My current Forex account progress (Part 1)
Ok, while memories are fresh, I’d like to summarize my first trading steps in Forex with real Forex account, just so you can feel a bit the atmosphere around my trading story.
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I invested $250. That’s good for a mini-account. I put such little money simply because it is absolutely enough for me to test my trading skills that I’ve been shaping for a year now on demo. I don’t want to pay more for TESTING my skills in real life.
I do realize that I won’t be collecting big money with this small investment. But I can trade small lots and build my confidence step by step… I’ve learned that first baby steps in real Forex are crucial for the overall survival and future trading success!
My trading settings were:
leverage 400:1
lot size $5000
I started trading 1 lot at the time with GBP/JPY pair.
I leveraged myself to the maximum, but was not going to use the full potential of that huge virtual money capital available to me. If I did it would be stupid and would kill me (well not me but my account) in no time. I use it only to have the lowest margin required while I trade. It is just to add myself a bit of confidence and so that I don’t always look at the balance to ensure that no margin call is hovering above me.
With all those rules my account balance and trading history were changing this way:
$250.00
$223.76 - first trade turned out to be a decent loser…
$259.69 - made a recovery quickly, by this time my heart was beating fast.
$251.81 - I intentionally closed my trade on this number which is close to my original investment to summarize three days of trading.
I felt bad. Emotions that money could be lost so quickly were overflowing. I firmly decided that I wasn’t ready to trade such big lots ($5000 a lot) yet where each pip costs me 45 cents… Losing 6% of the total account after just only 1 trade (my first loser) was too much for my 3 days old Forex career…
Filed under: First steps in Forex
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