I've learnt to always trade in my local currency

I would see $10 profit and I would not take it because I would say its just a 2-digit profit, let it reach $100 then it would be worth taking. Even when I was in a losing trade -$10 I would say it is just a small figure let me keep shifting my stop loss. $10 meant nothing to me and that is where my problem started.

I started making bigger losses and smaller profits because I would not take profit cos it was too "small' and I would accomodate a losing trade cos the USD value of the loss seemed "small". With time, my equity dropped to almost zero due to excessive losses and wanting to make three digit USD profits even though I was trading a small 0.1 lot size

Sincerely I can relate with what is stated in this thread. When I was still trading synthetic on deriv, there was a trade I took risking 5dollars and I was in profit of 40dollars, that’s 1:8rr but i didn’t close the trade . I was waiting for it to get to 100dollars before I close. I later lost the profit and capital. I cried that day ehnn. That 40dollars in naira is someone’s salary .

Based on my experience, i believe trading in your local currency is good cos it will help you appreciate the profits

Yes @headies you hit the nail on the head, "appreciate profits" . I had to open a new trading account in my local currency and my loss reduced because I could now appreciate profits and respect the money. When you respect money, money will respect you.

I’m happy for you. You recognized the problem and sorted it

Failure is a bruise not a tattoo, a small loss is a bruise while a large one is a stab wound

If them brokers are gonna operate in Africa then they should provide them African account currencies. How is that not racist to force everyone to use USD?

When the difference in value bettween your local currency and the USD is very large, you could accomodate bug USD losses without it registering to you that when you convert back to your local currency you are losing a lot of money.