So I'm up $200 off of $1,000 in the first 2 weeks. Then something happened. The bottom fell out of the JPY. All of my positions went negative. My broker margin called me. I ended up with $500 in my account. I lost $700 because of leverage in 3 days. That hurt.
How did that happen. What did I do wrong. Well first of all my picks are based on a one day chart. If it looks high based on the last few months I'll short the trade. If it is low, I'll buy. My problem is that I haven't been patient at all. I read on a post that you should trade around 5% of your account value on each trade. Initially I thought that is a great idea. Problem is that I was too impatient. Something that looks really high I would go in more like 20-30% of NAV. The other problem is that I don't like having money in the account that isn't in a trade.
What are your thoughts and how do you trade?
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1 comment:
Nice blog. I don't know what a pip is and I understood little, but good job on the blog -- I'll be reading.
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