I have good number of years in experience but no progress
I have good number of years in experience but no progress in economic condition. i decided take up forex a trading as home job after my former company has shut down. i did not find any alternative job opportunity to match my family expenditure. so i taken forex trading as my day job. i doing it for about 18 month. i dint have much desired progress. but i tried many strategies and failed to improve my account. when i anaysed my failures i found three intimidating thing which affects my progress.
i loss maximum when i have a tendency to withdraw to meet my family needs. that is when greedy to make more profit with high leverages forgetting about money management.
when hold my position without stop loss for avoiding loss and expecting market pullback. but market totally agaisnt my position. i lose my confidence and stop out my position after erasing previous gains and considreable part of investment.
i will give a considerable time gap after heavy loss and i will plan another strategy
and so on please read above paragraph.
so i found three factors which kills any traders account.
In the past I blew up my account several times. First I was (all-in) long from 2007 to January 2009, then I began to build up short positions (which was a good plan for around 6 weeks ;-)) I kept shorting the markets for the next 12 months (and shorted one of the largest bull market rallies ever).
In 2010 and 2011 I worked on my trading skills and I realized that I need to automate my trading strategies (as I simply do not have enough time for trading during regular trading hours). Thus I started to implement some strategies in NinjaTrader and quickly found this great community (via google when searching for some NT stuff). Currently I've some basic but working strategies, but never tried them in reality. My goal for 2012 is to begin again with real trading, this time automated with a proper strategy and strict money management.
Best regards and good trades
The following user says Thank You to simon77 for this post:
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