Newbie most common mistake (I'm a forex newbie) kill my trade today. My USDJPY trade blow my trading account in one week, which make me feel so weak. I don't want it to end up like this but my catastrophic desire to make it big very quickly end up with Stop Out (SO).
Trading account balance is no longer enough to support any trade, which mean, I have to reload my trading account again. I hate to do this but I have to do it or there will be no more trade. The big mistake is failure of setting the trade scale.
Usually, I start it small, and make it bigger as my account is growing. But this time, I'm so confident that USDJPY will move downward that I've short another big trade for this pair. Unfortunately, that action leave my account with no room to survive from the opposite movement of 61 pips, what a shame! I lost the trade because I fail to handle these 61 pips!
So, I've set a new trading rule. The rule is to provide at least 200 pips of movement to the other side for a single trading account, or else ... there will be no more trade. This lesson is hard, but I have to obey this, if I want to make it.
Trading account balance is no longer enough to support any trade, which mean, I have to reload my trading account again. I hate to do this but I have to do it or there will be no more trade. The big mistake is failure of setting the trade scale.
Usually, I start it small, and make it bigger as my account is growing. But this time, I'm so confident that USDJPY will move downward that I've short another big trade for this pair. Unfortunately, that action leave my account with no room to survive from the opposite movement of 61 pips, what a shame! I lost the trade because I fail to handle these 61 pips!
So, I've set a new trading rule. The rule is to provide at least 200 pips of movement to the other side for a single trading account, or else ... there will be no more trade. This lesson is hard, but I have to obey this, if I want to make it.
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