Forex demo account : Trial by Fire.

I have been thinking really hard on what I am doing wrong in the forex the past 2 days since I lost around US$3600 the first time I tried.

Day 1

The first system that I tried was using was a 9-50 EMA crossover on a 30-sec chart, which takes both long and short position. At first I was impressed as it produced profits on both sides. But when I checked my trades, the crossover produced only a maximum of 8 pips which kinda sucks since I had been reading other people's disclosures of minimum of 100 pips. Then the choppy session came. The losses from the sideways session piled up together with the 8 pip gain that I didn't take, I was devastated and my head started to spin so I decided to take one final trade before calling it quits for the day. I went short on GOLD and slept.

The next day it had a 2.45. That's 2450 pips if I'm reading it right, right? I closed it because it was a half-meant trade so I am counting that one on pure dumb luck.

Lost 3600USD using the system in a 100k account(3.6% of capital).

**No idea on how pips work, where to put the stop loss, trailing stops, and proper position size to maximize the leverage. I didn't even know how buy/sell stops work lol.

Day 2

So I made a new account and put a more reasonable and realistic amount that I can actually put up. This time I used the triple EMA crossover (9-18-50). It also takes both sides of the trade. Disappointingly, it lost more than it won so I decided abandon it and used another system(buy above high-sell below low) which also failed miserably. lol.

Anyway, I started asking myself why the triple EMA crossover didn't work in FX while it worked and showed profitable results in the stock market. Then it got me thinking that I have to be on the right side of the market. With that in mind I decided to "zoom out" and check for 50EMA in longer time frames and trade with the 50EMA trend.
Got really tired so I decided to call it quits.

Lost 400USD using both systems in a 5000USD account(8% of capital).

Lesson: Trade with the trade. Don't take unneccessary trades. Sit tight when winning and set trailing stops. Don't be too eager to trade/wait for the right setup.

Day 3

I probably had the best trade today so far as I was able to gain $$50 above my starting capital haha. I lost it anyway when I started doing what I was doing in my first 2 days of FX trading. After losing the $$50 that I gained, I lost another $200 when I deviated from today's trading plan. After I reconized my own stupidity, I decided to FINALLY follow my trading plan LOL. So, I took the next trade and I was up by $200!!! But then I got really greedy I didn't put up a trailing stop! LOL!

So what do you expect from a pig other than get slaughtered?

Lesson: Don't be a pig and set trailing stops. Trade with the trend.

Let's see if I can break-even tonight. Currently short on EUR/USD.

*Trade setups. Trade with trend. Trade with trailing stops.
**I also tried selling lower and buying higher but both failed miserably. I probably should use them with the 50EMA.

***Currently using the triple EMA crossover in 1-minute chart + 50EMA on the 30-minute chart. Entry points are more often retested than not.