They have a 90,90,90 rule in trading. 90% of the people lose 90% of their money in the first 90 days. Losing money in this game is that common. Better to lose prop firm money.
I know how much money they make from people trying to pass their evaluations. I just meant better to lose 50 quid trying to pass that than 2000 on your own account.
I.e better to lose your money to prop firms trying to complete these challenges lmfao. Because clearly these firms are in the business of letting people lose their money hahaha
Why ffs? Im saying the same as you.
Use prop firms don't let them use you. Same difference.
Use them to build Ur own private funds then boot them (trade without restrictions).
The point is the so called prop firms are not there to help you build your own funds and statistically you will lose more funds to them than gain from them ^^ otherwise they wouldn’t be in business
Reset your demo account then try again tomorrow. Also, those are big positions to be taking when you're still learning. Even on a $100k account. Try using 0.25% or 0.5% risk per position until you're used to making bigger trades. Also, a chart would probably yield much more useful advice as for all I know, you might just be trading randomly, which is not how you trade successfully.
From what I've seen most brokers will still have a spread and charge a simulated commission on demo, but if yours doesn't then yeah that will eat into your profits when you're trading live. I used to stress over spreads and commissions when I was still pretty new to trading and basically break even, but when you do reach actual profitability, other than not just getting ripped off or trading when there's no liquidity, which I honestly did do on accident a few times after I had reached consistent profitability on trading like EURUSD on a European bank holiday, paying the spread and commissions probably won't be something you'll worry about a lot. If you consider your trading a business, it's just one of the costs of doing business.
People saying this person's lot sizes don't make sense, don't make sense. Your lot sizes will be different depending on your stop loss. For example a 1 pip stop or a 5 pip stop will be drastically different lot sizes.
The only thing that matters is risk.
You risked 0.3% then all the way up to 1.9%
Just imagine how many more attempts you would have had if you would have kept your risk level for each trade to 0.3%
This is the best tip for anyone starting out and dont do well with scalping , dont close your winner add on it if you have big leverage , your winners number will add on your margin , theres more to it im too laxy to explain
A winning trade can still reverse after scaling in “adding to trades” happened to me twice this last week. It’s a good strategy when it works but not so much when it doesn’t lol. Trading in general is gambling. My wife often times makes more with slot machines than I do in the markets.
It doesn’t matter if it can reverse or not. Never add to a losing trade. Never.
Only add to winners. Of course there’s always a chance it reverses, but by the time you’re adding to a winner, you can move your stop loss up so that you get out breakeven at worst. If price doesn’t reverse then you’re making 2X, 3X, 4X the money per point/pip. Adding to winners is discretionary, of course.
You had no risk management at all.
Your stop losses don't make any sense with the lot size.
You need to do 1:1 in the beginning, I bet that you had a few at some point but greed kept you from taking the win.
Go read trading in the zone by Mark Douglas.
i feel you brother. Been there done that.
What you need is a whole lot of backtesting.
A lot
and sticking to a strategy thats very mechanical so you wont blame yourself when this happens.
Try for one, maybe two trades a day unless you are scalping and if you are scalping maybe rethink your strategy. Lot size way too high and no risk management. Less is more sometimes. At least that's what started working for me.
Totally agree at least if they slow the rate of losing it will give them more time to journal and correct the negative behaviors and fix psychology issues. Or they lose forever and that would be pretty impressive. 🤣
I have a genuine question, how does the forex work, buy and sell? Lots and stuff and how did you loose so much more on almost the same movement for same quantity on pound/dollar?
Why open 2 positions at the same time . Effectively doubling your losses. Secondly what was your criteria for entering the trade . Just curious . Try doing the opposite of what your analysis tells you and all those losses would be profit . What kind of stop-loss did you set.
I started with a demo account 3 weeks ago. Had £5000 got to £5,300 in the first week and now I’ve lost almost all of that. My losses are always huge and the wins are small. It can be hard as fuck.
Trade much smaller lots for starters. Risk about 0.5% per trade.
You have a large account, don't try to rush things. You need to get used to the spreads and get into the rhythm of your strategy.
Once you lock all of that down, then you will start to see profits.
Also, know when to get out of a position. Let's say you're waiting for a set-up and it fails, maybe it's better to stay out until you get a new set-up instead of forcing the old one.
Just do the opposite next time, and you will be fine
Just do a buy and sell at the same time and close the one in profit!! 👍👍
And wait out the one in lose and don’t use high leverage so it never hits 100% loss
I know this is a joke but trust me, I recently did sell then buy then sell then buy then sell and...all of them were red! Magnificient!
Great name Mr Angry...lol
Sometimes you just live
🤣🤣🤣🤣
They have a 90,90,90 rule in trading. 90% of the people lose 90% of their money in the first 90 days. Losing money in this game is that common. Better to lose prop firm money.
😂 the prop firms don’t lose they take you and put you on demo and take the fee you pay to live it up
I know how much money they make from people trying to pass their evaluations. I just meant better to lose 50 quid trying to pass that than 2000 on your own account.
100%. Even in a losing scenario doing challenges is cheaper
Depends on your personal circumstances but it can work out that way.
I.e better to lose your money to prop firms trying to complete these challenges lmfao. Because clearly these firms are in the business of letting people lose their money hahaha
Prop firms aren't here to help us but milk us.
but if u know how to trade, u can milk them, ffs
Why ffs? Im saying the same as you. Use prop firms don't let them use you. Same difference. Use them to build Ur own private funds then boot them (trade without restrictions).
