Hello jbt, I think you are right on the nose with this, I have had the same experience. The Ever venomous VIPER
Leverage -- Excellent Post !!! I trade in a similar fashion using a slightly different methods but your system cetainly works. What charting software are you using for your studies??? Thanks
Investopedia and their writers there, have guided the online trading community for years...I am glad to hear you are a part of it... now tell me more about this position trading system of yours... Michael B.
No system. Just our discretionary calls. You should know I have seen more money lost on systematic trading than by any other means.
How right you are I have similar experiences wherein the more I try to break even, the greater my losses become.
Some suggestions: Have alot of money saved up when you go out on your own for your living expences, live cheaply, have a job to fall back onto if you blow up. If you can manage it without another job - that is better, although it gets lonely. Also, even when you have your trading capital, don't trade it unless you can watch the screen in real time for a few months. Hindsite trading is easy - but watching it live with hard earned (in the begginning) dollars for hours at time is something else..Undertrade as much as you can in fx - there are not that many tradeable moves and you don't want to be in and out in such a market - it's a bit wippier than most. Be ready to spend many hours in front of your pc, but not necessarily glued to it - you only want to be glued to it when price is in the zone. Use multiple time frames/screens and a good data providor, because the people on the other side of your trade probably are and it helps to know the odds a little better if you do. Don't rush - if your on a good thing you will be rich in no time. Fx trading does make you a little reclusive though, you will age faster than normal - so watch your health. Sleep will be messed up - especially in the US time zone trying to catch the Euro market open - you must be there at that time. 24 hour markets are intense - you don't know when the move is going to happen in the 1440 minutes of the day. Stay positive, if you find yourself looking at a chart pattern that you missed don't dwell on it too much - it is a form of self punishment that will not be beneficial. Get into higher time frames as your main. Take up yoga/swimming - change your life in everyway and the bottom line will come good. Firm determination. Can't stress how important this last point is - never give in. Undertrade. Hope this helps