i have scanned the babypips forum and even read quite a few lessons of pipsology for about two years now, but never wanted to make the effort to join the community. call it laziness if you will, but i was preoccupied with three kids and an attempt to go back to school for accounting, on top of a generally anti-social type of personality. at any rate, i am here now and i would like to become an active, participating & supportive, member of the babypips forum.
i have been live trading forex since nov. of 2014 and have truly been stupid about it. i have blown every account i have ever started, but not before raking in pretty hefty profits. i have doubled and tripled my money on a $1,000 account and made 90% on a $3,400 account. i have even taken $100 and traded it to $990, only to blow up that one also. between these monumental foul-ups i have maintained accounts in the range of $250-$600 for months at a time while making withdrawals of $200-$500 here and there to support my family. eventually though, the market swallows me up due to leveraged positions i create out of disparity. this is necessary but needs to be controlled way, way, way more efficiently.
my problems: huge losses due to stubborn thinking about a position that stem from my greed for a higher profit, and my pride which doesn’t allow me to close a loss early. myfxbook account shows i win around 80% of my trades, of which i have made thousands, yet my losses $ amount far outweigh my winning $s combined.
easily correctable mistakes. i am entering a new depth of thought as i try one more time to get this right. i recently made the last deposit i ever will to the forex market. $500 which i have been trading since monday. the account sits at $614 now, but i have to make at least $1,000 on it, in about a 30 day period, so i can pay back the credit card and close it, and so i can have a trading account with a balance of $1,000 which i will use to build capital and continue to feed my family. (we live frugally but i still need substantial returns or it’s back to the ironworker’s union.)
finally, i am focusing on my new endeavor as a career, putting school aside for the moment, and creating sustainability through my ability. hope to hear from some of you as i journey through my last shot at forex heaven.
see you on the board,