Thursday, October 4, 2007


What do you think? Rome was built in One day?
No it was not! So what's the use in trying to build it one day or one hour?

So far there was no reason of doing it - but I felt pushing myself to the limit and thus exerting enormous pressure over myself. It all comes back crushing all the time, experience, money and knowledge I have invested I have beeen investing in my attempt to become a successful FX speculator.

Not that I didn't have spectacular wins - but more that I have been sustainably blowing my account due to overleveraging each and every time.

> Remember!!! Leverage is there to kill little retail account like yours! And it is the intrinsic trait of every human being of being both GREEDY and IMPATIENT!

So this is how brokerages profit from the 99% group (the retails that always get fooled and always chase the tail of it...). They give you 200 to 400% leverage then go shoot yourself.

Not that it's not fantastic! No, actually it's pretty nice going on a ride with a 100k position for 100-200 pips... but how often it happens? How often one can succeed to hold onto the winning position? And how many times one runs the losing positions for much longer or gets scared for 10 pips spike - just to see it going in your dircetion afterwards...

So how you go on from here?

Must be patient! And I got to formulate a certain set of rules to trade by from here on.

Just for the record let's say that on Last Friday I had one of my best trades ever - hanged in a 151 pip ride in GBPUSD on the break of 2.0325 to the high 2.04 - actually from 2.0229 to 2.0440 - with a 120k position - well pretty nice - then on Monday got a great short GBPJPY trade for like 80 pips with a perfect trade management -taking profit on half and then letting the other half to catch the whole move...

And the crash afterwards: Monday till today (Thursday) was arange market and I just blew the account to 0!

So you see - it just doesn't work like that!

Had a great gain - then had to lay low, take a break, lower leverage, trade less, wait for the right setup ---- what else?

Inretrospective I can see all the big mistakes. I made every possible mistake that could be made. So from now on I have all the knowledge, skills and experience to make this thing work.
Only thing is IMPATIENCE I have to fight with... Trading little gives no great profits but for the time being it can protect from losing big until the right setups come and until the rules start to kick in...

That's how it must work!

No comments:

Post a Comment