing you NEED to learn is not to believe everything you read. Take this or any other forum as an example.....lots of real great info & lot of BS too.

My point: What if you come up with a method that consistently gives you on average about 8 wins and 2 losses for every 10 trades.....your TP is 10 pips.....your SL is 20 pips. You'll never hit 30 wins in a row but you sure would cost yourself a lot of money waiting.

My advice: Demo trading is for learning how to place trades, set up charts and familiarizing yourself with whatever methods you plan on using. Once you have got those down, set up a small account with a few hundred dollars or whatever. Trade mini/micro lots. Order fills and your emotions will behave differently in real-time live. Practice with real money (nickels & dimes) and then you'll be better suited to move to dollars. Kinda like playing blackjack at a table in Vegas is way different than playing with play money in your basement.

More advice: Be patient. Almost everyone is in that rush to turn 10K into a million. It took me over a year of studying forex (after having traded futures and options for years) before I found what works for me.

All this IMHO of course.

Good luck on your quest!