Now if a trader ever tells you that they have never blown an account punch them in the face! When I 1st started out I blew around £10,000 because I thought I knew best and didn't listen to anyone's advice... I learnt the hard way! Do you want to learn a 10k lesson? thought not haha.
On my journey I had to cut ties with lots of friends and family because they didn't believe I was going to make it and just dragged me down, negative people are no good... So get on Facebook and delete a few negative people, actually delete Facebook as its just full of brainwashing content haha.
If you want to come have a chat with me to see if I can help you change your whole mind set and outlook to better your trading then I am only a message away :)
Now this trade is 1 on my watch list, I can see bearish movement to our support zone as you can see price has been respecting a resistance area that it is currently at, so downside movement should follow.
Again don't blindly follow my analysis, only take it if it lines up with your own analysis! I don't want to be the reason you loose your house ;p
I’ve been on the verge of a nervous breakdown a couple of times with trades nearly blowing up my savings. Only been doing forex for 3 months and I’m back to square one with my initial balance. I need to educate myself more before placing risky trades again and begin doing 1:3 rr ratio trades. I like to see other people’s analysis in here making sure my own analysis is the generally prediction.
ApexFX_Pro
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@mbon99, Are you using correct risk management and lot sizes for your account balance?
mbon99
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@ApexFX_Pro, I am. I think my problem is I have a tendency to want to enter trades at the exact baddest time. Buying in an uptrend - downtrend begins. Buying at the predicted bottom of a downtrend - downtrend continues. And so on
ApexFX_Pro
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@mbon99, So you are chasing trades instead of letting them come to you. Do you have a list of trading rules? so when looking at a setup that trade must meet ALL your rules before you take it.
mbon99
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@ApexFX_Pro, no, but maybe I should. I usually analyze a currency on the spot looking for what might come next. I rely a lot on RSI, historical support and resistance levels, and trend lines. But somehow I most often end up reading the direction wrongfully (breaking support/resistance levels, trend lines, RSI continuing pushing down from 30 or up from 70). I feel unlucky most of the time, but I’m obviously doing something completely wrong
ApexFX_Pro
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@mbon99, A check list is a must and will stop you from jumping in bad trades, its a little bit of protection... like a trading condom haha.
mbon99
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@ApexFX_Pro, I like the analogy haha. But thank you, I’ll get right on it
ApexFX_Pro
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@mbon99, Haha. Good good, just shoot me a message if you need help with anything.