hkheredia posted: Is it still possible to slowly recuperate my account to previous levels despite losing half of it's value without injecting more funds? Forex should only involve risk capital and I don't want to risk anything more as of the moment.
I think 'pulling the trigger like a cowboy' was a result of my desperation to recuperate losses. I did relearn my lesson that this is a business with systems in place not a gambling spree in vegas.
K, so I have read a little bit on this thread and I feel for you cause I have done the same thing many a time since I started trading about 7 years ago. Here's the thing...you have to blow up at least a few accounts. I'm not joking about that either. For whatever reason we cannot seem to learn and control ourselves until we have been broken...completely and utterly dejected and disgusted that we got so greedy and until you feel that feeling deep in your gut...that you can't believe you lost that money and chased after a fast recovery, or gain when you knew the slow road was the only way back...that my friend is the only way to learn.
So, this being said, my advice is open up a live account asap when you think you have a decent trading strategy/system. The key is make sure the real money account is very small. Say a $1,000. That way when you lose it all you don't go into depression.
The first year I started forex in 2004 I lost my real money account after 6 months. Then I had a great account going form 2005-2006 where I consistently withdrew profits and recapped my losses. Then I did the same in 2007-2009...but I then proceeded to get very greedy and cocky and blew up a pretty stinkin big account. That made me sit back on the sidelines for over 1 year and just paper trade. I was completely sick to my stomach that I lost that much of my own money, although the intitial capital investment was pretty small, only $2,000 but the account was fluctuating at about 10-14k depending on my withdraws when I blew it up.
Here's the thing...those tough lessons can either make or break you. Your choice. I'm back trading now, but I feel centered again and I wanna make a 10 year run now without blowing an account up...That's my goal ;)
Emotions are the worst enemy of forex traders. Emotional traders can not successful in forex. So if any trader is emotional and you have no patient with it, you can stay away from forex. After training, you can set up your own entry, strtaegy and plan and also can know how to control emotions in Forex trading.
All human is emotional. But trader should not trade with emotion. However, when real money on the stack, trader cannot help but to trade with emotion. Emotional trading only brings disaster. Trader should trade with emotion as little as possible.
Learn what type of mind set is needed to be profitable. Along with a good strategy you also need a trading psychology. You can't just open trades randomly. You have to be calculative and discipline. You should have technical reason behind opening and closing a trade.
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