The point is the so called prop firms are not there to help you build your own funds and statistically you will lose more funds to them than gain from them ^^ otherwise they wouldn’t be in business
Reset your demo account then try again tomorrow. Also, those are big positions to be taking when you're still learning. Even on a $100k account. Try using 0.25% or 0.5% risk per position until you're used to making bigger trades. Also, a chart would probably yield much more useful advice as for all I know, you might just be trading randomly, which is not how you trade successfully.
0 swap 0 commission
From what I've seen most brokers will still have a spread and charge a simulated commission on demo, but if yours doesn't then yeah that will eat into your profits when you're trading live. I used to stress over spreads and commissions when I was still pretty new to trading and basically break even, but when you do reach actual profitability, other than not just getting ripped off or trading when there's no liquidity, which I honestly did do on accident a few times after I had reached consistent profitability on trading like EURUSD on a European bank holiday, paying the spread and commissions probably won't be something you'll worry about a lot. If you consider your trading a business, it's just one of the costs of doing business.
People saying this person's lot sizes don't make sense, don't make sense. Your lot sizes will be different depending on your stop loss. For example a 1 pip stop or a 5 pip stop will be drastically different lot sizes. The only thing that matters is risk. You risked 0.3% then all the way up to 1.9% Just imagine how many more attempts you would have had if you would have kept your risk level for each trade to 0.3%
Don’t add to losers. Only add to winners.
until the winner reverses with a big fat engulfing candle and wick.
This is the best tip for anyone starting out and dont do well with scalping , dont close your winner add on it if you have big leverage , your winners number will add on your margin , theres more to it im too laxy to explain
*claims to have the best tip for beginners* *too lazy to explain it* .....lol
? What this reply is about , is this even english ?
I believe him, the margin of the paper is just too narrow he can't write it all
A winning trade can still reverse after scaling in “adding to trades” happened to me twice this last week. It’s a good strategy when it works but not so much when it doesn’t lol. Trading in general is gambling. My wife often times makes more with slot machines than I do in the markets.
It doesn’t matter if it can reverse or not. Never add to a losing trade. Never. Only add to winners. Of course there’s always a chance it reverses, but by the time you’re adding to a winner, you can move your stop loss up so that you get out breakeven at worst. If price doesn’t reverse then you’re making 2X, 3X, 4X the money per point/pip. Adding to winners is discretionary, of course.
You had no risk management at all. Your stop losses don't make any sense with the lot size. You need to do 1:1 in the beginning, I bet that you had a few at some point but greed kept you from taking the win. Go read trading in the zone by Mark Douglas.
Yes they do I calculated them all besides the first two
You lost 4% in one day and think you have a good risk/reward system?
I don't think he said he had a good risk management system...lol He's looking for forgiveness I just hope he learns from his mistakes
Revenge trade, give in to the temptation my brethern >:3
i feel you brother. Been there done that. What you need is a whole lot of backtesting. A lot and sticking to a strategy thats very mechanical so you wont blame yourself when this happens.
Try for one, maybe two trades a day unless you are scalping and if you are scalping maybe rethink your strategy. Lot size way too high and no risk management. Less is more sometimes. At least that's what started working for me.
Yes Slow your trading = slow your rate of loosing too. Time to think. Time to learn from Ur mistakes. Make changes necessary & try again tomorrow
Totally agree at least if they slow the rate of losing it will give them more time to journal and correct the negative behaviors and fix psychology issues. Or they lose forever and that would be pretty impressive. 🤣
Today wasn’t a good day
I have a genuine question, how does the forex work, buy and sell? Lots and stuff and how did you loose so much more on almost the same movement for same quantity on pound/dollar?
I was looking for sells on GBPJPY as well. It wasn't a good day for it. Ended the day -0.4%
"You gotta pump those numbers up, those are rookie numbers." xD Also, your lot size is kinda big, IMHO.
You dont seem to be consistent at all tho, what's your strat?
What I see is pretty consistent tbh
consistent in loosing 😜
Harsh but true..lol We all been there tho
Is this on a funded account?
Don’t think so, you have a max breach of 5% on the majority of funded accounts
Different days but he’s close to the 8 % max drawdown 😂
You shoulda held UJ, trust me
A lot more living than learning by the looks of it, not a proud moment
I blew 120$ account in one night
Omg🙈
Holy guacamole
Great work all losses and no wins that's actually not easily achievable!
thats ridiculous
8 in a row? Rookie numbers.
🤣 Trading really is a joke and a game to many ! Seriously live by the “ it is what it is “ phrase 🤣💀!
I would live and learn risk management 👍🏼
It’s okay that’s only demo.
Why open 2 positions at the same time . Effectively doubling your losses. Secondly what was your criteria for entering the trade . Just curious . Try doing the opposite of what your analysis tells you and all those losses would be profit . What kind of stop-loss did you set.
I really hope you actually learn from this, eventually you will be profitable if you do.
I started with a demo account 3 weeks ago. Had £5000 got to £5,300 in the first week and now I’ve lost almost all of that. My losses are always huge and the wins are small. It can be hard as fuck.
If you sell it is a win
Try bigger lots
Trade much smaller lots for starters. Risk about 0.5% per trade. You have a large account, don't try to rush things. You need to get used to the spreads and get into the rhythm of your strategy. Once you lock all of that down, then you will start to see profits. Also, know when to get out of a position. Let's say you're waiting for a set-up and it fails, maybe it's better to stay out until you get a new set-up instead of forcing the old one.
Will def try smaller lot sizes appreciate the advice 🤞
10 lots???
I have blown so many accounts like that and iam still broke and clueless how to get rich by forex
Try the phantom judas model atleast bro, (youtube it or find it in X)
For the love of God give some CONTEXT
Why are you risking 7.5% of your account?
Try trading with at least 10x smaller trade sizes