Is this what trading is like?

I'm long USD against both EUR and CHF.

At market open Monday, it had gapped down significantly in my favor. But then started going in opposite direction. I took this as a buying opportunity and add 0.55 lots against the EUR. Well it kept going the wrong way and I had margin calls and had to sell 0.2 lots. At one point yesterday, my original $10k account way down almost $2k (20%). Now things are looking much better and I'm up $316 on the account. I'm still counting on longer-term downtrend in USD, but I have TP's in place.

Such wild swings. Is this what's normal?

As recently as last Friday, my account was up 6%. Then down 20%, now up 3%

 

Your position is far too large relative to the size of your account.

GAT

 

if you are asking such questions what the hell are you doing trading a live account.

you have the opportunity of trading a demo account to learn about such things.

something i never had when i entered the markets in 1987.

 

I think you have not planned and backtested your strategy for the timeframes on which you want to trade. I think 20% down was a big move. Always backtest and trade with stoplosses to mitigate the downside risk.

 

What would you suggest? I currently have 77% of equity used in trades.

 

This movement is considered relatively tiny compare with
say crude oil, copper, some index futures movement

 

Padu is correct. He's been trading paper accounts for 13 years and still is not prepared to trade live money!

 

Is this what trading is like?

Yes - for most or many. But not how it should be like.

 

What should be different?

 

You're fine if you're daytrading,
but you are swing trading, because you hold over the weekend.
Hence you'll need a big SL and therefore a small position.