Leverage is great when the play goes in your favor. It's a KILLER when it goes against you. Personally.... (1) Suggest "going easy" on the leverage (2) Over my long trading career I've rarely leveraged my trading capital 2:1, even for a short while... and I've had 4 years of >100% return on total capital, and more than a dozen other years of >40%. You don't need to make "1,000%" to be successful.... consistency, time, and compounding will make any trader into a winner. The risk/stress of trying to achieve a huge return is greater than almost anyone can handle. (Yeah, sure... anyone can get lucky. But unfortunately "luck" has a way of not showing up when you need it most.) FWIW...
yep it was a crappy trade in hindsight.....but that is why i have stops. appreciate your comments and please continue to comment on my trades. unfortunately got too busy to update my journal....it happens sometimes that is why iam trading with 10 usd....once i can spend more time i will increase my account size but in forex you can do well with a small size. i am still learning ....and i want to continue learning till i feel i can make good trades on a regular basis.
entered long see chart why? basically because the down move or correction from the high did not have any conviction....or strength
closed my earlier/last trade but re entered long because of very slow down move with no conviction;if a big down BAR PRINTS I WILL CUT MY POSITION.
update this is what happened: see chart. i think i should have waited for the lower band to be touched or for some other more bullish signal...
closed the trade for a 2 usd profit; why? because the context was a trading range and i felt that top of the range sellers may come in; also ,in any case i am scalping and with big positions. will renter if opportunity comes
This a trade i entered just now in eurusd-if you see the eurusd live chart you can confirm that. i am not giving reasons because i am following my system but if anyone asks me specifically i will try and explain why i took the short trade
closed the above trade risked 3 pips profit profit 5 i do not have a fixed risk reward i see market and close the trade...sometimes i may have held on to the trade for another 30 pips.
entered long trade in eurusd risk 6 pips s-expect a break out above the recent high this is swing trade but if trade management says to scalp out i will