need help of the experienced.
Hey guys,
Currently i’ve lost around 3k of capital on the market.
I am new and learning the markets still.
When I was on my demo I was starting to see success but when it went to my first own money I’ve started to see myself lose it.
For context, I’ve been trading XAU/USD with my money and on my demo so i’ve been learning my a lot about that specific market such as liquidity pools, finding my buy and sell zones for small scalping and locating order blocks and FVGs. I didn’t blow all the money at once however.
I’ve been taking into account better risk management usually i’ll use 0.02/0.03 lot sizes per £100 in my account, I set Breakevens when it starts going in my way and i’ll try and keep a tight ish SL below my zones, some times i’ve noticed that with gold though if you place a bad trade you don’t even have time to set a SL if it goes shooting in the other direction.
Usually I would deposit around £500 a time to test set ups and strategies on small lots that seemed to be successful on my demo. The first time I blew the account was down to poor risk management, the 2nd I got trapped in a bad trade and didn’t have time to set a SL the third time was due to revenge trading on losses and losing more and a lot of the time i’ve been losing due to tapping SLs, I don’t want to widen the SLs as much as I want to keep good risk management in line, I am noticing however that my SLs will get tapped and then 30-40 pips later the trade will go the direction i placed.
I was wondering if anyone could give me any advice into making myself more successful and possibly getting some tips in on securing the best entries.
I do layer into trades and set a TP at break even on my worst entries. I feel like even though it’s not going my way with real money at the moment I do want to learn and take some advice from people and see what the good old community of reddit has to offer! and no I don’t want to buy some mentoring course.