Don, I am so sorry to hear about your bad fortune.
Your contributions to this system and in fact this forum has helped many traders, including me..... For that I say Thank You.
As has been mentioned hundreds of times before.
Emotion is the biggest downfall of any trader.....Especially if a trader is reliant on his trades as his sole source of income.
Demo trading is unfortunately the biggest culprit that leads to many traders downfall. Do not get me wrong, it is great to learn all the different strategies till you find one that works for you,
But the reality is that there is a vast difference between the two.
Nothing in Demo can prepare one for the hiccups of Live trading.(Re-quotes and definitely a 100% increase in emotion)
I know, because I have blown my fair share of accounts in my first couple of years in trading.
I now try to analyze every trade before I take it....i.e Why am I taking the trade?, What is the trend?, Is this to be viewed as a retraction or can it be a trend change?, Where is the closest Pivot Point or Major Support/Resistance? I trade both ways, but will place the minimum Lot size if it is against the trend and add more trades if it progresses in my favor.
I try not to place a Sell trade at the bottom of a price movement or a Buy trade at the top of such a movement.e,g The chance of a Sell trade at the Top of a price movement is more likely to work out, even if the price continues on its way up, the chances for a retraction to close on BE or a few pips profit is greater than if you place a Buy trade at the Top of such a movement and the price turns around.After 2 consecutive Losses I either close my platform for a couple of hours, or I start again with minimum Lots.
My rule as to Lot size is a maximum of 0.1 and max. risk 5%
I exit my trades earlier than most as my philosophy is that a few pips in the bank is better than none. And one is seldom, if ever able to ride a trade to its max.
Sorry for waffling... just thought I will share some of my thoughts in case you decide to carry on.
Regards
Your contributions to this system and in fact this forum has helped many traders, including me..... For that I say Thank You.
As has been mentioned hundreds of times before.
Emotion is the biggest downfall of any trader.....Especially if a trader is reliant on his trades as his sole source of income.
Demo trading is unfortunately the biggest culprit that leads to many traders downfall. Do not get me wrong, it is great to learn all the different strategies till you find one that works for you,
But the reality is that there is a vast difference between the two.
Nothing in Demo can prepare one for the hiccups of Live trading.(Re-quotes and definitely a 100% increase in emotion)
I know, because I have blown my fair share of accounts in my first couple of years in trading.
I now try to analyze every trade before I take it....i.e Why am I taking the trade?, What is the trend?, Is this to be viewed as a retraction or can it be a trend change?, Where is the closest Pivot Point or Major Support/Resistance? I trade both ways, but will place the minimum Lot size if it is against the trend and add more trades if it progresses in my favor.
I try not to place a Sell trade at the bottom of a price movement or a Buy trade at the top of such a movement.e,g The chance of a Sell trade at the Top of a price movement is more likely to work out, even if the price continues on its way up, the chances for a retraction to close on BE or a few pips profit is greater than if you place a Buy trade at the Top of such a movement and the price turns around.After 2 consecutive Losses I either close my platform for a couple of hours, or I start again with minimum Lots.
My rule as to Lot size is a maximum of 0.1 and max. risk 5%
I exit my trades earlier than most as my philosophy is that a few pips in the bank is better than none. And one is seldom, if ever able to ride a trade to its max.
Sorry for waffling... just thought I will share some of my thoughts in case you decide to carry on.
Regards