I've been trading actively from 2008, but like most of us I've been attraced to FX as I would be making very easy big money. (day dreaming with my lurjet, thinking how I would spend all those money ) But the trading reality kicked me in my face just after I started trading with real money. So my rollercoaster life has began.
The emotional thoughts as I traded to my disaster, was beyond the words I can describe now, but I hope I'm alot closer to it right now.
Little History about what I did:
Read alot of articles and ebooks on any given subjects << This is I believe the most importand FIND because it shifted my trading to a different prospective. I won't say the names of the books because this is my little secret. But there are no secrets!!! Virtually all the books I read stated one thing to be a successfull trader. So you have to find trully yours. Maybe I have to mention that I've read only the books I could find for free. (torrents, google, etc) There are not alot of books out there if you know what to look. Because every trader I believe have some unique mentalities when it comes to trading. So don't try to read books about picking Top & Bottoms if you're Trend follower.
Now I can define what my problems were:
Basically I thought I had to know everything from NFP, CPI, Straddling, picking top & bottoms, triangles, break outs, fibo, pivots etc. But my trading really shifted as I sticked with one of them. Rules of engagement is crucial (Money management, planning, defined rules prior entering/exits)
The hardest part for me is psychology, at least I'm trying really hard not break my rules, but when I occasionally do break my rules it really effects on my trading perfomance. Just last Thursday I broke the rules as I moved my SL to BE, the trade which could have brought me some nice pips I ended up with BE. The problem was that as soon as I spotted profitable trade I moved my SL, so I didn't give some time for it cook before moving SL. So these little mistakes will eventually have some negative impacts in the longer run.
This is my smaller account for a public but trades are the same as my bigger account, since I duplicate my trades via EA duplicator. I'm not going to post charts to show how I'm right and wrong. This is not a show off but perhaps to learn about myself or you guys could learn on my mistakes. I will try to define my problems such as how I felt about a certain trade and how I handled it emotionally. I try to be free from any of these as I have my rules sticked to my monitor. But one last thing I want to mention here is that learning on your mistake is better than learning on someone's. Maybe you guys are wondering why I have this kind of philosophy. Because the greatest learn was when I had 50% DD on my account, that is where I've learned how devastating it can be emotionally. So don't revenge trade!
The emotional thoughts as I traded to my disaster, was beyond the words I can describe now, but I hope I'm alot closer to it right now.
Little History about what I did:
Read alot of articles and ebooks on any given subjects << This is I believe the most importand FIND because it shifted my trading to a different prospective. I won't say the names of the books because this is my little secret. But there are no secrets!!! Virtually all the books I read stated one thing to be a successfull trader. So you have to find trully yours. Maybe I have to mention that I've read only the books I could find for free. (torrents, google, etc) There are not alot of books out there if you know what to look. Because every trader I believe have some unique mentalities when it comes to trading. So don't try to read books about picking Top & Bottoms if you're Trend follower.
Now I can define what my problems were:
Basically I thought I had to know everything from NFP, CPI, Straddling, picking top & bottoms, triangles, break outs, fibo, pivots etc. But my trading really shifted as I sticked with one of them. Rules of engagement is crucial (Money management, planning, defined rules prior entering/exits)
The hardest part for me is psychology, at least I'm trying really hard not break my rules, but when I occasionally do break my rules it really effects on my trading perfomance. Just last Thursday I broke the rules as I moved my SL to BE, the trade which could have brought me some nice pips I ended up with BE. The problem was that as soon as I spotted profitable trade I moved my SL, so I didn't give some time for it cook before moving SL. So these little mistakes will eventually have some negative impacts in the longer run.
This is my smaller account for a public but trades are the same as my bigger account, since I duplicate my trades via EA duplicator. I'm not going to post charts to show how I'm right and wrong. This is not a show off but perhaps to learn about myself or you guys could learn on my mistakes. I will try to define my problems such as how I felt about a certain trade and how I handled it emotionally. I try to be free from any of these as I have my rules sticked to my monitor. But one last thing I want to mention here is that learning on your mistake is better than learning on someone's. Maybe you guys are wondering why I have this kind of philosophy. Because the greatest learn was when I had 50% DD on my account, that is where I've learned how devastating it can be emotionally. So don't revenge trade!