Hi,
I took many years off trading after a disastrous naked options trade in equities during the GFC wiped me out. Lessons learnt about money management there lol.
I’ve had some success with a mechanical equities system this year, but I am wanting to get back into forex trading. I tried this year with a small account,
Using discretionary approach ( no real rules) and doubled my account. Then I got ****y, and traded some friends money too…only to keep buying the Euro when it was falling like knife early this year, wiped out all our money. Bam, reality.
So, back to the drawing board…takes things slower…I’m moving out to 60 minute and daily charts, and swing trading for bigger pips rather than scalping …
And work on a bigger reward to risk ratio of at least 2:1 and see how that goes.
Thanks for any encouragement and advice, from a humble person who respects the markets can’t be best but followed…
Hi there. Did you have a plan or any backtesting of the scenarios you traded with? Discretionary trading is often our own emotional desire to experience the action disguised as logic and reasoning. Also, have you demo traded these approaches in advance of live funds? I think the willingness to practice with no money on the line is often discounted because “isn’t the real thing”, where in fact it is the real thing and is somewhat a litmus test to separate passion for the craft separated from the money. Sometimes admitting to ourselves how we really feel about the mechanics of the craft when there’s little to no profit involved in the immediate future (just research/openness to expand knowledge and work) can be a challenge of itself.