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Lessons from gaining 500% in a week & losing about half of it
Hello, just want to share my experience trading forex this week. So I had about $55 in my trading account and started trading GBPJPY on Monday. Won 3 out of 4 trades. But the big wins came from the XAUUSD dump this week in which I took a lot of trades and I got lucky. Felt surreal when my account reached $350 and should’ve probably stopped. But still decided to enter trades and that’s where things got pretty bad. I still have an open trade as of writing and my equity is down. XAUUSD is a beast! Been trading for almost a year now but not regularly and I only trade small amounts. This is the 1st time I made such gain and I’m not sure if I can do this again. Here’s a screenshot: https://i.postimg.cc/ZY37hRJX/6-F33601-E-C36-A-4702-A31-B-49986022-D6-F6.jpg Lesson learned:
Stop staring at the chart after entering a trade. Most of my loss happened because I closed the trade during a reversal. Had I waited and stuck to my plan, I would’ve TP’d most of them.
You don’t have to enter a trade all the damn time. (Bad case of FOMO in my part)
Set your goal and don’t be too greedy
Don’t trade on Fridays (had backtested this already but FOMO)
**UPDATE: Been getting DMs asking about my strategy. I use price action and I don’t use any indicators. I draw 1-2 trend lines based from previous strong support and resistance. I want a clean chart as it’s easier for me. I also did 5 years worth of backtesting. My biggest issue, as I’m sure you’ve noticed, are sticking to my trading plan (stop looking at the chart all the time after entering a trade, and closing too soon due to reversals), and discipline (don’t FOMO and setting my goals). I still don’t consider myself as a “trader” per se, so please do your own backtesting. I was also looking for the “best strategy” when I was starting out, until I realize that your results would largely depend on your attitude vs your strategy.
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So, how much did I make in my first year of trading Forex? Honestly, not a lot of money. But, I was profitable for the year so I consider that a great success. Live NY Session Hosted 6.30am EST Mon to Fri. Ask questions. Post charts and get feedback. This is for educational purposes ONLY. WATCH THIS BEFORE THE LIVE ... Free Forex Course on InformedTrades: http://www.informedtrades.com/f112/ The platform featured in the video is the FX Trading Station. Click here to try a re... Join our Free Support Group through our page 👇🏼👇🏼👇🏼👇🏼👇🏼👇🏼👇🏼👇🏼 https://www.facebook.com/FXGOAT/ For Free Signals join ... A lot of you requested a vlog about brokers and that will be coming soon. Here is some insight on things I applied in life for the last 7 years on a daily ba...