I'm losing my deposit! Need advises!
My best piece of advise is do not trade real money, you obviously have no money management in place and you do not use stoplosses, it is the quickest way I know to blow an account.
Hi everybody!I am newbie and I trade on demo-account. I decided to think that the demo like as real account. I think it will be useful me in future trading. I train on demo every day, try to understand in what way will go price. I have friends, they're newbies too and train on demo. So we decided to make a contest between us. The main idea of it is to make more profit. The contest will end on this week. So, I really want to win, because the winner will take a prize 1000 USD. May be I will lose and I would give that money to one of my friend... What the problem? I started well, my profit was 1 125USD. But suddenly price started to brake down. And I lost 700 USD. It's a pity. May be you'll be condemn us that we made such stupied competition. But we thought that it' ll be a good training and practise for us to study practical forex methodics of trading. Please, share some advices what should I do now? My balance is 1 125 USD, equity is near 350-400 USD, margin level is near 700%, currency pair is EURUSD. I practise scalping. I didn't close my present positions, I wait that the price will achieve that level when I opened posotions. Or it's stupied to wait the price? Tnanks a lot!
Hi Kalashnikov,
As a newbie self-training himself, your first priority is the money management.
My advise to you is
A) Don't join in a competition, it's not for newbies and secondly it requires you to do athletic trading and in the time-frame of that period, so it obviously includes "gambling" and "super aggressive" trading to win, which is really what you or an experienced trader would not do on his own account for sure, unless he is willing to lose it and has a desperation for making money for some reason, maybe domestic financial problems?
B) For starters use a money management strategy that can let you lose or even let you lose a series of trades and still not damage too much of your account in drawdown, let you learn from your mistakes and give you a second chance to recover and get back into profit or even give you a third and a fourth and a fifth, because as long as you have money in your account there's always hope, if you lose or blow your account, your out of the game and back to naked with no money to trade, Also this silly thing will damage your mood and get you into depression and also frustrate you with having to re-do a demo or maybe your strategy is good, but because of this losing all money incident you will think your strategy is not good and change it, actually changing a winning strategy that just didn't win because you traded to aggressive.
Always keep in mind and allow the possibilities of losing a trade as the possibility of winning.
Finally, Scalping. Even that's not advisable for newbies, its the easiest way to lose, because it's always about trying to get in precisely with smallest stop-loss and biggest risk and more often than not it doesn't go your way because market moves randomly on small time-frame.
As newbie, Try more for intraday trading, swing trading and intra-week trading. If you want more pips do multiple pairs, you can handle multiple pairs on a h1 or h4 time-frame.
A Money Management tip for starters.
Trade 0.01 for every $1000 in your account, that way you have about 10,000 pips to play with.
Set your monthly maximum risk allowance for example 500 pips maximum loss($50) and target 2000~5000pips($200~$500) or so. Trade your initial trades carefully and nicely, you don't need to be too precise as you can allow even a 100 pip stoploss on your trade as you have 500 of pips to risk for the month, as you start winning trade more and more, add more more trades and everyday take every opportunity whether its sell or buy and give ample SL like 50 or 100 to allow for noise or movement before it gets into your profit, This way is the best way for a newbie to learn and earn fro start, even on a live account. And most of all enjoy learning while earning! 
Regards,
Nick 
BY THE WAY.... See I'm on a low risk too in one of my bread n butter accounts... but count the pips this week..
Hey Nims,
A newbie that can make 2000 pips a month, is a SUPER NEWBIE 
Thanks all for answers. Mr_nims, you really helped me to understand simple things! I'll try to notice such good advises. Before I've read it, I was trading. I didn't care on that unsuccessfull positions and started to open new. Because price was good. And I increased my profit on 150 USD. I really happy about such little success. Sure, may be such kind of competition is not good. But you know, I want to win and as I know my friends-newbies also have the same problems and some of them have bigger problem.
May I also share my opinion?)
I believe that all the contests are actually entertainment. There is no comparison between contests and real-life investing.
