No offense intended, but I think you will be dearly departed
with your cash very soon. Need I say you were long OIL and then
traded currencies.
Let me say this.
When I started, I was very much like you. I quickly lost
$5,000. I started with good intentions, buying solid stocks,
etc. Then I lost a few, and then resorted to high risk OTCBB
stocks. BOING...stuckholder....
I tried again after swearing off the game, and lost $17,000
to the big boys.
What the gentleman said earlier was to trade the S&P E-Mini or
even the YM futures. I think this is a brilliant idea. At $12.50 per
tick, its a reasonable risk/reward for such a small amount of capital. As I write, I realize you have barely enough cash to trade
ONE contract maybe 2 (mini) (with margin). But, still- if you put up a few winning trades, you will not only gain confidence, but cash for future trading set-ups. If you choose the wrong direction, you
are out 2 or three TICKS and down under $100.
The KEYWORD is "confidence". This is a game of probabilites or odds. Think like a casino.
FACT: You will DEFINITELY lose at least 50% of the
time, if not much more. It's about money management. You were
able to exit your currency trade break even, bravo to you.
You expressed reserve and cut your loss (or you got the shat scared out of yourself, and got lucky) whichever the case, you are still in this game. Don't be a SHEEP....THINK.
Currency trading is super high risk. They will give you 100 times
buy power, but in a few ticks, your cash is gone.
My suggestion: Think small for the moment. Work at getting into
the zone. Learn to lose a few and to win a few, and learn to FEEL how you FEEL at each of these monents. No sweaty hands
allowed. Once you have your pluse under control, you know you
can step it up.
Good luck,
Monaco
