Hi Everyone
Joined BabyPips a few days ago and loving school.
[B]Age:[/B] Old enough to know better.
[B]Location:[/B] Lost in space on a rather small blue ping pong ball.
[B]Interests:[/B] Enthusiastic Amateur Forex Trader [I]Variable according to time of year.[/I] Spring, Summer, Autumn[B]:[/B] Bee Keeping, Walking, countryside, getting out and about. Winter[B]:[/B] Snuggling up and staying warm.
[B]Work:[/B] Professional Tele-prospector into the IT Industry.
Opened my 1st live micro account almost a year ago after studying and practising with demo account for over six years. During the practice account period I never seemed to do very well. In fact although I never blew the practice account or added any new funds into it, the account slowly dwindled away from the initial $100,000 down to $18,000. Then about 18 months ago while just gazing at the charts and wondering if Forex Trading was for me I saw something that I had never seen before.
After hours of checking many of pairs and across all the time-frames available, the same or variations of the same pattern occurred over and over again. Next I undertook a study of the patterns identified (and for want of a better explanation at the time, called them pennants or banner flags) to see what was happening both prior to the patterns occurrence and what happened afterwards.
Well to cut a long story short, this gave me the impetus to carry on practising. Over the following seven months I turned the $18,000 practice account into a pretty decent $84,000. OK so it was down from the original starting funds. The real point is due to patience and study I was able to turn the situation around.
[B]That brings me neatly to why BabyPips.[/B]
Well since opening a real account or having some skin in the game, things have not gone quite to plan. Think that the psychology of trading is the hardest part combined with the emotions of both fear and greed, despite trying to remain objective and question…now just where was my analysis wrong? That’s basically what I am attempting to correct.
Why? Despite a huge percentage of trades that go into profit am I slowly losing more than I am gaining. Part of that answer has been … not being willing to let a losing trade go early enough because of certainty the analysis was correct in the 1st place.
So humbled I arrive at your doorstep BabyPips looking for answers and practical, objective ways in which I can turn this around.
Principally I am looking to refine my trading activity and make each trade count more effectively. This encompasses trading strategy, understanding what the market is doing, what are the probabilities (note - probabilities not possibilities) of this trade reaching a beneficial outcome, final decisions on % age of account at risk on any given instrument (currently 1-3% per trade), major interest pairs (currently the Antipodes currencies because they have reasonable spreads + when buying, decent interest returns), adding more tools for analysis which could assist in achieving the above.
Kind regards
Spuzzana
P.S. you can call me Spuz if you like 