A New Beginning...
The starting of this blog represents a new trading life for me, with a completely new system and technical indicators.Basically I'm trying the whole system all over again, except with the proper experience that will improve my trading. After being in Forex trading for several months, I couldn't help to realise that there were problem with my system, more over, problems with my discipline to stay in this game. I started out trading forex using a demo accounts provided by FXCM, and unsurprisingly I've broke the account's funds again and again until I got my 5th demo account up and running smoothly with profits almost everyday. That went on for 1 week, when I decided I'm ready for the 'real-thing'.
When I get my actualy trading account, I funded $ 973.55 with much anticipation of winning the actualy money. Much to my surprises, I find it extremely difficult to trade in the actual account compared to the demo account, mainly credited to my fear. After being in front of the monitor for several hours observing the market of with whatever experiences I had then, I've gained enough courage to place my first trade, and much of 1 hour later. I closed the position with a loss of $ 110 dollars. I had a mixed depression feeling of shocked, pissed, angry and sad. I took a break off in front of the computer and went for a walk.
Later that day after I returned from my walk, I was ready for another trade and this time I've managed to get a retracement of my loss and even made a profit of $ 76 dollars. Finally lady luck is on my side. The next 3 days, I've made great amount of profit which had increased my total margin to $ 1535.55, that makes up to 58% of profit! In just 3 DAYS!
That is when I got over-confident and continue to trade even with higher volumes. Then my falling day came and start terrorising me since. The day after I breached a new record on my account, I was starting to lose money, that day, I get -36 pips with $10 a pip. That is $ -360 in my daily profit/loss column. I decided to call it quits for the day and convinced myself there'll be a better tomorrow. Trading doesn't improve and in 3 days time, not only I've lost all my previous profits made, I've even loss some of my initial capital, dropping to a $687.55 low. I was trully freaked off and even paranoid of looking at the currency chart. I was losing too much money in such a short time. I stopped trading for the complete week, feeling unsatisfied of what possibly happened that caused so much losses to my trading. I started searching for books and articles online trying to improve my trading methods. Only then I knew that previously I traded without a system but only with MILD technical analysis skills. I started reading in forums and learning and reading all of the systems provided by the so-called "Forex Guru". I learnt alot about discipline and controlling emotions which are the primary rules to follow in all kinds of trading, not only forex market. That is when I am on the start of learning the 'true' way of trading.
After that week, I traded again with smaller volumes and wiser ways of system provided by other 'successful' traders. I tried and followed but somehow these systems invented by them are somehow not suitable for me and I kept on missing the big leg up/down. Getting into trades too early and too lates keeps on landing me with troubles on exiting the trade. There were winning positions but the losing were much more than winnig. Which leads me here today here, trying to get my own system, by myself FOR myself, recommended from a new friend I recently knew through a forex forum. A nice & helpful french young man named Greg. Thanks Greg! I'll mostly spend my weekend at home figuring and setting up a system for myself. And this blog as a daily journal is the first step of my success...
When I get my actualy trading account, I funded $ 973.55 with much anticipation of winning the actualy money. Much to my surprises, I find it extremely difficult to trade in the actual account compared to the demo account, mainly credited to my fear. After being in front of the monitor for several hours observing the market of with whatever experiences I had then, I've gained enough courage to place my first trade, and much of 1 hour later. I closed the position with a loss of $ 110 dollars. I had a mixed depression feeling of shocked, pissed, angry and sad. I took a break off in front of the computer and went for a walk.
Later that day after I returned from my walk, I was ready for another trade and this time I've managed to get a retracement of my loss and even made a profit of $ 76 dollars. Finally lady luck is on my side. The next 3 days, I've made great amount of profit which had increased my total margin to $ 1535.55, that makes up to 58% of profit! In just 3 DAYS!
That is when I got over-confident and continue to trade even with higher volumes. Then my falling day came and start terrorising me since. The day after I breached a new record on my account, I was starting to lose money, that day, I get -36 pips with $10 a pip. That is $ -360 in my daily profit/loss column. I decided to call it quits for the day and convinced myself there'll be a better tomorrow. Trading doesn't improve and in 3 days time, not only I've lost all my previous profits made, I've even loss some of my initial capital, dropping to a $687.55 low. I was trully freaked off and even paranoid of looking at the currency chart. I was losing too much money in such a short time. I stopped trading for the complete week, feeling unsatisfied of what possibly happened that caused so much losses to my trading. I started searching for books and articles online trying to improve my trading methods. Only then I knew that previously I traded without a system but only with MILD technical analysis skills. I started reading in forums and learning and reading all of the systems provided by the so-called "Forex Guru". I learnt alot about discipline and controlling emotions which are the primary rules to follow in all kinds of trading, not only forex market. That is when I am on the start of learning the 'true' way of trading.
After that week, I traded again with smaller volumes and wiser ways of system provided by other 'successful' traders. I tried and followed but somehow these systems invented by them are somehow not suitable for me and I kept on missing the big leg up/down. Getting into trades too early and too lates keeps on landing me with troubles on exiting the trade. There were winning positions but the losing were much more than winnig. Which leads me here today here, trying to get my own system, by myself FOR myself, recommended from a new friend I recently knew through a forex forum. A nice & helpful french young man named Greg. Thanks Greg! I'll mostly spend my weekend at home figuring and setting up a system for myself. And this blog as a daily journal is the first step of my success...
posted by 4xTrader at
6:26 AM
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