Well - good morning to you to.
Sorry - I did not mean to offend you - it was actually meant to be a sort of ‘tongue in cheek’ joke - the joke being on me - you know the proverbial ‘egg on my face’ thing?
On the other hand - yes - I do believe I can get out this no matter how far I have to ‘prop it up’ to achieve this goal - and you know what that goal is.
Yes - I do NEED this to work in the long term but I can promise you that it is not to be able to pay the rent at the end of the month!
And of course - I do NEED the outcome to go my way - because if it doesn’t - then I’ve lost money - and that I’m sure is not the object of the excercise.
I’m sorry if I created the impression that I’m desperate.
I have another business that I have had for nearly sixteen years now and I just can’t take it any more - my heart is no longer in it (apparantely it’s called ‘burnout’ although I think it’s called ‘boredom’). I need a change of direction - so that’s why I NEED to make this work and it has been something that I have always said that I would like to do for a living but up until a while ago was scared to throw money at something that I knew nothing about.
For now - it suits me better to do this. It’s exciting and it’s new and hopefully it will be something I can add to my list of accomplishments.
And yes - I am learning - I’m just fortuanate to be in a position where I can write off the cost of my mistakes and then try and correct them.
Am I wrong in the way that I am approaching this? I’m not sure - maybe I’m just not quite as cautious as the next person.
Am I learning from the current situation I’m in with my trades? Of course I am - and when I’m out of this current position I will list what I think I have learned (if anyone is interested that is).
For one thing - I can tell you - that somebody else on this forum said not to waste your time with ‘mini accounts’ and $50 lots. He was right - see - I have learned something. I have now proved that point to myself. A big enough margin can ride out any storm.
And while you have got me revved up - I don’t see the point of making $100 dollars a week and being happy with it. This is not a hobby. Hell - I make half of that in an hour in my other business. I just don’t believe that one can serve two masters. I’ve decided that this is now what I want to do and while I have the opportunity (financially) to put my all into it - why not.
Anyway - enough with the advice thing - it seems to be an issue - although I’m not sure why. I not a kid who is going to slate other people for giving me advice. If I’m stupid enough to act with my money on the advice of people who I have never met in my life before and who certainly don’t have a vested interest in my well being - and that advice just happens to be wrong - then I deserve to lose every cent of it. I just like hearing other peoples opinions - that’s all.
Anyway - for anybody else that is interest in how things are going - I just woke up now to check on my positions - and - guess what - we are at 117.42 and going down. At the moment every single loss position that initiated the start of this thread is sitting at a profit. I’m afraid I have to cheat again though - before closing any of these positions - I’m going to prop up my margin substantially - just to make sure that even if this thing goes to 115.00 there is a lot of headroom to ride it out and then catch the up swing and do the same thing when we are back at around 118.40 or higher.
The way I see it - everything is in my favour right now. The lowest this pair traded at was around 108.00 and that was in May last year. In July last year it was around 114.00. In November last year it was around 114.50 and then at the beginning of this month it was somewhere around 115.00. If you have a nice look at the daily chart our Ascending Triangle is still there so as long as I can ride out a low of 115.00 and then catch it on the upswing I’ll be good. Now this is based on charts and signals and from what I’ve read - that’s what were supposed to be looking at. That’s the way to trade forex. So - if I’m wrong - then we’re all wasting our time looking at charts and indicators and might as well go back to gambling (although strangely enough that is something that has never interested me. I think I played roulette once or twice, lost about $100, and could not see why people would sit and do this all day).
I’ll keep updating this post if anyone is interested. If not - then please let me know and I’ll shut the **** up.
Regards,
Dale.