What I've learned is that chasing a quick buck is not possible. A few days ago I looked at the charts and said the AUD/JPY cannot go any higher. Same thing with AUD/USD. I figured the economies are not that dissimilar and that these pairs should come back down a bit, so I shorted. Not only did I short, but I pretty much went all in. Unfortunately for me they can go higher. I bought the AUD/JPY at 97.055 its now at 98.580 or up 152 pips. Also unfortunately for me each pip is worth $1 US Dollar. So in my account I have an unrealized loss of $222 dollars. So I decided to short a bit more at 98.380 anyway I'm still down, but if the trend falls again is it did in early March I'll be so smart, if it continues this trend I will lose about $250.
I need to be patient and grow things slowly, the problem is I want it to happen fast. What works for you?
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1 comment:
Oh brother...where are thou? Oh here you are blogging about Forex (you'll have to educate me.) I'm the last one to give advice on patience.
Hugs
Holly
Holly's Corner
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