Do you like riding roller coaster?
I do. In fact, I like it so much that I always queue up for roller coaster rides whenever I have a chance. It gives me the adrenaline rush that I seek in an amusement park rides. But I’m not here to describe what rides I like best in an amusement park. I am using roller coaster to describe the feeling that I got from trading Forex.
Here’s how it goes:
The Excitement while Queueing Up for the Roller Coaster Ride
I learned about Forex when I attended a success forum last year. In this forum, I was able to learn a lot of money-making opportunities, and of course, trading Forex caught my eye. I’m fascinated by the high returns on investment that it offers, since in the country where I lived in, bank interest rate is very low (approximately 0.75% per annum for savings and 1.75% per annum for long-term deposits), and on top of it, I will be taxed 20% for the interest earned. Thus, when I heard that I can have more than 3% return on my capital per month when I trade Forex, I was captivated.
As I wanted to know more about Forex and be part of the pool of successful traders, I immediately signed-up for Mario Singh’s Forex seminar. (Here’s the DVD copy of the seminar.) Similar to what I usually feel when queueing up for a roller coaster ride, I felt nervous and excited at the same time, wondering if I made the right choice. I listened attentively for the whole duration of the seminar and participated as much as I can.
After the seminar, I did my best to learn more about Forex as I can, and headed the coach’s advice to practice using a demo account first. As days go by, I felt like I’m slowly progressing to front of the queue, any moment, it’s my turn to take the ride.
Riding the Roller Coaster Ride
Full with excitement and expectations, I happily traded using my demo account. I’m positive that I will earn quickly and with ease. After all, I have diligently followed all of the instructions and traded the demo account as if I’m trading a live account. And, I’m seeing positive results in my demo account.
At last, it’s my turn to ride the roller-coaster. I opened a live account and started trading. Butterflies in my stomach as I watched each of my trade goes. I did not expect myself to get emotionally attached as I trained myself not to let my emotions to get in the way of trading, but what they said is true, live trading is different, there’s actual money involved.
Yes, I have experienced that moment. The moment where you felt helpless and stares blankly at your MT4 platform as your trade goes against you, wishing that by some miracle it will go your way. I know that there’s this trading tip, “Enter your trade, and forget about it.” But I can’t. I have accidentally miscalculated my lot size, thus making a 100% risk to my capital. At that moment when my trade turned against me, I kept on praying and wishing that I’ll be recover from this trade.
Fortunately, my trade did not hit my stop loss and has reversed. The trade had hit take profit.
You may be thinking I’m lucky right? My trade is now a 100% gain. But I’m not, I exited my trade at the first sign of recovery and did not wait for it to hit take profit. I do not want to expose my account any longer – I wanted to protect my capital. I wanted to still be in this roller-coaster ride.
Do I regret not waiting for the take profit?
Honestly, no, I know that I learned a lot more with this experience. As long as I protect my capital with proper risk management and right mental attitude, I’ll still be in this roller-coaster until I finally decides to stop riding.
Did you also experience the same while trading Forex? Share your experience in the comment box below.