Starting off in November, I will be doing some trading (see reasoning here). This post shall be the first update on my trading journey. As I have not given a thought on how should I present my results from my trading, the formatting shall be firmed up while I go along.
My Initial Investment
After thinking through and making some calculations, I decided to invest $5,000 into trading Forex. I have opened an account with Oanda, made the transfer of the funds and started off my trading in Forex again.
Journey So Far
My trading journey in Forex did not start off in a good way. Made a couple of small mistakes and lost around $100. However, the “killer” was two of my trades in NZD lost around 750 pips each!
I had some good trades profiting a total of around 1,350 pips but because I was only starting off, I trading with only 1 micro lot which meant the profit was around $135. Just when I upsize my trades to 0.5 mini per lot, I lost the two “killer” trades which not only returned the profits in the start, I was down by $615.
After the loss of the two “killer” trades, I had a series of losing trades while trying to “revenge” the market by trading on the hourly and below timeframes. Very soon my account was down by $1,500.
The Bottom Line
After the two “killer” trades, I total lost my sight of my trading plans and started to go back to the trading pattern which cost me dearly in the past. Luckily, or unluckily, I had managed to see the problem fast and it did not wipe out my entire initial investment. Shall remind myself of the trading plans and restrict myself in doing “revenge” trades again.