I just wrecked my portfolio tonight and lost the spirit of trading currencies. Any tips on how to recover from this very expensive learning experience? I'm humbled by what the market did to me and I think I overtraded. I was trading the EUR/USD, going long and short multiple times and I think I was trading a trend I could not even read.
Sorry to hear about it.
First of all, take a deep breath.
Secondly, try to figure out how did you end up in that situation and how to prevent it from happening again.
Major points to consider:
- Do you have a trading plan with exact entry and exit rules?
- Have you followed your trading plan accordingly?
- Are you using correct money management rules and not risking too much per each trade?
On top of that, how long did you demo trade before trading a real account? Has your trading appeared to be profitable with demo?