Originally Posted by
Sirscrapalot
."You think you got problems? I just lost 20k" Heh.
Looks like someone didn't utilize their "Stop-Loss" very well!
But on a smaller scale I can share with you a few experiences that will validate that! I traded the EUR/USD and USD/GBP.. London opens at 3:00 AM EST.. I was up at 2:30 and ready to trade the opening bell in London. I NEVER traded the Asian Session- whipsaw central! So I got up nightly/morningly and traded the London Market (Best Volume of the day- even topping the US session except at overlap).. There were a few nights that I went to bed thinking "Why am I going to work today? I just made $500 bucks" But some nights I went back to bed in the fetal position because I had just taken a $300 or $400 swift kick in the skull! It'll make your guts and your brain go to shat and rattle your nerves pretty quick.
I went through many brokers.. I had a few of them play the "bad fill" game and not execute my orders- even on an order that was placed when it hit a price point- I'd get "slip" as they call it and my 10 tick trade that I was shooting for was already 5 ticks gone before I got filled- so the 10 tick profit target got dinged to 5 profit.. then of course you pay a fee for each trade.. see how easily even your broker can kill you?
It's a DIRTY business.. I will caution anyone who wants to ever trade currencies to stay OUT of the "Forex Market" ONLY trade Currency futures- they are held to a high standard by the CME.. Forex Brokers can literally be gone overnight- and your account funding with it- its the wild west as far as regulation on the Forex Side.. Futures- you at least have a broker who must register with the CME and be liquid enough to carry trades.
Ok back to contracting.. let some of this sink in.. and feel free to ask me anything you want. I traded for about 4 years.. and I still have the bug!
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