Have taken a little break from trading so regularly lately. This has been for a few reasons. I still have a lot to work on regarding my money management. I had a series of trades after the last one I posted where I added to a losing position thinking it would turn in my favour - but it didn't. By the time I finally admitted I was wrong I had lost a fair bit of my account. This just showed me that I have a lot to work to be done on my character, as I broke a lot of my own rules and received a good lesson from the market. I think it would have been worse if it actually had turned in my favour as it would have negatively reinforced a lot of bad decisions I made. I am actually quite thankful for this lesson! I haven't blown my account - and I still have enough to continue trading and learning - so that is good (I have only got a micro 200GBP account anyway at the mo). I took a break for a bit but have been trading again now - hoping to take the lessons I have learned and apply them to my trading.
Here are the main lessons I learned:
Here are the main lessons I learned:
- Never add to a losing position
- Never move your stoploss (backwards!)
- Never exceed your max risk level per position(for me that was %2)
Basics, I know - but sometimes you have to experience a 'lesson from the market' in order to actually fully grasp why these kinds of rules are in place. Whether I have actually 'learnt' these rules properly will be proven in the next few months.
Anyway here is a trade I took on the EUR/USD this morning. Hoping that it will break the resistance that is currently being shown around the 1.2160 area.
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.