Hi,
This seems to be a phenomenon that occurs to 99.9% of beginning forex traders. Heck it happened to me! I quickly lost $10,000 in just two weeks and I started blaming my broker thinking that since they know my position and stops the were "making" the price go the other way just to trigger them! LOL ( those evil brokers ). What I did to combat this is learn support and resistance for the pair I am going to trade. Then trade only base on those levels. So lets say there is resistance on E$ pair at 1.2800 and price just reached that level..knowing that this is a resistance level, i will now wait to see if it breaks it or it bounces back down...i will wait a couple of bars on the 15 minute time frame and then trade base on what happens. Before i would just go long!! and not knowing it was a major resistance, i would think to myself this is going to the moon, but then BAM!!! 10 seconds into the trade, it goes back down...then i start hoping it would go back up! then i would think its my damn broker again! lol..
The moral of the story, learn your S&R levels and have a trading plan! Good luck!
This seems to be a phenomenon that occurs to 99.9% of beginning forex traders. Heck it happened to me! I quickly lost $10,000 in just two weeks and I started blaming my broker thinking that since they know my position and stops the were "making" the price go the other way just to trigger them! LOL ( those evil brokers ). What I did to combat this is learn support and resistance for the pair I am going to trade. Then trade only base on those levels. So lets say there is resistance on E$ pair at 1.2800 and price just reached that level..knowing that this is a resistance level, i will now wait to see if it breaks it or it bounces back down...i will wait a couple of bars on the 15 minute time frame and then trade base on what happens. Before i would just go long!! and not knowing it was a major resistance, i would think to myself this is going to the moon, but then BAM!!! 10 seconds into the trade, it goes back down...then i start hoping it would go back up! then i would think its my damn broker again! lol..
The moral of the story, learn your S&R levels and have a trading plan! Good luck!