Forex: Weekly Market Predictions (12/4-12/9) How TO read TREND and Major structure

Forex: Weekly Market Predictions (12/4-12/9) How TO read TREND and Major structure

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USDJPY breakdown video – https://youtu.be/Kn6qh9JyZDU

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Forex: Weekly Market Predictions (11/27-12/1) Detailed Chart Breakdowns

Forex: Weekly Market Predictions (11/27-12/1) Detailed Chart Breakdowns

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How I lost $1.7 million last year trading the Forex market.

How I lost $1.7 million last year trading the Forex market.

I am just back from a visit my Tax accountant.
We determined that my losses in the Forex market amounted to a whopping $1.7 Million – not as high as last year but pretty close.
During that year I also experienced no less than 23 margin calls (blown accounts) – almost 2 a month.
I also paid over hundreds of thousand in broker spreads.
It is mainly because I have a gambling mentality.
I experimented with 38 EAs during the year but my manual trading systems stayed quite constant.
4Now I don’t want you to think that I am a reckless gambler. Every EA I consider goes through considerable backtesting to determine a number of settings for currencies, timeframes and market conditions. I do not put an EA on a live account unless I have a very high confidence level that it will succeed.
During my manual trading, I am particularly careful about the gambling bets I place. I evaluate 24 to 36 charts. I only choose the very best opportunities and place my bet with calculated lot sizing and risk management.
The lesson to me and to you should be that in spite of my years of experience and above average Forex expertise I still had losers – $2.7 Million dollars’ worth last year. In spite of being super careful and only placing a bet when the odds are heavily stacked in my favor.
So the first lesson I learned about Forex trading is that you need to trade actively and learn to be a good loser. No matter how much confidence you have the market will always do what the market wants to do. That is why I ended up with $2.7 Mil of losses and many margin calls.
The second lesson is that you need to be a good winner. Only gamble when the odds are heavily stacked in your favour. After you have done all your homework and you have a sure thing.
The next lesson is that if you see a trading technique that looks good and you test it to the point that you have supreme confidence in it, then trade it.
Margin calls and losses are not always bad if they are part of your strategy.
You should never rely on one or 2 forex EAs or systems for your financial future. The more systems and EA you can have confidence in the better your longevity in trading. One Bet should never have more risk than is appropriate.
So the lesson is that in a year where I was super professional and careful. I never risked more than a small % of my capital on any one deal I still lost $1.7 mil. It is a concern.
But on the other hand, when my accountant and I looked at my gains from my Forex gambling far outstripped my losses – to the point that they make my wife (and the taxman) very happy – that is a measure I use.
So by treating Forex as a professional Gambling business where I would only place bets when the odds are heavily stacked in my favor I consistently ensure that my gains are higher than my losses. Losses are only part of the price of placing bets in the Forex market.

How to make money on the Forex market?

How to make money on the Forex market?

Watch our video to find out the basic processes taking place on the foreign exchange market and how you can benefit from them. In addition, you will learn how you can determine the right broker for successful trading.

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