RahmanSL
Major
- Messages
- 2,944
20k is big for you and I agree that try not to lose that 20k.
I am new to Forex but I think making that money doubled in 3 mos time is great already.
Of course I will not want to and will try not to loss my USD20k account (which is only just over USD16k for now).
Doubling the money in three months would be fantastic, but I am not aiming to do that because, in the past, when I start targeting profits, I land up wiping out the account.
Now, as I have posted above, I simply read & digest various technical & fundamental analysis around the bloc, in preparation for the following week of trading.
Not all analyst are correct in their analysis (if they are, they would be trading and making themselves filthy rich in the process), and they only give an assessment on probable direction of market for a particular currencies pair based on their charts and whatever they using as reference to make their prediction.
If I don't agree to the analysis, I simple ignore them and make my trades based on most probable market movement for the day.
A good example would be the short on JPY/USD recommendation given by a couple analyst during Asian market. I did not agree to that and went long and have since closed out the positions for just over 2% profits of my total account balance.
Trade with what you are comfortable with, but do your homework well.
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