An insight into a Forex trader

Well a lot to waffle about this morning with one thing or the other. Firstly, Steve has already given his verdict on Forex Mercenary and I think it’s probably a record for the quickest refund! lol. It’s a damning verdict too with the clear warning that it is a simple waste of money and time to purchase it. You can read his full review here. The gist being that in the wonderful world of backtesting, the EA actually claims to of had several winning trades on the 25th December. As Steve said, a clear warning sign as the Forex markets were closed on Christmas day.

My own trading was yet another test of character and I can’t remember a week where it’s been this tough for a while. GBPUSD dumped me out for a quick loss in the morning and then a TUFXP signalled a trade again on GBPUSD. With a couple of minutes to go before the news, I was sitting comfortably on 12 pips profit and half way to the scalp and in my wisdom I decided I’d move my stop to breakeven incase the news went nasty on me. However 30 seconds before the release it edged further and further down leaving me with zero breathing room. A mad panic ensued  of trying to readjust the stop to its original point but the broker knows all the tricks in the book and gave me the ‘Trade context busy’ flag. Out pops the news and promptly knocks me out and goes to -2/-3 before engaging full thrust and hitting the scalp. Egg on face moment of the day. Whilst I didn’t lose I certainly managed to turn a winning trade into a breakeven one and it frustrated me enormously.

The rest of the day seemed to be 1 step forward and 2 steps back with no real momentum behind me and a small loss overall on the day. As I’ve already mentioned, its been a tough week and hopefully next week will be a little  rewarding. Getting off to a rocky start sets you on the back foot and it’s a real battle to gain ground and it does become physically and emotionally tiring. God I sound a right whimp! haha.

So two lessons learned yesterday; Do not buy Forex Mercenary and do not try and be cute with the news!