Closed EJ short and reversed: -38 pips

3-Jan, 00.10 hrs.

As per system rules I’m long EJ again.

Closed EJ short from 114.67 at 115.05 for -38 pips, -0.5%.

Now long $24/pip EURJPY at 115.05. SL at 114.55.

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2 thoughts on “Closed EJ short and reversed: -38 pips

  1. Rhona Ottolina

    Hi Zen! HNY… I needed to share a huge worry with u since u seem experienced on the subject…
    Is it possible that a broker company sets you up to win in the demo acc.. and to loose in your live acc?
    Thanks for sharing and please advice me on a trustworthy broker…

    🙂

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    Reply
    1. ZenFXTrader

      Hi Rhona,
      I’d agree that brokers tilt the playing field to their advantage when you go live. But you need to be honest with yourself and analyze your own trades. Most bad trades are due to your own mistakes. The broker nibbles around the edges of your account but you fall into your own traps. The biggest difficulty that any trader has to overcome are his/her own internal demons. Greed and its twin, fear; doubt, mis-directed anger, self-delusion. Understand yourself, master these emotions, and you will win. If your trading system is good, a shonky broker can’t change your winnings to losses. They may run away with your money, but that’s a different risk.
      I do not want to publicly endorse any particular broker and give the impression that I’m paid by any broker, but as a general guideline I shun any broker set up in a jurisdiction I don’t trust, eg Cyprus, Russia, Mauritius, Dubai, China. Check carefully for their head office/supervising authority, even if superficially they seem to be based in London or NY. Even the ones based in London / NY will use every trick in the book to separate you from your money, but at least the risk that they simply disappear with your money is remote.
      My advice is to develop a trading style which evades the traps set up by brokers. That means avoid short time frames (hourly or less), and give more weight to higher time frames. Use mental stops, not hard stops; but you MUST have the discipline to execute mental stops when your rules tell you to. All the best.

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      Reply

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