Double my money (forex)
- Thread starter mr double
- Start date
Lucky you. What about your aussies? Let's see last week's statement.
Well, mr double, nice effort. I suppose you did double your money from when it was at the lows.
This thread was very entertaining. I hope you have learned something from your experiences.
If I may give a little advice:
Capital preservation is key. Do not let your loser run. When you have a bad day, it damages you psychologically. Also, it is harder to get back to where you were because you have less capital.
I like that you are confident. Confidence is a good quality. However, humility is a better quality. There is a difference between being confident in a trade and not being able to admit you are wrong until you get a margin call. That being said, I would take someone that was not afraid to pull the trigger any day over someone that never traded out of fear of losing.
Pay attention to correlation. When all of your trades are short the dollar, you are not diversified. If you are trying to double your account, it may be better not to diversify, but in that case it probably makes more sense to put all your money in one trade instead of paying bid/ask across several highly correlated trades. Also, keep in mind that if you trade two cross currencies, you are probably canceling out one of the currencies, and you could put the trade on cheaper by just making one trade instead of two.
You've been a good sport. I wish you the best of luck in your endeavors.
This thread was very entertaining. I hope you have learned something from your experiences.
If I may give a little advice:
Capital preservation is key. Do not let your loser run. When you have a bad day, it damages you psychologically. Also, it is harder to get back to where you were because you have less capital.
I like that you are confident. Confidence is a good quality. However, humility is a better quality. There is a difference between being confident in a trade and not being able to admit you are wrong until you get a margin call. That being said, I would take someone that was not afraid to pull the trigger any day over someone that never traded out of fear of losing.
Pay attention to correlation. When all of your trades are short the dollar, you are not diversified. If you are trying to double your account, it may be better not to diversify, but in that case it probably makes more sense to put all your money in one trade instead of paying bid/ask across several highly correlated trades. Also, keep in mind that if you trade two cross currencies, you are probably canceling out one of the currencies, and you could put the trade on cheaper by just making one trade instead of two.
You've been a good sport. I wish you the best of luck in your endeavors.