Anyone blown his account before?

Trading without stoplosses and refusing to take loss, hoping the trade will comeback to rescue, although it does a few times, will surely blow the account. This is how I blew mine. I am still learning and I think I am doing quite a good progress. The key is to wait for the right set-up. By that I mean you can pinpoint clearly on the chart where should be the stoploss placement, and I try to find the tightest stoploss possible. Invariably, this always seem to be the price swinging point. I trade the hourly chart, and of course one needs patient to find one's trade.

Just my

hmmmmm --- thats one of those classic "yes, no, maybe" situations, as it completely depends on what and where the trade is, what time of day it is, what day of the week it is, and the color of your keyboard !

now "WAITING" for the right setup is something i never learned --- has something to do with impatience and a past life as a race driver i guess, as I simply trade in the direction the silly price is moving --- obviously, if the price is moving UP, then I try with all my heart and soul to push the "BUY" button after i look around the terrain and see where my resistance area lives. I shall grant you, i might only make 3 pips at times, but that tends to be a rare situation, and anyway 3 pips buys me some icecream !

EXITS are far more important than ANY entry in a correct trade, as entries only determine the final amount youll make without increasing the Lot size in the trade (which is also a fine way to make some money)

if i trade the one hour, which i do every day along with all the rest of the timeframes, I will look DOWN there on the lower timeframes for my entry point (the 15 is a good one --- the one minute if youre after EVERY pip you can suck out of the trade) and take the trade to resistance on the H1.(or whatever timeframe i wish, or maybe ALL of them)

I just think youre waiting TOO long for your entries and missing a ton of good trades !

now stoplosses --- no one in their right minds should trade without stop losses !

Of course, if youre NOT in your right mind, you get to pick !

live, laugh, enjoy and trade well

mp

If I could go back and tell myself what to do next after my first blown account I would tell myself to completely forget about the potential profit from this new venture and focus only on the risk. Treat each trade as if it there is a high chance it will lose because there is always a high chance that it will lose - there is no avoiding that. Then read everything you can on risk management because that is the only way to survive with the odds of losing so high. If you can survive, then you know you are not going to suffer huge losses. Knowing this you are able to trade without fear affecting your decions and be in the market when its paying. Unfortunately, I was given this advice but ignored it because it wasnt going to get my money back quick enough. If your anything like me then try this advice instead
Forget you ever came to the market, you saved that money before you can do it again. go back to your life in peace. Look for opportunities to give love instead of take profit, the risk/reward is much greater
Happy Easter

Well, once I found my setup I just close my eyes and pull the trigger. Of course with stoploss in place. After all I am still in the right frame of mind .
And yes, I do miss a tonnes of good trade. But no worry, I accept it as part and parcel of trading. In fact, missing tonnes of good trades due to the waiting game does produce an element of peace in my trading now. And I think peace is an important key. I used to chase around trade and that gives
me the "unpeace"