Quote:
Originally Posted by rococo
I am losing over 10k today real trading!!!
Too bad for a newbie.
Sad day out for me I guess.
By the way, I still have hope. that's the only thing you can not afford to lose!!!
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Real money??? The market didn't move against us much. You traded 20 lots?
You're right anyway. Don't get thrown out because of this -50 pips lose. Make sure you have money management in place. Make sure you don't double the contract size next trade.
Let me write MM by Elder to you. One loss should never exceed 2% of account equity. You can lose up to 6% of account equity in any given month. If drawdown exceeds 6%, stop trading until the first day of next month. You'll then have another 6% to risk for the new month. By doing this, you cut the losses short during bad cycle and let the profit run during good cycle. Hope this helps...