Tue. Jan 18th, 2022

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.

I am learning to use my own analysis and go from there, if I am wrong, its on me. At least I wont be making a dumb trade from a so called expert.

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!

 

 

 

By Broblogger

Larry McCullough is a 20 year Retired Devil Dog(Marine) and 20 Year USPS, who loves to write and market the Internet. Owns several websites and love to help others succeed. Love to workout and eat healthy 90 percent of the time.

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