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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.
Using technical indicators is an option when forex trading. They are helpful for the decision-making process. The basic rule for using the 200 EMA is if the price is above the line, it is likely to continue higher if the price is below the line, it is likely to continue lower. The price seems to be moving below the 200 EMA line. Welcome to 1st Class FX. We are market leaders in providing the highest quality education and learning in our forex school. With over 5 years teaching and supplying fantastic content to our students we are here to help every student grow, be that from a first time trader to advanced, we have the tools and teaching to make you a better trader. FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. 1st Forex Trading Academy has made it its mission to educate our students how to trade Forex with limited stress, so that you can make it your life-long career and make quite a nice living doing so from the comfort of your own home. 1st Contact Forex is a registered money services business with HM Customs & Excise in the UK. Although there is no physical branch in Canada, you can send money online through the company website. 1st Contact Forex lets you transfer money to a host of countries around the world using a completely secure and trustworthy method.
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