DislikedHHmmmm....like i said before...only a fool will trade the news. Newstime is the riskiest time to trade and forex is already not easy. So why would you wanna make it even more difficult for yourself? Besides trading the news is not as easy as you think. Remember oktober NFP where everyone expected good data to support the USD? Well the USD gained some ground as the numbers where announced BUT guess what? Some german bank knew the USD will gain so they decided to buy millons of cheap dollars right after the NFP. And that is the reason why the USD jumped up a 100 pips right after NFP. Hey and who can blame the german bank. Everyone want cheap USD so we can sell it later at 1.4500. But if you think you can make lots of money trading news then who am i to stop youIgnored
Secondly, i see a lot of people mentioning that it's all about phsycology. Traders set themselves up etc etc etc... This is true to a certain extent, but what stops you creating a automatic EA to avoid any decisions at all? The truth is, your profitability depends on the decisions you make. Sometimes it is wise to take profits early, some times you might have to set a wider stop loss, sometimes you should hold the position longer than usual. Trading is very subjective, hence decisions have to be taken, i rely on my instints a lot, and i have a great success rate.
Sometimes i go in overkill mode, take stupid trades, double up etc etc... but that's different, as this usually happens when i decide to try something new, or i'm bored. Those kind of emotions will surely speed up your downfall. Thankfully i'm doing that less and less, with smaller and smaller lots. Hopefully one day i will be free from reckless trading... but every day is a battle, and i always have to remind myself just how much i lost being stupid.
I would think, 500$, not a big loss. 1000$, not pleasant but not deadly. Adding up those losses over the past year, i've realised that i lost close to $200k... Cost of my education has been quite high
Now i have a mentality that every dollar counts, and i'm doing much much better, feeling much more relaxed. I've only lost $2.5k on being stupid this month Still a lot of room for improvement...
Best of luck,
Vlad