I haven’t traded forex in a few days because I hardly have any money left in my account trading forex with fxcm

There, I’ve admitted it. I haven’t wanted to admit it; but it’s time for an update on my forex trading adventures. I am down to $55 in my account. Even my demo account is nearly wiped out after a fiasco a few weeks ago when I left 3 positions opened expecting them to turn around.

Folks, don’t you understand English? Don’t expect anything when it comes to currency and the foreign exchange market. Don’t leave a position open expecting that it has to turn around. It might turn around; but it might also drop another 100 pips in the blink of an eye, and what happens then is you become even more desperate for it to turn around because 100 pips means you’ve lost $1000 assuming you’ve purchased a 100K lot; and if you’ve actually purchased 2 100K lots and both have dropped by 100 pips you’ve lost $2000. Believe it or not with a $2000 loss you’ll feel even more desperate for things to turn around but guess what can happen? It can drop another 100 pips in the blink of an eye.

The moral of the story here is to cut your losses. Be smart. There’s no place for hopes and wishes in forex trading. So what will I do now? Well, I haven’t decided.