I've learnt to always trade in my local currency
I turned to trading because I wanted to raise money for daily groceries, basically I wasnt interested in huge profits. I live in Nigeria, where the local currency is Naira but I opened my trading account in USD currency. I opted for USD currency because ms=ost brokers who accept Nigerian clients do not offer naira account currency and they convert my naira deposits into USD for a small fee which is negligible. But as time went on I noticed something worrying- I wasnt respecting money!
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
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 .
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
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.
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