Forex... Kaboom! And the plane went down in flames...
May 28, 2009 10:44pm CST
I was reviewing my trading activity on my demo account last week when I updated my blog. You can read the entry here... http://gnmdoubletomillion.blogspot.com/2009/05/kaboom-and-plane-goes-down-in-flames.html Basically, I got burnt. Bad. Lucky for me, it was just a demo account. Sigh... Makes me wonder, for all those who trades the FOREX here, do you keep a detailed journal of your trading activities? What kinda information do you keep in your journal that would help you to study your trades to devise your strategy? Please share.
4 Jun 09
Becareful with the leverage you use, it can kill you. Sometime I trade with no leverage, if I have 100 dollars, I trade lots of 100 dollars, that´s 0.01 lots (standard lot is 10k), each pip is just 1 cent. Always use stop losses and take profit. Check you money management, you shouldn´t loose more than 5% in a trade (I preffer just loosing 1% instead)
5 Jun 09
Yeah... I know what you mean. That is why I failed in my first attempt with the demo account. And boy was I glad it was a demo account! Now I am working on a new strategy. Improving on my old one. And boy is it painful to see a trade close in the negative. So, oudine2, you into forex trading too? Which platform are you using? What currency pair are you trading? Live or still in the demo stage?
5 Jun 09
I trade live, I use to brokers, Marketiva and Oanda, but the analysis I do it in Metatrader (i like it more to see the movements, I only place the trades in the broker´s platform). I like to follow only one currency, EUR/USD. I also sometimes trade Silver and Gold. I also would like to trade stocks, but to expensive for my budget, maybe in a near future :)
30 May 09
IT's your first attempt after all, so do not lose heart ^_^ LIke i say in the initial stages, to play in the real world, one must have the right kind of money to lose in order to learn the real way of earning ^_^ I guess each individual has got their own way of keeping track of their trading.. As long as it's something simple, and that u understand it, it's fine.. What's simple to u might not be so for others, as all of us are looking at things in a different perspective ^_^ What i can say is, start out with small.. Write down your analysis based on what u heard and read which lead u to decision.. So with each trading, u will start to get the trend of it.. However, not every repeated trend will have the same results though, and that's one thing one should really take note.. Because that's the time whereby alot of ple get burnt ^_^
1 Jun 09
Yeah... learning to fall is one of the way to learn to walk or run. And I fall bad this time around. You can read my detailed analysis at http://gnmdoubletomillion.blogspot.com/2009/05/trading-review-for-may.html Good thing is this is a demo account. SO I can keep practicing till I feel I am ready before I go into the real thing.
2 Jun 09
Well, I am crossing my fingers! A new month with a new demo account! Already started a journal. Will try to update daily. Otherwise, it would be a once a week update to review on my trades for the past week to wrap up a trading week! Heh heh... Check out my first entry at my blog! http://gnmdoubletomillion.blogspot.com