How I lost $600 in 10 Minutes Trading Forex
Losing Money Trading Forex Is Painful
Forex trading is one of the businesses I have been thinking of getting into for some time now. I have been undergoing forex training for more than a month now and decided to test forex trading with real money
When I started trading with real money I was still nervous and afraid to trade big lots, limiting myself to 0.05 lots sizes, with 0.05 lot sizes I realized that I would not earn much, my gains from this lots were $2 and the largest gain from 0.05 lots was about $36. To earn $36 dollars it took me like 3 hours just observing the trends and making sure that am with the trends
I wanted more profit and decided to risk 1 standard lot size to have a maximum profit, I made about $192 in just 30 minutes, with my profit I was very happy and realized that the more standard lots I open a position with the better, what I did not realized is that I was exposing myself to maximum risk. With more profit and winning trades in mind I decided to place two more standard lots of 1, but what followed next was not amusing at all as my opened position resulted into about -$350 loss. With this I lost my already earned profit plus part of my initial deposit. The hard work began and I was to recover the initial deposit lost before aiming for the profit.
It took me about three days to recover from the lost and I was very encouraged to trade even more, with more winning I decided to open more positions, forgetting that I was exposing myself to a maximum risk, believe I lost my account in just 10 minutes. I watched $500 dollars being swept away and all I could do is to watch and hope that there would be a trend reversal but I realized hope alone cannot help you in forex when you are losing due to bad judgment
As I write this article am unable to trade unless I make some deposit to my account. I have leant my lesson and the following are my observation for anybody who wants to trade forex
1. Have a written goal – How much do want to earn per day, once your target is achieved close your trading platform, take time out with other activities
2. Control your Emotions – When winning trades do not be overwhelmed, and starting making many trades, remember you can lose all your opened position at once
3. Have Trading System – decide on which trading indicators to use, study these indicators and stick to them
4. Decide on which time frame to use, when trading with one hour time frame, stick to it
5. Have some discipline to follow your plan
6. Be Patient
Those are some few observations made during two weeks trading period that I lost $600, my main objective now is to learn from my mistakes before I get started again, but be prepared either to win or lose money in forex trade. That’s the truth
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