{quote} Sh*t! Are you for real? Why on earth did you not demo until you were consistently profitable? Then do the same on a small account. What was your account size if you lost 5k on 1 trade? I'm speechless.
{quote} Don't even dare to trade the FOMC day,you will curse yourself even more. If you are really done,you don't need a closure,it's your mind looking for a closure(by saying i am going to place a last trade). If you are going to loose which you are definitely going to loose on FOMC day,try spending that same amount of money on taking your kids to an amusement park,or go for dinner. Your mind is playing tricks with you man,you can't take revenge on the market,you said it doesn't matter if i loose or win,that is BS because it does matter to you,don't...
I tried trading on FOMC day. My confidence is completely shot though, and even though I had a good strategy, I closed out early manually with a small loss, even though I was set up for a profit. Seriously, 30 seconds after I closed out in worry, the same position was in the money. I wasn't going for a "revenge" on the market. Irrespective of if I made a profit or a loss today, I was going to quit. The losses yes, but, it's the constant buzzing and worry in your head that I won't miss. I never had that at work. And, when I finished work, I could leave it at work and be free the moment I stepped out of the door. Here in forex, everyone is transfixed 24/7 simply because that's the market. You are always in the market and never out of it.
Yes, I know you will say that's hindsight. But my strategy is right - a very simple buy-stop / sell-stop strategy around key decisions. I have in the past used a hedged version of the same and made a profit. I.e. open a hedged position, put stop losses and got out at a higher net profit.
I am uploading my strategy here for everyone else to see. Gold is my preferred tool - as it doesn't trace back as fast as forex and there is almost zero chance of the counter trade (buy stop / sell stop) being triggered if you set the margin around 5-6 dollars each way. Basically, the trades need to be set up 5 minutes in advance of the decision. Once you are confident of the direction, cancel the opposite buy/sell stop. Go have a coffee and in 50-60 minutes, the trade would have made money.
If all I did was trade using this strategy, I would have made money. But the broker, forums and just reading too much stuffed me up with too many ideas and confused me. All I needed to do was just stick with this one.
You are welcome to test it out on your demo account for tomorrow's GDP numbers. Seeing that you don't trade on key data dates, you can test it out and see the model's efficacy. See the Gold file and the "Gold-Model" tab to see an example. Usually Gold jumps or goes down 20 bucks over one hour in one direction based on the news.
But, I've really had enough. I've requested the broker to transfer back my remaining money back to me (YAY! I didn't close out my account! I just made a loss!)
If you actually make money out of this strategy, buy me a beer
If not, just buy me a beer.
Goodbye all!
Unfortunately for me 1. In Jan, I tried my hand at trading. I was a complete joke and didn't understand at all what I was doing and ended up blowing 2.8k. 2. In May, I thought, I had the right idea, just poor execution. Tried with a different broker. Lost 1.2k. 3. In Sep, tried another broker, and lost 0.3k. The issue was the same. I had the right knowledge, but I am poor at execution. So, I tried looking for...
. There's only one way as far as I'm concerned and that is to really spend time educating yourself. Everything you need, you can find for free online. Don't pay a penny for anything. There's no short cut or magic solution. Good luck.
