DislikedHi all! I am still preparing my weekly Journal: my first week using TMS on a real account... As I made some... let's say I learned a lot and I would like to share this knowledge with you by giving you a picture. Your task now is to find the error in the picture... {image} Concerning my account: this week I made 11 trades and I am currently at -4% for this week. The reason why I am so happy with that -4% .... I will tell you later... Cheers BernhardIgnored
This Week I started to trade with my life account, filled with 3.000€. After one week and 11 trades my result is -116€ (-4%).
My overall lesson after analysing my trades: most of the losses could have been avoided by following my rules... +10% and more would have been possible...
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Now lets talk about my biggest error I have ever done in trading... This week was so informative for me, I learned such an important thing. I am just thankful that my account survived this week with only -4%...
What happen with this stupid gold position where I lost 400€?
What I have done: I entered the data for the gold position I wanted to trade in the website http://www.earnforex.com/position-size-calculator
The website told me to enter 432 units of gold to have 2% risk by having SL at 20 pips...
Somehow I had a bad feeling... 432 units? Have never entered such an amount in currencies...
May be gold is different? As it has been the first time I am dealing with gold I decided to enter 10% of that: 40 units.
After entry it took me 2 minutes to understand that I did a mistake and I exited the trade with -400€.
It took me one week to understand what was my mistake: as I am using a EUR-Account I have to enter the Current EUR/USD Ask price into the position calculator. How ever I did not see "EUR/USD" and always entered the price of the pair I am currently trading e.g. 1412.7 for the gold trade...
That mistake virtually increased the value of my EUR-Account by the factor of 1.000! 400 units of gold has been recommended for a 3,000,000 € Account... The 40 units I have entered have been for a 300,000€ Account which is still 100 times larger than my account.
After looking back to my other trades I saw, that I always made this mistake...
I am so ashamed of having done this stupid mistake.
I whish you will never do the same.
However: the next week will come and I am happy about getting a second chance.
Cheers Bernhard