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17+ Proven Currency Trading Strategies – How to profit in the forex market
Free Ebook Download: 17+ Proven Currency Trading Strategies – How to profit in the forex market
… MY FIRST TRADE
My first trade was on the GBP/USD. It was on an uptrend, and the price had reached a new high. This is it, I thought, rubbing my hands gleefully. I’m going to be a millionaire by next Friday. Seeing that the price had reached a new high, I was convinced that gravity would pull it right down.
I clicked “sell.” That poignant moment was the start of my painful lesson. After I clicked “sell,” the price continued to creep up. That’s not supposed to happen, I thought. As prices continued climbing, I decided to hit the sell button again, only this time with double the lot size (and double the intensity) as my first trade. I reasoned that if I clicked twice the number of lots, all that needed to happen was for prices to fall a little before I could see some nice profits.
After the second “sell” click, I couldn’t believe my eyes. The price went up further. My hands started to get sweaty. My head started to shine from the beads of sweat that started to trickle down from my bald head. Murphy’s Law was in full motion. In desperation, I actually grabbed the laptop and turned it upside down to paint me a picture of falling prices. My ego was badly hurt.
“It’s got to come down,” I muttered to myself. At that point, I clicked “sell” for a third time, with double the lot size of the second trade.
The numbers on my laptop screen at the time weren’t very far from the numbers my friend had shown me. The only difference was that mine had a stubborn negative sign preceding them that just wouldn’t go away. A couple of days after my third dreaded click, the broker closed off all my positions. I was hit with the dreaded margin call. In a grand total of just six days, I had lost my entire account.
Whenever I share my story in my forex seminars, I replicate the scenario and draw an uptrend on the whiteboard.
“Would you click ‘buy’ or ‘sell’ over here?” I always ask, as I circle the highest point reached by the price. At every single seminar, most people choose to sell, confident that high prices will fall.
It’s almost a consolation to know that we human beings are wired in much the same way. Needless to say, after I blew up my account, I was devastated.
…
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