Hello everybody. I would like to tell my story and may be receive an advice from experienced traders.
Once, Ive been attracted with the information about Forex... where its possible to make money easily staying at home.
Of course it was very interesting for me, everyone would like to earn money... or win Without a moment's thought, Ive opened a demo account on forex.com. And
Ive played (I intentionally use the word played as that was really nothing more than playing) knowing no rules, without reading any of that quantity of books about trading, technical analysis, money management etc.
I was just looking at the chart and trying to buy lower and sell higher That continued for not too long as Ive raised my deposit more than twice in only several days, starting from 200$ and gathering 20 - 40 pips every day
Of course, I didnt know anything about money management and opened positions using 50 - 100% of my deposit and the depo was growing rapidly, day after day
So, the time has come then I, inspired by my demo winnings, feel myself good enough to open a real account. Of course, Ive opened it at forex.com, where Ive started with demo, and my first $2000 were placed to my account
First, everything was the same the same tactics with the same results as on demo Ive got about $600 within first days.
And then I knew about all those books on trading, about the classicists of technical analysis which all teach us how to trade better, about magic indicators, which show where to buy and where to sell How wonderful I thought when starting to read those books And after some reading of classical books I decided to protect my depo by using Stop Loss, so as not to loose all the money at once What a surprise was when the first Stop Loss took $1000 away from my depo!!! A good protection
I thought All right, I cant win every time, the next time Ill recover it back After reading a bit more books Ive started to use all those methods I knew from the books in trading. But the price started to avoid all my traps, eating my orders and reversing ITS UNBELIEVABLE! I even suspected it could be some virus in my terminal moving the price against me! It was like a card game with the computer which knows my cards
Although a bit later I tried the terminal of other dealing center and everything was the same, so I didnt worry about virus any more, but worried about trading! Why the price behavior is nothing like it was described in the books it doesnt obey any signals of indicators, moves against the news and never moves where I expect it to move! All my efforts to save the decreasing depo were ineffective, and finally Ive got Margin Call.
So my first contact with Forex was badly finished and thats what the greed and risk leads to
Could anyone tell me what Ive done wrong and how to become a good trader?
Once, Ive been attracted with the information about Forex... where its possible to make money easily staying at home.
Of course it was very interesting for me, everyone would like to earn money... or win Without a moment's thought, Ive opened a demo account on forex.com. And
Ive played (I intentionally use the word played as that was really nothing more than playing) knowing no rules, without reading any of that quantity of books about trading, technical analysis, money management etc.
I was just looking at the chart and trying to buy lower and sell higher That continued for not too long as Ive raised my deposit more than twice in only several days, starting from 200$ and gathering 20 - 40 pips every day
Of course, I didnt know anything about money management and opened positions using 50 - 100% of my deposit and the depo was growing rapidly, day after day
So, the time has come then I, inspired by my demo winnings, feel myself good enough to open a real account. Of course, Ive opened it at forex.com, where Ive started with demo, and my first $2000 were placed to my account
First, everything was the same the same tactics with the same results as on demo Ive got about $600 within first days.
And then I knew about all those books on trading, about the classicists of technical analysis which all teach us how to trade better, about magic indicators, which show where to buy and where to sell How wonderful I thought when starting to read those books And after some reading of classical books I decided to protect my depo by using Stop Loss, so as not to loose all the money at once What a surprise was when the first Stop Loss took $1000 away from my depo!!! A good protection
I thought All right, I cant win every time, the next time Ill recover it back After reading a bit more books Ive started to use all those methods I knew from the books in trading. But the price started to avoid all my traps, eating my orders and reversing ITS UNBELIEVABLE! I even suspected it could be some virus in my terminal moving the price against me! It was like a card game with the computer which knows my cards
Although a bit later I tried the terminal of other dealing center and everything was the same, so I didnt worry about virus any more, but worried about trading! Why the price behavior is nothing like it was described in the books it doesnt obey any signals of indicators, moves against the news and never moves where I expect it to move! All my efforts to save the decreasing depo were ineffective, and finally Ive got Margin Call.
So my first contact with Forex was badly finished and thats what the greed and risk leads to
Could anyone tell me what Ive done wrong and how to become a good trader?