My first trading loss. Yes, my first finished trade was a loss on the Forex market. Even though I put in practice everything that I learned, I still lost my first operation.
How fast I lost my investment was unbelievable!
I'm starting to think that I can't control the market and I can't protect myself. A had worked hard to for my savings. Investing and losing them on a 1-hour chart crude oil movement was embarrassing to say at least! I've read books and followed online seminars to learn more about the market. For 2 months all I did was learning all the basics from the setups to how you read the indicators. I felt comfortable with the knowledge I had so it was time to prove myself.
My relatives thought I was a successful trader who was making money, very smart and well prepared. The way others thought made me lie about my situation and my results. I liked the idea of presenting myself better to attract other beginners. A way to make more trading friends!
Brent Oil Showing No Mercy Excited about my crude oil investment ahead for a higher price than it was! All the indicators were telling me to buy the price of it, and that's exactly what I did.
I followed the 1-hour chart to be safer and focused on it. The Brent oil price went from 67.206 EU to 70.037 EU. My eyes were seeing a rising price, hypnotized with the belief that the price was going to get higher. It was my moment to make money!
Following the trend of Brent oil in the market led me to the moment I was waiting for. Wasting no time, I placed my operation at the price being 70.037 EU and a take profit with the price 70.420 EU. My plan getting out of the market with 383 EU in my pocket! After I did this, the price fell with 0,19 %, going down to 69,890 EU costing me 147 EU.
The strategy I was following turned out against me. A drone attacked the Baghdad airport which killed the Iranian general Qasem Soleimani! He was a supreme leader in the Middle East involved in terrorist acts. The USA took full responsibility for the act.
I assume this changed everything on Brent oi! It happened so fast during those first hours. The TV was going crazy with news reports of what was going on there. Everybody was saying that now was a good time to make money with crude oil. I didn't back down hoping to take advantage of the situation.
Crude oil gave me another blow when the price went 69,890 falling with 0.23% holding at 69,708. It cost me 182 EU. I closed everything feeling scared of losing more money. Right away I started to watch the market 1-hour charts, keeping my attention on the ways it was moving.
I entered the market again when the price was 69,641 EU and placed a stop loss this time at 69.585 EU. My take profit was at 69,695 and I made 54 EU. Well, at least I got out with something. After I made this money I got out of the market right away scared to wait for larger moves.
Studying more the strategy and technical analyses of the market helped me out a lot. In total, I took a loss of 275 EU from my trading balance.
Why Did I Invest with Crude Oil
As I mentioned at the time it looked like a very good opportunity for me to invest in crude oil. One of the things that fascinate me the most about trading, is assets. The possibility to invest in the things that I experience every day is exciting.
Let's take oil as an example. What percentage of the world uses it? So much that the world itself gives blood for oil. The sudden change of world events, in the oil-rich countries, are so common. The USA is the biggest crude oil consumer in the world.
My father and many other fathers will never have the opportunity to make a world impact on crude oil. Few men have this opportunity in the world. But I can say that each of us has the right to trade it. That was what excited me and made me invest in this asset.
My Story with Everything Related in Life Sharing my story with my closest friends didn't help me at all, so the blame was on me. The dream of building something on my own was ruined and many told me that I would never succeed. I have chosen the wrong platform that was going to scam me and run away with my money.
I never thought that world leaders would affect my trade. The loss I suffered made me stop trading and return to the demo to build a better strategy. The trend strategy I followed was already destroyed by politics.
Before starting again, I made sure to not fall on the same leverage mistake. This time I changed my trading leverage at 50:1 looking for small movements before trying to go big. My goal was to gain as many pips before making big bucks.
With trading, it takes years to build a constant profit.
This is something that trading platforms talk about all the time. It takes many switches from system to system until what they are using is profitable. I need to find my method and style of trading. Losing money in trading is something that happens all the time. My friend Marco has always said that surviving is all about money management.
Can someone become a millionaire if he or she doesn't deserve it? You cant run if you can't walk?
Finding a way to feel confident was all I needed. During this trading trail, I made sure to learn something about each topic. Every successful trader has started this way, now I am part of that journey.
Overconfidence sometime blows traders' accounts. Others keep losing despite their desire to win. Besides, it is very important to know other trader's experiences. We can find a milestone of experiences out there and mine is a drop in the ocean. I spent some money on my trading education to build a constant profit.
My trading ..has given me some valuable information. It has taught the most probable mistakes a trader can make and how we can get lost in an instant.
Not finding what I was looking for didn't discourage me. For many people trading is for the no brainers but we know that is completely different. Many will justify their need for staying lazy.
Trading many unreliable sources can lead you to failure. Isn't that like everything in life?
Still, it is something that never changes: Quitters will never win, winners will never quit.
Oil prices are a very promising investment way. I'm going to move on and take that opportunity again. Still a bit scared of moving to other assets. Should I get more involved in trading different assets? I hope you understand how pressured you make decisions while trading.
This is an aggressive method of investing and there is no room for mistakes. My journey has begun and I look forward to it. I'm happy with the small profit I made. Should I stick with the small pips profit though? I still have much to learn in the Forex world.