My adventures in forex trading

Things aren’t going too well for me with my forex trading practice. I have been losing big, so I’m even more worried than before about getting into forex trading but I feel almost like I don’t have any choice; like I have to see this through for better or worse. It’s not like I have any other ideas for getting out of my financial predicament.

I’m down to $2400 from $7000. I started with $5000, grew the account to $7000 and then just started losing it all. Fortunately it’s only pretend money, but if this is an indication of what’s going to happen once I start trading with real money I am going to be up the proverbial creek without a paddle in no time.

I do know what I’ve been doing wrong though, which is a good thing I suppose. Each time I have had a big loss it has been for the same reason, not having the courage to close my positions and cut my losses, waiting and hoping for things to turn around and then figuring, “what the hell, it’s gone this far might as well just leave it until a margin call is issued. Who knows, maybe it will turn around before that point.”

Clearly I need to work on learning to trade sensibly which is to say, keep fear and hope and all other emotion out of it, stick to a strategy, close when it’s time to close profit or loss and move to the next trade. Focus on the goal.
Interesting read: Begin With The End In Mind + EUR/JPY Opportunity

Leave a Reply