Hi everyone I'm new here. I've been watching these forums for a couple of weeks, and am glad to be a part of the community.
I don't know where to begin...I am a newbie trader, who was trading for about five weeks (after practising for two months) and just last week went through the painful experience of being wiped out, (well almost...acct balance is under $25, so not enough to open even a mini lot, and the software I use doesn't allow micros).
I won't get into how much I lost, but I will say that it hurts like hell. Not the money...but the feeling of failure, of humiliation, of not being able to properly learn a new method of making money. I do know what I did wrong...it's the same as the rest of the 90% of newbie traders that fail. I didn't treat my account as a business, I constantly risked more than 2% of my account, and a lot of times just stayed in trades for far too long, not admitting that I was wrong...which ultimately cost me.
The thing is, I don't know where to go from here. I spent good money on a course learning to trade back in January and so just cutting my losses and walking away is not an option. Maybe I wasn't ready to go live when I did...but that doesn't mean I won't get to that level one day. I'm spending a lot of time on here researching new methods and strategies so I can better prepare myself for when I go live again. It's funny that all the research I'm doing now is what I should have been doing six weeks ago.
I guess I'm just having trouble making peace with my loss. I haven't launched the software in a week and I know I have to get myself back to demo trading (for at least a couple of months) or all the time I'm spending here will be for naught.
Well thanks in advance for any advice..
I don't know where to begin...I am a newbie trader, who was trading for about five weeks (after practising for two months) and just last week went through the painful experience of being wiped out, (well almost...acct balance is under $25, so not enough to open even a mini lot, and the software I use doesn't allow micros).
I won't get into how much I lost, but I will say that it hurts like hell. Not the money...but the feeling of failure, of humiliation, of not being able to properly learn a new method of making money. I do know what I did wrong...it's the same as the rest of the 90% of newbie traders that fail. I didn't treat my account as a business, I constantly risked more than 2% of my account, and a lot of times just stayed in trades for far too long, not admitting that I was wrong...which ultimately cost me.
The thing is, I don't know where to go from here. I spent good money on a course learning to trade back in January and so just cutting my losses and walking away is not an option. Maybe I wasn't ready to go live when I did...but that doesn't mean I won't get to that level one day. I'm spending a lot of time on here researching new methods and strategies so I can better prepare myself for when I go live again. It's funny that all the research I'm doing now is what I should have been doing six weeks ago.
I guess I'm just having trouble making peace with my loss. I haven't launched the software in a week and I know I have to get myself back to demo trading (for at least a couple of months) or all the time I'm spending here will be for naught.
Well thanks in advance for any advice..