Here I am. Graduated from college a year ago. I have a stable, good job that allows me to save a ton of money. I travel all the time. And then, I was introduced to the FOREX market. The relatively simple idea (buy low, sell high!) and the fact that it is so volatile, so massive, and going on 24 hours at a time was amazing.
And so, my journey began last August when I learned about trading the FOREX (going short was difficult to understand back then). I read a few books, blew up a lot of demo accounts, had mixed success with my own, and tested a few trades.
And, I grew impatient. I knew it wasn't the same demo-ing as with real money. So, I started a 10,000$ account. Things were going great! Made 2500$ in a month. Oh yeah, I thought, Bill Gates is going down! At this point I made all my money off the yen. I noticed that the trend kept going up! Oh yeah, 123.70, time to buy!....
Not. So, I lost 1000$ there. PFWIPT! I held out because I was eternally smarter than everyone else and of COURSE it's going to follow that trend. the MAs and stochastics were telling me to.
I closed my position.
and then I went short around 122.20. and then...guess what happened! It went up! Son of a gun! It's ok, though, it's going down! The trend has changed! I am a friend of the trend!...and it keeps going up. And I take another loss. LE SIGH.
Well, then. The Gbp/jpy is looking pretty damn impressive! It'll never slow down! So I buy at 247.60! And...I'm down again....and now it's going back up. SOB.
I must inform you all, that I have an uncanny ability at buying high and selling low. I can sell you this trading system for as little as 1000$ per day.
Anyway. I'm going to take a step back. I realize I'm in far too much of a hurry to profit, and I do need to develop some....uh...skill.
Back to demo trading. Time to be disciplined. Time to re-do my trading plan. Time to determine better stop losses.
Anyway. In the end, I'm only down 1500$ from my balance...but down a lot from my maximum equity. I figure, in the long run, this is the best lesson I could ever have. I just have to sit down and study some more, and keep on trying, but without live money, because the FOREX owned me.
I officially suck, I'm now going to suck my thumb and cry myself to sleep temporarily till I get over my lack of warm fuzzies. And I'm going to become more disciplined.
I'm going to write out my trading plan. I'm going to make a checklist for me on every trade. Make my trading journal. I'm going to have some rhyme and reason for my s/l and t/p. I still need to find my comfort time zone (I THOUGHT it was dailies + 4 hr + hourly). But, I think it bothers me too much waiting for a reversal if I'm in the negatives.
Anyway, this is long enough. Time to flog myself.
And so, my journey began last August when I learned about trading the FOREX (going short was difficult to understand back then). I read a few books, blew up a lot of demo accounts, had mixed success with my own, and tested a few trades.
And, I grew impatient. I knew it wasn't the same demo-ing as with real money. So, I started a 10,000$ account. Things were going great! Made 2500$ in a month. Oh yeah, I thought, Bill Gates is going down! At this point I made all my money off the yen. I noticed that the trend kept going up! Oh yeah, 123.70, time to buy!....
Not. So, I lost 1000$ there. PFWIPT! I held out because I was eternally smarter than everyone else and of COURSE it's going to follow that trend. the MAs and stochastics were telling me to.
I closed my position.
and then I went short around 122.20. and then...guess what happened! It went up! Son of a gun! It's ok, though, it's going down! The trend has changed! I am a friend of the trend!...and it keeps going up. And I take another loss. LE SIGH.
Well, then. The Gbp/jpy is looking pretty damn impressive! It'll never slow down! So I buy at 247.60! And...I'm down again....and now it's going back up. SOB.
I must inform you all, that I have an uncanny ability at buying high and selling low. I can sell you this trading system for as little as 1000$ per day.
Anyway. I'm going to take a step back. I realize I'm in far too much of a hurry to profit, and I do need to develop some....uh...skill.
Back to demo trading. Time to be disciplined. Time to re-do my trading plan. Time to determine better stop losses.
Anyway. In the end, I'm only down 1500$ from my balance...but down a lot from my maximum equity. I figure, in the long run, this is the best lesson I could ever have. I just have to sit down and study some more, and keep on trying, but without live money, because the FOREX owned me.
I officially suck, I'm now going to suck my thumb and cry myself to sleep temporarily till I get over my lack of warm fuzzies. And I'm going to become more disciplined.
I'm going to write out my trading plan. I'm going to make a checklist for me on every trade. Make my trading journal. I'm going to have some rhyme and reason for my s/l and t/p. I still need to find my comfort time zone (I THOUGHT it was dailies + 4 hr + hourly). But, I think it bothers me too much waiting for a reversal if I'm in the negatives.
Anyway, this is long enough. Time to flog myself.
what's life if we cannot laugh about ourselves?!
