Hello,
I am faily new to FX, got involved some 3 months back, did a course and started
demo trading 2 months back. During my first month of real money trading I lost some 90% of my equity.
I think the money lost was well spent on learning some good lessons, which I think I would have never learnt with demo trading and it worth loosing if I do not repeat those mistakes, no regrets, but it has tought me some great lessons.
Now, let me disclose the best way to loose in FX World, to be avoided:
1) Control your greed, you must have 3 to 5 time as much equity in your account as the size of your position, since when the market start to move ruthlessly against you, you should have the space to backup in accordance with the agresssion.
2) Use stops, keeping in view the lows of past 1 week. I had the tendency to add to the loosing trades, in order to win it at any cost, this cause me great losses.
more will be added shortly.