Carrie,
One of the biggest mistakes I made is trading live money on a micro account. There is a subtle psychological flaw in trading these accounts. We look at a small account as throw away money. At the same time we dream that this account will grow into a million dollar account within X amount of time. This does two things...
1) It blocks our fear because the money is expendable
2) It enhances our greed by promising millions from hundreds.
Greed is MUCH more dangerous than fear. It will cause us to take uneccessary risks.
I for one have pulled out of the market for now. Its the silly season where markets can fluctuate by 1000 pips in a week. ONly the biggest ships can sail in those waters.
Kurt. In my opinion you have been very lucky with your method. The summer lends itself to calmer seas. I too first started trading in a style similar to yours and tripled a 500usd account in in less than a month. Then the proverbial feces hit the fan (around this time of year) And I lost all my profits.
A good friend of mine suggested I just save up enough money to open a top tier account beofre I begin trading thereby taking that pressure off to build my account form hundreds to thousands with dreams of finacial independance. I still have a micro account that I play with but I have gone back to demo accounts. and am looking at other avenues to build equity up so I can take the pressure off.
Right now my demo account which is traded by a robot with manual overides is in drawdown of 30% Had this been real money on a 25000 usd account I do not think I would have let the robot trade before NFP. But this is an experiment so I let it run through. More than likely it will go back up but my modified approach would have been stopped out at 150 pips. Just another bump in the road of experience.
One of the biggest mistakes I made is trading live money on a micro account. There is a subtle psychological flaw in trading these accounts. We look at a small account as throw away money. At the same time we dream that this account will grow into a million dollar account within X amount of time. This does two things...
1) It blocks our fear because the money is expendable
2) It enhances our greed by promising millions from hundreds.
Greed is MUCH more dangerous than fear. It will cause us to take uneccessary risks.
I for one have pulled out of the market for now. Its the silly season where markets can fluctuate by 1000 pips in a week. ONly the biggest ships can sail in those waters.
Kurt. In my opinion you have been very lucky with your method. The summer lends itself to calmer seas. I too first started trading in a style similar to yours and tripled a 500usd account in in less than a month. Then the proverbial feces hit the fan (around this time of year) And I lost all my profits.
A good friend of mine suggested I just save up enough money to open a top tier account beofre I begin trading thereby taking that pressure off to build my account form hundreds to thousands with dreams of finacial independance. I still have a micro account that I play with but I have gone back to demo accounts. and am looking at other avenues to build equity up so I can take the pressure off.
Right now my demo account which is traded by a robot with manual overides is in drawdown of 30% Had this been real money on a 25000 usd account I do not think I would have let the robot trade before NFP. But this is an experiment so I let it run through. More than likely it will go back up but my modified approach would have been stopped out at 150 pips. Just another bump in the road of experience.
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