Funny how loses still hurt even at small nominal amounts.. I took losses martingaling short in the euro as well... I was setup it to think I could call a reversal in a very long uptrend ...
This is going to sound masochistic LOL but I'm probably going to give it another go tomorrow. I think tomorrow is setup for a perfect "sell the news" day, as long as we don't get any major positive surprises. It seems the odds are that we will get either expected GDP or lower, and the same ole from the Fed. It looks like treasuries may have found temporary support. But, If the selling continues tomorrow, I will stay out. I will also need to see some heavy buying in the DX.
Querry, you are gambling. This is not trading. Your better off going to the casino. Even when you make 100k, you will lose it one way or another as the losses will catch up. Only 6 months ago, I saw a friend turn 1k to 50k in 2 months. He was sweating every night when he had a position open around 25k-50k mark. But when it was from 1k-10k mark, not so much sweat. And then, the luck ran out, and he wanted to turn 50k - 100k in a space of a few weeks. Well in a few days, he went to 50k to 10k and withdrew his 9k profit. Ok, fine, he made 9k, but this is not trading. It is gambling. He still has not made money back he put in into forex over the years. He is probably down 20k overall during his 10 year forex life. What a waste. Just go back to the drawing board. Create a strategy that risks 1% - 2% per position depending on stoploss and create a system based strategy that you can follow rather than using gut instinct. Also I feel from what I have seen from most successful traders out there, less trading is better. Over trading you are giving back pips to the market and you lose more.
why are you posting hyperlinks? this is junk... i.trkjmp.com/click?v=VVM6MzE5ODI6MTA5NjpjYXNpbm86Njc5Y2YzOWRjNzk1YWFiZWE3ZDMwZjg2MjBiZWE2Yzc6ei0xMjY5LTEzNzE4ODp3d3cuZWxpdGV0cmFkZXIuY29tOjMwMjk0OmY5OWRiYzMxOGVkMjk1OGQ0MWZiMjViMTM2ODUwMmY5
Did I post this? I dont recall posting hyperlinks because I do not even know how to do that I am amazed. No one has responded to what I typed. This is valuable information you can take on board,
2nd Week Day Trading Forex Weekly Summary: Monday started off strong. I brought the account back up, after getting over the initial first week. I felt very tuned into the flows. Then Tuesday I went into the day overconfident. I added size wanting to make way into the positive. I took many trades that I would not normally take. Wednesday was worse because I revenge traded with even more size. So after that, I dropped position size dramatically. Thereâs no sense in trading more size if Iâve not been consistent. Thursday and Friday were way better. I felt in tune again. Things for me to remember: 1. Stay positive. 2. Be patient. 3. Stay small till consistent. 4. Focus on what the market is saying, not all the other noise.
Sorry it was my computer actually ... I reposted a link that was generated from a virus on my computwr
Querry Your stops are too tight, and you are trading too much. Less is more in fx. There was no PA that indicated a short on the Euro that day, this tells me you are trading a time frame that may be too small. I also think you might be using momo indicators, which will get you sliced up in a sideways market or slow trending market. If you must use indicators, attenuate your indies so that you won't get chopped up. When are you trading? You should be trading from the London open to the middle of the New York session. Anything else is going to get you damaged more often than not.
This is actually really good advice but you know OP will not take it. He wants to gamble, so let him. Anyone that wants to compound 700 into 89k is going to take on huge leverage and risk. 1:50 lol. I trade forex, 5-10 lots, and i barely use more than 1:5, and only on rare occasions.