And if you start this contest, you should be ready to loose your deposit, because the risk is always higher in contest than usually.
So if I were you (and If I could afford to loose this money), I would just enjoy this contest, and who knows, may be I got lucky and win)
with forum name like KALASHNIKOV I would think you will be more target happy...just sayin'...
Hi everybody!I am newbie and I trade on demo-account. I decided to think that the demo like as real account. I think it will be useful me in future trading. I train on demo every day, try to understand in what way will go price. I have friends, they're newbies too and train on demo. So we decided to make a contest between us. The main idea of it is to make more profit. The contest will end on this week. So, I really want to win, because the winner will take a prize 1000 USD. May be I will lose and I would give that money to one of my friend... What the problem? I started well, my profit was 1 125USD. But suddenly price started to brake down. And I lost 700 USD. It's a pity. May be you'll be condemn us that we made such stupied competition. But we thought that it' ll be a good training and practise for us to study practical forex methodics of trading. Please, share some advices what should I do now? My balance is 1 125 USD, equity is near 350-400 USD, margin level is near 700%, currency pair is EURUSD. I practise scalping. I didn't close my present positions, I wait that the price will achieve that level when I opened posotions. Or it's stupied to wait the price? Tnanks a lot!
First of all I would recommend you stop wasting your time with a demo account as it will not teach you the two key aspects you need in order to succeed. I would advise you to take a few steps back and learn the basics. Familiarize yourself with forex trading. Forget stupid forex contests as they are the worse thing that can happen to new traders besides demo accounts.
Try to find out what type of trader you are, you mentioned scalping so research more about that topic. Understand risk management and create a plan to follow. In your case I would recommend that you stick to a very conservative 1% level, which means that if you lose 1% of your deposit you will exit the trade with a stop loss.
Find a good broker, open a micro-account and fund it with no more than $100. Only trade 0.01 lots. You will most likely lose those $100 and you should view it as cost of education. Stick to the 1% level and you will be able to trade for a few months in a real account and practice risk management, trading psychology as well as execution of strategy.
Most will disagree with what I said, especially going live, but most traders also fail to make it so you may want to think about it. In the end chose the approach you feel suits you best.
If you are practicing scalping than you should closed your order long before it went down 700$. Scalping is all about small gains (and losses)
I think you should join trade1on1-which is a like a trading contest but this one this is the best place where you could challenge others to know who is the best with a limited period of time.
In short you challenge a friend or someone else for a specific amount of money for a game of forex of commodities. Each player gets a virtual amount of $100,000 for trading. The player who gets the highest yield on the portfolio won the common pot of the games.
It is more fun and very innovative approach of trading.
ha .. ha .. ha .. I think the real money, well ... you should be happy coz u lost money on demo accounts, so do not panic. Find your mistake and trading again on the demo account. If ... u lost money in a real account ... hm ... the heart can beat fast and cold sweat .... ha ... ha ... ha ... continue to practice and learn sir.
Forex trading does not always produce a profit, sometimes being part of the trading loss and you have to deal with it ...
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Hi everybody!I am newbie and I trade on demo-account. I decided to think that the demo like as real account. I think it will be useful me in future trading. I train on demo every day, try to understand in what way will go price. I have friends, they're newbies too and train on demo. So we decided to make a contest between us. The main idea of it is to make more profit. The contest will end on this week. So, I really want to win, because the winner will take a prize 1000 USD. May be I will lose and I would give that money to one of my friend... What the problem? I started well, my profit was 1 125USD. But suddenly price started to brake down. And I lost 700 USD. It's a pity. May be you'll be condemn us that we made such stupied competition. But we thought that it' ll be a good training and practise for us to study practical forex methodics of trading. Please, share some advices what should I do now? My balance is 1 125 USD, equity is near 350-400 USD, margin level is near 700%, currency pair is EURUSD. I practise scalping. I didn't close my present positions, I wait that the price will achieve that level when I opened posotions. Or it's stupied to wait the price? Tnanks a lot!