Living on the Web

Optimism Fails in Forex

A friend lost more than $5000 in Forex trading today. I’m happy, and sad.

“Euro touches lowest against the dollar since May”

I entered into Forex trading in September 09. I was tempted by the profits a friend of mine was drawing. I thought I could make some easy bucks trading part-time while giving my full effort to the development of Mosambe. It was rough from the beginning; I thought it was because I was new into the trading world. However, I soon realized it was eating up more time than expected. I was spending more time staring at the red-green candles sticks, Market news and staying worried for my open positions. It was quickly clear that it wasn’t something I want to do. But before I could pull out, my account was closed as I lost my equity of $2000 ($2000 is some good money in India. It’s something around 100k Rs). Anyhow that helped me reach a decision to completely quit trading.

On the other hand my friend was still optimistic and showed courage even after sustaining huge losses. He kept trading, increasing the Stop levels by adding more funds and finally ended up losing everything.

I’m happy for quitting sooner then later and feel sorry for him for losing some hard earned cash.