I should have spent more time on Steemit last month instead of trading Forex and losing money.
Irony Sucks
I spent the last day making some very silly decisions that went against my own trading strategy and which has cost me over half of the risk capital I have in my scalping account.
I usually keep around $350 AUD in this account. As of right its balance is $143.81 with 4 long positions still open.
I made two key mistakes:
1. I went against my own analysis...
2. I risked more than I usually do on each trade...
The irony is, I spent last week on Steemit creating how-to posts for trading on the Foreign Exchange. I made more than $250 doing so.
One of the most important points in the series I kept highlighting was, that in order to be profitable you have to mitigate your risks by sticking to a strategy and not risking more than you set out too before each trade.
I broke my own rules and lost because of it.
The Upside
I am currently trading XAU/USD (Gold/Dollar) which is currently in a trend channel that started at the beginning of the year. It's current price is $1306. The support level for this trend channel is $1300, which is where the price could reverse.
My 4 positions that remain open could potentially recover my account if Gold continues its uptrend and turns around at $1300, returning to $1420 by the end of October. If it does then I will have covered my losses and made a small profit.
In saying that, it still sucks. My strategy was making me over $50 AUD per day doing safe trades on this account and because I'm now stuck in these current positions, with little free margin to place more positions, I won't be able to do anything until my account recovers.
Hypothetically, that's $3000 that I won't be making in the next two months (60 days x $50 = $3000).
I could probably make more than that in a month on Steemit if I really tried
I've seen other people rake in over $15000 in a month. I know that's setting the bar high but it's doable. I think I can make over $1000 on here this month. I made over $1000 from one post here on Steemit so I already know that it's possible.
If I make at least $500 I will be able to add more funds to my account without dipping into my savings and be able to return to trading. I made over $250, including vests, in 5 days. It's totally doable. If I get lucky and make more than that then I will be able to fund a couple of my other projects that my non-existent Forex profits were supposed to go towards.
For now, I'm focused on covering my losses so I can get back to work.
Other eggs are hatching
While I had some bad luck on Forex, I had some great luck trading Alt-coins near the end of last month. I've made a killer profit on Monero(XMR) over the past few days and my long-term hold on Ethereum(ETH) is starting to pay off as ETH has finally started to take off again. These too should also help the sticky situation I've found myself in this month...
It's a good thing that I don't keep all my eggs in one basket.
As the saying goes - "You have to break a few eggs to make an omelette"
Thanks for reading.
