I am so green in forex that my questions are so elementary, pls bear with me. I need a lot of words of wisdom to help me right now.
I have read so many times that MONEY MANAGEMENT is important. Is there more to it than deciding my stops and limits? How do I mitigate a losing trade or enhance a winning position?
I also need a little encouragement right now. I have already lost $10,000 of my initial margin. I am not going to miss a meal because of this - but it is still 10 grand that I could have used to buy a hot spa.
I have seen posts about how much money or how many pips people make by following their trading plans. I still have to see posts that say how much some traders lost.
I still believe I have a better chance with forex than in the Las Vegas casinos. I look at it as always having a 50%-50% chance of winning - better than the gambling odds of 20% me and 80% house.