I lost my $30 account

I started forex trading with $30. I lost 50% of it on the NFP news. I traded down to $15 using 1:200 leverage with a $1 stop loss and a $2 take profit primarily on XAU/USD and EUR/USD. Most of my losses were greater than my targets. Many traders here advised me to start with at least $100. I’m considering starting over and trying to find a strategy that focuses on better risk-reward. What do you suggest I do?

Suggestions? How about not losing half your account on NFP? Do you really need someone to tell you this? Starting with $30 wasn’t the real issue. I traded with 0.01 lots for a year when I began. You should do that too.

@Sage
That’s the right way to think about it.

@Sage
:clap: You deserve a bow, my friend.

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Beck said:
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Trading 0.1 on €100 means you only need 100 pips to blow the account.

Benicio said:

Beck said:
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Trading 0.1 on €100 means you only need 100 pips to blow the account.

He said on a cent account, so 0.1 is like 0.001, I think.

NFP means No Profits.

No one can give you a solid strategy. You just need to find it out for yourself.

As others mentioned, it’s time to change your mindset. If you want to gamble and get lucky, keep blowing accounts until you hit it big or likely just give up. If that’s your approach, that’s your choice. However, it’s like going to a casino to play poker, winning a little, then losing everything and asking how to play. Learn first, get an AI chatbot, and start asking basic questions. Understand the concepts first before looking for advice.

Trading news like NFP is risky. If you don’t know the exact numbers when the news comes out, you’re just guessing the probability of it being positive or negative. Start with micro lots, if you can make small profits, you can make bigger profits as your account grows. Be patient.

Avoid trading news events, it’s a huge gamble and can be really frustrating. Stay strong, it’s common to blow accounts when you’re beginning. It doesn’t matter how much money is in the account, just manage your lot size carefully.

If you want to gamble, just buy a lottery ticket. No successful trader should be losing 50% of their account on one trade.

Why not practice on a demo account first before using real money? If you can’t do it on paper, you won’t do well with real funds.

Before placing any order, you must decide if you’re taking a high probability setup or a low probability one. Your risk must be proportional to that decision.

You can trade during news, but you need to study a lot before doing so.

Starting with $30 shows you might succeed in trading. It’s better to lose $30 several times than $100 once. It’s a way to gain experience for less money, in my opinion.

Stop trading with real money for now. Try to get a prop firm account; if you can’t pass their challenges, you shouldn’t be trading yet.
I’m tired of seeing new traders lose their hard-earned money.

It doesn’t matter how much you have in your account, your stop loss should never exceed 2% of your total balance.

Decide where to set your stop loss, then choose a trade size that limits your total loss to 2%.

Think about how many Big Macs you could have bought with that money. Just stick to using a demo account.

Stop trying to get rich quickly. Even with $100, you should only be trading 0.01 lots.