Thursday, November 12, 2009

Blowing An Account

I have an account with FXCM UK. They have a good platform and good customer service. I started with $2000.

Today I have $32.67. Why?
  1. Taking on too much risk. I was placing orders of 30k and 60k lots. Quite stupid of me because that's $150 and $300 margin.
  2. Greed. I wanted 50pip winners when there were 25-30 point winners that I missed.
  3. Overtrading. Placing more than one position and more than one hedge when market went against me. On one trade I had 3 shorts and 2 longs. Then I got margin called.
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Posted by Orlando at 11/12/2009 02:03:00 AM

2 comments:

  1. KarthikNovember 13, 2009 at 2:16 PM

    orlando, Thanks for sharing your experience.
    I know what you mean. It's better late than never.

    ReplyDelete
  2. OrlandoNovember 13, 2009 at 2:30 PM

    Well, now I know I'm not the master forex trader of the universe who was going to make it big time in 4 months lol.

    ReplyDelete

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