Trading Forex Tuesday August 5th 2008

I wrote earlier about my concerns regarding fxcm stop-hunting. That’s pretty much where I stand with my forex trading adventure at the moment. I continue to lose money but I feel much better about these losses than the losses incurred when I first started. I’m not depressed about these losses mainly because I feel that I’ve been making smarter decisions. I have not been opening trades at random points and then panicking and closing them or doing any of the other crazy things I did in the beginning.

If FXCM stop hunts then it assures I will continue to lose money until my account is wiped out. I can only hope there is no truth to any of the accusations that have been made about them and that the observations I have made so far have no basis in reality.

I suppose I could take my money out of FXCM and try another broker but they have pretty much all been accused of the same thing. I can’t see that there would be much difference from one broker to the other.

If things keep up the  way they are it won’t be long before my initial deposit is gone. I suppose I shouldn’t feel too badly about it. As I understand it most newcomers to forex trading end up losing their entire deposit; but it apparently usually takes 45 – 90 days. I don’t know if I can hang on to what’s left in my account long enough to reach the 45 – 90 day mark. I think I’ll be setting a record for the shortest time taken to blow my initial account deposit.

So why then am I continuing on with this you wonder? Well, I am enjoying the experience of learning about forex trading; and I like the idea of having the possibility of making money just by booting up my computer, logging into my fx trading account and buying or selling currency.

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