Trading Forex Monday July 28th 2008

Today was supposed to be my official live forex trading start day; but as you know I was unable to wait and started last week and lost $1000, twice decided to close my account and run far and fast from the world of forex trading, and twice changed my mind about my decision.

FXCM sent me an email of tips every trader should know. The tips are from their Basic Trading Tips. The list of tips advises against pretty much every mistake I made trading last week, the biggest being over-leveraging my account. It’s interesting because I had written notes to myself not to be trading with 200:1 leverage. And I’d written notes to myself not to go against the notes I’d written to myself, but once I got in there and started trading I was like a mad woman unleashed.

Last week’s experience trading was a learning experience; and what’s scary is that I know I have a lot more mistakes to make and learn from before I get my forex trading act together.

Today I am taking it easy watching and waiting for an opportunity. Right now I’ve put aside my lofty goal of making $500 – $1500 per day. I’ll get back to focusing on that goal once I gain some confidence after trading for a month or two. Right now I need to focus more on learning and less on earning.