EUR/CAD took my account

I'm not tripping. But I did not think that the HIGH impact USD news we just had would cause this pair to completely reverse trend and shoot up 40 pips against me. This was a rookie mistake. I doubled my account this week, after the deadness of Monday and Tuesday, fought and lost some yesterday, was 40 pips positive this morning, then it suddenly turned and went and went and went until I got a margin call. I made many mistakes: I was over leveraged, had stop losses that were too large, ect... but the lesson for today is, anytime there is high impact news dealing with the USD, DO NOT TRADEUNTIL AFTER IT IS OVER. Thats what my margin call just taught me today. Valuable information I just paid for. But, as Tom says, best loser wins. I'm not that emotional down by the loss, which is good, because normally I would be so pissed and mad I'd be contemplating giving up Forex forever. But this could have been avoided if I would have stayed out until after news was over. But I just did not realize the USD News would affect the EUR/CAD like this. Whatever. The marker makers use the news to do whatever they need price to do, and I've known that for a long time. But like I said, I wont make that mistake ever again, so I guess it was worth the price I paid. Now, I start to rebuild. I just basically posted this here as a record of the event, to remind myself of the lesson learned. I will go forward a wiser trader than before. God Bless.

If 40 pips can do you in, then something has gone wrong with your risk control.

Position size should be a function of the risk you're willing to take... Trading is difficult, even for seasoned veterans. The ones who survive in this business are the ones that prioritize risk management before everything else.

Both true. I was trading a hundred dollar account using.1 sized trades. As my first short went into profit, I added another, then another then another. I was at +40 before they suddenly started to slow down. I assumed it was normal ebb and flow. The trend was down afterall. No reason to think it would reverse at that spot with no round numbers or S/R levels or anything. Regardless, when I got to -20 pips ir so I should have closed out everything with the loss of about 50 bucks, half the account, and took my bruises. But, I let my losers run. lol. Why do we do that? I know why, pyschologically, but still, even knowing why, I allowed myself to do it. If I had a decent sized account to start with of course, losing 100 buck on this trade would not have been a big deal, but it was all I had. This is why I hate trading with small accounts. Its very difficult to make any money on a couple hundred dollars in your account without going way above proper risk. If I used proper risk I would be trading .01 lots and even if I hade a 100 pips, I still wouldnt have made any money, you know? I have traded .01 for a long time. I wanted to see try to actually make a few bucks. I only need about a hundred bucks a day or so average. So I need an account of about 1000 to absorb inevitable losses and still let winners run enough to be profitable. Could I just build a fifty dollar account up little by little, over weeks and months? Sure, I've done that. But its sooo boring and even when you win, you dont win enough. Yesterday I doubled my account. Today I was foolish enough to give it back. But, it wasnt wasted money. The pain burned a lesson into my mind; I will not trade before any high impact news again, regardless of whether it seems to be related to my current pair or not. Riswk management is essential I know. I was taking a chance, and I got burned because I wasnt using proper risk. It still stung though.

hello all fellow traders it been a while posting trading analysis, but today i will like to post my analysis on eur/cad 95 pips dawn.

eur/cad is moving dawn for 75 pips dawn

eur/cad take profit achieved

buy eur/cad for 22 pips up . please share your opinion