It's better to lose some money that to regret later that you've missed some opportunities in life. My wife is quite tolerant of my new hobby, as she knows I am not stupid. I hope she's not wrong about me.
On the other hand, I plan to proceed in cautious steps and without taking unnecessary risks.
I live in Russia where salaries are small, if you convert rubles to dollars. especially now after the Ukrainian war crisis (I hate Putin, he's a dictator and a war criminal), so if I manage to earn at least $500 per month, it will be a significant income increase for my family.
I try to learn trading, on the first days I was not lucky, I am afraid I have spoiled my statistics with these first days of trading.
I think (there is just a timid hope at this stage) that I have stumbled upon a reliable principle in trading. At least, a cBot following these rules showed good performance. So, if even a cBot can be taught how to trade successfully, I, human, can do it too. (But I don't use this cBot for now, as it needs to be optimized first and I need to change its code to protect equity in a better way). I trade manually so far.
Today I had a modest success - $45.54 profit (11 trades total, 10 winning, 1 losing). I do not know if it is a lucky exception or not. We'll see.
I use leverage 1:25. I am afraid to use more, as I am not sure in my skills.
Today I traded again, and first got into profit, around $30. I should have closed all the deals, but I waited needlessly longer and one trade went against me. Then I made another mistake: I decided to 'get my revenge' on this currency pair (the opportunity was clearly there) and got two more losses. I need to improve my discipline. Next time I will try be smarter and more consistent. But I do feel more confidence now and I don't panic any more. I feel that my strategy basically works, I just need to work on it more.
Today I earned almost $12. I keep telling to myself: you got deposit $1000-$1100. That's 1.2% per day. I should be reasonable and be satisfied with this rate of growth. This is more than I hoped for. When I put money into a bank, I need to wait for one year to get miserable 3% interest per year. I here I am, earning 1/3 of the year interest per day.
Discipline, discipline and more discipline - and no more 'desires of revenge' and this stupid stubbornness. Let it be my today's lesson.
HI Good Luck Eugene, You will control those feelings and emotions with exposure to trading, Any day can be a bad day and with some time you will get over the emotions, but remember to never risk too much, it is safer to have a bad trade and accept small losses than to risk your whole capital trying to recover, You cannot win every day. Accept losses, nothing is perfect
Today's result: $33. I easily found good, almost excellent entries, quickly opened 6 positions. 5 went into profit, only 1 brought $7 loss. I am very satisfied today with my performance.
I devote to studying Forex almost all my available time. I want to buy a special software, but I need to earn money for it first. This software is from the author of the book which I now read. More and more I become confident that his strategy really works. Even I, just a beginner, by applying his basic principles, already trade with profits.
Thinking about moving to higher time charts (daily). I now have a very powerful analysis software, it helps me to find and analyze markets.
My manual skills also improve. Lately, my mind was overloaded (almost intoxicated) with new information and things to do, etc., but eventually it all starts to settle down and become clear. I am gaining confidence but risk management and following the rules are still and will always be a top priority for me.
After the trades are closed, I go back to the history and study what happened and what could have happened, etc. Such study helps to improve the logic of the strategy and find your errors hoping to prevent them in future.
Well, looks like I need to study more as my recent errors have been eating into my previously made hard earned profits recently. Looks like shorter time frames have been kinder to me, but we shall see...
Be calm, We all go through phases at the beginning, A good idea is to Leave the real account safe for a few days, and trade on demo until you get the hang of trading again, It is the emotions of trading, Calm and take one day off. Trade on demo for one day, You will see.
I got into some losses with manual trades and decided to call robots for help :) After I installed my trusty cBots, only after 2-3 days, they quickly got me out of losses into profits again :)
I think I will concentrate from now on on robotic trades. When I trade manually, the biggest problem for me (causing hesitation) is that I am not sure which settings of indicators to choose and it's a key element which changes the whole picture. The only way to see for sure which settings are better is to check them on historical data with backtesting. Aha, but this is what robots do. So, if 'backtesting' is done better with a cBot, why not trust the same cBot with 'forward trading'? See my logic?
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