Sunday, August 07, 2005

Working the Currency Markets Again

I am working the currency markets again on a practice account at forex.com. Today, I am up $96. I took a really big gamble on a short. I shouldn't do that. I shorted and the price kept going up on the GBP/USD. I was sweating, thinking that I had made a bad move. But the analysis pointed to a decrease in price, so I bought as the price climbed. All of a sudden, the price plummeted and triggered my limit order. Oh geez! That was a close one. I got lucky, I think.

I decided to ride on the way back up. Now, I'm up to $104. Not much, as I am playing it safe. Still, any profit is a good profit.

Update: 11:57
I am up to $137.26 on a USD/JPY trade. I could have made more; but, again, even a small profit is a good profit. I'd rather make a small, sure profit than a risky big profit. As the prices went up, I raised the limit a couple points for extra profit. As for losses, smaller losses are better. I'll put in a stop if I'm going to bed. When I am awake, I don't put them in because I have a general idea where the prices are going. I don't know exactly, but I know the general direction. I don't want to trip stop losses too early. Last week, I had a stop loss that triggered on a sudden low price. I lost $60 on that. So, I've made up my losses plus a little more.
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