Just a quick update.
2 weekends ago my equity plummeted to 25 USD. It's a hard life trading forex. Like that reckless trading day, I don't exactly know what happened. The market was very volatile, I suppose. I was buying NZD/USD one minute, still buying NZD/USD another hour later but both trades lost. So I decided to sell NZD/USD this time but even that trade still lost.
I realized that there are pips to be made any direction you choose but sometimes if it doesn't reach your limit and when that happens, on the opposite direction, your stop loss could be hit.
Even at only 25 USD, I kept trading the following week and managed to increase my equity to 35 USD. But then, the good days never last and this week my equity is down to only 17 dollars.
To continue I definitely would have to top up my account again. I'm thinking to add 300 to 500 USD to my account this week.
But before that, I'm more eager to practice again using a demo account. I'd like to come up with a trading system before going live again. Although I still believe that trading with a live account is the best way to learn.
I might just stick with a demo this week especially since the Fed meeting is coming up.
Major Forex Lesson:
These things take TIME! As much as I wanted to see results and report to you that trading the Forex market for a living is doable, I became too eager that at most times I really just entered trades without giving much thought to the reason why I entered the trade. In effect, I just gambled away my first account.
As I reported in a previous post, there are people doing great in some of the forums I've joined. Some have even withdrawn amounts from their account already. I hope someday I will be withdrawing from my account on a regular basis as well.
It's a matter of learning the art and skill and having the patience and discipline to follow your system.
My time, your time, our time will come.
Just continue learning and acquiring the skills necessary to be successful in this business. Never give up. Dreams mean work.
Pips Be With You!
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