:39:Hello Everyone!
I’d just like to share with you something that I have just learned (the hard way I might add)…
Since going live with reall £££ a few weeks ago I have been mostly trading EUR/USD & GBP/USD and due to overtrading like a fool (up to 30 trades a day!!!) and getting stopped out and BEING ON THE WRONG SIDE OF THE TRADE 99% OF THE TIME!!! and all other manner of newbie mistakes which I won’t go into but I’m sure you get the picture - I have managed to end up with a 50% “retracement” on my account (I’m telling the missus i’m only 25% down so mum’s the word!) - So anyway, since much grinding and gnashing of teeth and overwhelming dispair and burning frustration I decided to quit the dollar and try something - anything - different so I started trading the GPB/JPY and nothing else — MY GOD WHAT A DIFFERENCE!!! I don’t know if it’s some sort of left brain/right brain; east/west; southern/northern hemisphere thing but my trading seems to have flipped in the opposite direction!!! I find the yen simply more agreeable, reliable, predictable, accomodating and peaceful, almost a bit like how I find Japanese culture in some way! (yes I realise that’s a bit general) It’s wierd, I mean it’s only early days yet 3 days in, but the difference is astonishing I’ve bagged about 100 pips in 3 days! There seems to be a distinct lack of the whole nasty getting ‘spiked out’ thing. Beginners luck? freaky winning streak? can’t last? time will definitely tell! But to any folks out there pulling clumps of hair out trying to get on the profitable side of the dollar and failing like me, have a punt on the ¥EN - you might find you have a ‘light-bulb’ moment like myself! I’ll report back in a couple of weeks and give you an update.
I wish you all top luck & lucrative trading!!!xxx
hmm. seems to me you need a better trading plan. Be less emotionally attached to your trades. Probably need better money management to. Grats to your 3 day winning streak but don’t become over confident.
It seems you changed to the GPB/JPY, just at the same time that that the market started doing a bit of trending, last week the market did quite a bit of nice trading, I actually made a post to that effect, it was quite no brainer trades, sorry to disappoint you, but no pair is any easier than the other to trade, I mostly stick to the EURUSD, you dont have to worry as much about the spreads, and you get the best execution due to the greater liquidity.
The best thing you can do is STOP trading any ‘real’ amounts of money until you have learnt to trade properly, otherwise you will simply lose the other 50% over the course of the next couple of months or so.
Yep, on reflection I do suspect that I may have been merely lucky - It seems to good to be true, and I suppose you can’t really formulate a picture on the strenth of only a few days. I have vastly cut my trading sizes down to minimal amounts (although they were not big to begin with), I’m not going to go back to demo because there’s no fear involved in demo trading, and a healthy dose of fear of loss helps to discipline somewhat against sloppy trading practice!
Cheers for your advice, i’m gonna go look have a look at your posts.
I actually just switched to gpb, jpy pair solely and my trading has turned positive as well. I found that it reacts better to my pivot points and it’s ideal for trading in my time zone which is Alaska. My target is 10 pips a day and I normally get it during the London open which is 10pm my local time. I too was over trading so I stopped for a while to really digest what I was doing wrong so I don’t keep repeating the same mistakes.