Lesson # 5 in Forex Trading

After executing three losing trades last night, along with losing over $200.00 in the last week, I’ve decided to invest in my trading education.

I thought I was being smart and placed trades below and above the support and resistance (EUR/USD) with of course my stops at 50 pips. In the middle of the night, one trade got executed because it hit 1.5415.  When I woke up the trade had reversed and I was about $30.00 in the red. Then, at 7:30 am, the Consumer Price Index report came out and knocked out that trade and triggered my other trade around 1.5480. I’m sure that I got stopped out at 1.5430 today.

 I went to Borders and bought “Getting Started in Candlestick Charting” by Tina Logan.

It’s obvious if I don’t turn my losing streak around, I’m never going to be able to fulfill my goal of going to school full-time in the fall.