I’m confident that I’m not the only one out there who is passing through this passage in the journey of life where you feel lost, you can’t see ahead and looking backwards is as dark as how far your vision can reach.
Waking up every morning at 7 AM, getting into the shower, drying your hair, getting dressed with the backpack on your back, driving all the way to work in heavy traffic, spending the next 9 hours in your cubical then driving back home is not what I want to do with the rest of my life.
It took me quite sometime to realize that I can’t keep going. I have no strength to continue and I have no financial backup to quit. A dark hole emerges in a forsaken mind that has enough darkness already.
I got into money trading and FOREX the moment I started reading about it online. It looked like the soothing light at the end of the tunnel. Started with a demo account as I needed to learn and practice whatever I learn online and I started seeing progress. I rushed into creating a real account with real money and I trippled my account in less than a month. It was more than a dream that is good to be true, but I know life doesn’t work that way.
I got a margin call and lost every cent in my account. I recharged my account and lost it all in less than two weeks. I paused a little to analyze why am I losing massively after seeing outstanding profits. Was it beginners luck? Was it all random? Did I follow some rules that I’m not strictly following anymore?
All those questions popped up in my head while I paused.I’m struggling with my trades and I’m struggling in life. I have no support and I have the world acting as resistance to my existence.
If I could triple my account once, I could do it again. I can do it again and I will do it again. The rage inside of me is screaming this out and this is the moment that triggered me to recharge my account once again.
Yes. I am risking my savings and I’m losing confidence in my trading strategy. I’m in the phase of life where you tell yourself it cannot get any worse so I’m willing to take risks to some extreme level, hoping it works out one day.
I will keep track of my trades and I will share what I learn here. I am sure that someone out there is having the same problems and I don’t want anyone in this world to be where I am now.
Let the games begin!
I will write down some rules that may help you out. I have lost money learning these rules so you know these rules are not for free. Following them will probably get your life easier in the market.
- Wait for the market to come to you
Don’t rush to the market because you don’t have open positions. Rushing into the market has unpleasant consequences and by doing so, the probability of being at the wrong side of the market is maximized.
- Leverage your trade based on the worst case scenario
Calculate your stop loss in pips, convert the net loss per pip with no leverage then calculate the maximum loss per trade you can handle and set the leverage accordingly.
- Risk to reward ratio needs to be convenient
You don’t want the risk and reward to be equal. I won’t get into a trade unless the reward is at least triple the risk.
- Remember; patience, discipline!
Currently, I am closely monitoring the NZD/CAD and I’m looking forward to short the pair when the market comes to me.
I’ve done my homework and below are the charts.
Above is the daily chart for the NZD/CAD for the previous 3 years.The market is moving up towards a strong resistance that has been tested multiple of times and I’m expecting the market to bearish once the resistance level is hit.
Entry order details are below
Stop loss: 098121
Lot size: 60 K USD
Used margin: 480 USD
Net risk: 281.14 USD
Net reward: 4,436.13 USD
The stop loss will be shifted towards the relevant Fibonacci level to secure profits. Let’s wish for the best and wish the market moves towards the 0.236 level.
It is 15:00 Cairo local time and I’m 83 pips away from my entry. I’m not sure if this order will be triggered today or it will take some days for the market to reach my entry point. I will come with an update once this trade is open.