I have ventured into forex trading. I have been testing several pairs and have come to
the conclusion, I am concentrating on trading gold.
But what I have found out, is that no matter what you trade, you MUST HAVE PATIENCE!
You will lose a lot of money if you don’t. I learned the hard way that you must have a plan and you must learn to limit your risk.
You have to get to the point when you are trading to be able to set a trade and not worry about it. You do this by not over leveraging and not over trading.
I have had a few bumps, but I think I have reached that point. I am starting to have more wins than losses in my trades.
One mistake I keep making though is listening to the so call experts who try and predict which way gold is going to go.
This a example of what I was doing earlier. Yea I made some money on this one, but eventually those .50 lot trades caught up with me and I lost big time.
Now I am sticking to .05 or less on my lots until I get over $2500 per account.
I currently have 4 gold accounts and one eur/usd pair trading.
Even though I have had some big losses, they were learning curves and part of the process.
I do not intend to give up. You have to keep on learning to be a successful trader, and I intend to do just that.
Its only been about 3 months for me, but I have learned a lot in this time. Hell 3 months ago, I did not know what a “pip” or a “lot” was.
I think my strategy going forward will be based on support and resistance and the candlestick formations, and also looking at all the time frames.
I will be explaining all of this as I continue my trading journey.
In closing, do not over trade and manage risks!