Hello,
I'm new here and I'd like to share my story. I started forex trading on demo as part of my college course at the end of last year. The competition was over and I came second but my trading did not stop there. To be honest, I got addicted to it. I was doing demo until the end of March when I was quite profitable.
I know it was too soon to invest but I couldn't resist. I was greedy and I invested $1000. Now I can't sleep when the market is open and I'm infront of my computer as much as possible.
After trading live for 7 days, I lost some and gained some but in the end, my equity is $950 which means I lost $50. I got $50 bonus from the broker but that doesn't count. So, I'm $50 below from where I started.
I trade micro lots and mini lots when I feel confident. The truth is, even though I've invested only $1000, the pressure is intense when I trade and it gets harder for me to control my emotion. I though it's gonna be the same but doing demo is nothing like going live.
Well, after reviewing my trades, I have found that I place an order almost at the right time, but my exit isn't right. That's because I get scared too easily. For example, when I trade 0.1 lot, I set stop loss at 10 pips and take profit at 10 pips. Most of the times, stop loss is hit or I close the trade due to the fear of loosing more. However, after I reviewed my trades, I've found that if I had hold on to those lost trades for an hour or two, I could have made a lot of money instead of loosing.
I don't know how I can resolve this issue for me. So I came here hoping that one of you experts would help me.
I'm new here and I'd like to share my story. I started forex trading on demo as part of my college course at the end of last year. The competition was over and I came second but my trading did not stop there. To be honest, I got addicted to it. I was doing demo until the end of March when I was quite profitable.
I know it was too soon to invest but I couldn't resist. I was greedy and I invested $1000. Now I can't sleep when the market is open and I'm infront of my computer as much as possible.
After trading live for 7 days, I lost some and gained some but in the end, my equity is $950 which means I lost $50. I got $50 bonus from the broker but that doesn't count. So, I'm $50 below from where I started.
I trade micro lots and mini lots when I feel confident. The truth is, even though I've invested only $1000, the pressure is intense when I trade and it gets harder for me to control my emotion. I though it's gonna be the same but doing demo is nothing like going live.
Well, after reviewing my trades, I have found that I place an order almost at the right time, but my exit isn't right. That's because I get scared too easily. For example, when I trade 0.1 lot, I set stop loss at 10 pips and take profit at 10 pips. Most of the times, stop loss is hit or I close the trade due to the fear of loosing more. However, after I reviewed my trades, I've found that if I had hold on to those lost trades for an hour or two, I could have made a lot of money instead of loosing.
I don't know how I can resolve this issue for me. So I came here hoping that one of you experts would help me.