Market outlook 09 March

Today 09 March 2017

I opened an account with XM.com and did the verification, no problems and in a few easy steps. The investor deposited the funds and we are ready to go.

That afternoon i looked at the charts and Gold was falling hard, "on the 1 minute chart", my first mistake, so then gold started to go up again ( on the 1 minute chart) and i opened a Sell 5 full contracts, my second mistake, gold fell and i started making money ( Wow this is easy money i say to my self), i opened another 2 full contracts,  my third mistake,  and yes!! gold fell a bit more and i opened another 2 full contacts, my forth and final mistake,  little did i know that to trade the 1 minute chart is not good at all, in fact trading the 1 minute chart is a BIG NO NO!!

so now i have about $3000 profit and i think this is going to make me rich. and then the bomb, Gold sky rocketed!!!! MY WHOLE ACCOUNT WHIPPED OUT!!

I did not know that there was a thing like Support and Resistance, i Did not know that gold is at a 10 year low, i did not know that all pro traders was gearing up to buy, i did not know of Economic news, I did not know about the 200, 100 and 50 day moving averages... I DID NOT KNOW SHIT!!!

Now i am scared, disappointed, and confused. Why did i loose all the money, why now, why me.

 I phone the investor and explained what happened and he was pist off with me.

I decided and informed the investor that i will make his money back, i might take a while but i will.

I went back to the drawing board, started spending time on a trading forum and for the next year i learned as much as i possible can. And realized that with knowledge trading can never be easy but can be very rewarding!!

Keep following my blog and i will take your through the trading process step by step.......

1. Reading the chart
2. Explain what different indicators to use and how the work
3. What to look for on a daily basis when it comes to the economic Calendar
4. Support and resistance
5. Trend Lines
6. Money Management
7. Psychological Trading

and many more, but in my opinion these are the most important factors.

Check back every day for new insight!

AND REMEMBER ALWAYS TRADE SAFE!!