One draw back to trading demo for so long you get used to taking chances knowing it doesn't really matter. When I opened my real account it all looked exactly the same...I like taking risk, so I dove right in. I have only blown one account before, buying down on the GU which moved 300 pips in one evening (another rare occurrence). But that was a demo account. When this strategy opened up I went for it, like I was trading on a demo account. I do believe in taking risk to be rewarded high gain. But not risk like this. It was an immature thing to do and I cop to that completely. But I have done well all my life doing crazy things, so it is part of my personality!
I don't think it will ALWAYS bite you to be risky. Sometimes you eat the bear, sometimes the bear eats you. I got eaten.
Yes, I will not give up. Sometimes I think of that as a disadvantage. I never give up...ever...and often times I wish I would. I will find a way to get more money in my account and go at it again. And I will succeed at this, no question in my mind about it...but it still hurts...and right now I am not feeling so great about this loss.
Thanks for your post, mytwopips, at least after reading that I feel like my $50,000 wasn't so great. In the big scheme of things I guess it isn't. I do have more...and I have lost that much in the stock market easily over the past year (much more actually.) Cost of doing business I guess. I suppose what bugs me the most is feeling that I was irresponsible placing dozens of no SL buy trades as a pair is going down. Using my previous method of trading, which did well, I would never have been at that sort of risk exposure.
Anyway...this has been interesting and fun as well! The cool thing about the forex is that you can make $50,000 ALMOST as easy as you can lose it!!
At least there is the potential for that!!
I'll be back!
See ya...
Todd