Forex Diary – 5-28-09

I did it again. Got greedy and got wiped out. Down to the bare account balance minimum. To be able to write about stop loss and still not put it in place is called insanity. In fact, I had two trades going. One I had a stop loss on (smaller 2k trade) and a large trade without a stop (10K) which is the one I got wiped out on. One of the more ironic lessons is that I listened to a webinar given by my brokerage on successful trading. I learned a lot, however all to late. What lesson did I learn? My trades were over leveraged for my account balance. Had I had enough money in my account, it would have been a profitable trade when I woke up this morning. Unfortunately, I got stopped out last night.

Back to the drawing board. I will say that the lessons I learned I’m certainly going to put in place. It’s going to take a while to build my account back up but I’m going to be studying in the mean time.