I have to admit I have a problem in Forex. It's not that I treat it like a gamble. It's not that I trade without stops. It's not that I take on too much risk on each trade. No, the problem is much simpler than that.
DIAGNOSIS: CHRONIC UNDERTRADING!
I know, it's scary, but I think I can survive. The amazing thing is that I knew it all along.
I have a fear of trading because...
I lost a lot on my very first trade because...
I didn't understand risk and money management because...
I didn't read enough about FX because...
I hadn't thought to use the Internet to research because...
I curve-fitted an "amazing" system the very first day I saw a chart.
I am solving this from the bottom up.
I now understand that you can't curve-fit because the market dynamics change.
I am on the Internet researching at least two hours a day.
Thus, I am reading all the time.
I have researched and now understand risk and money management and what proper risk levels are (Thanks to twinchell for your risk thread)
I no longer lose a lot on my trades, because I realize proper stop placement and moving the stop to BE.
Now, the only obstacle is actually TRADING. I am pissed at myself for not being able to man up and take a risk, but I am getting there and will start a new journal next week, with at least 5 trades a week (Hold me to that everybody!!). It may not seem like much, but I gotta take babysteps on this one.
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