Hold the Gold.

Lured by various advantages of forex trading, I entered in this market in last year. Neither I got bored of equities market, nor I had previous experience in forex, albeit I dived into this market. The main drive was forex market is open 24 hour. This gives me chance to earn some money while sitting idle at home.

I did study basic information about forex trading. Most of the sites strongly recommended that trade for at least 6 months in practice account before trading with your real hard earned money :). I did trade in practice acct for 6 full days then entered in real market.

First one and half month, everything seems to be cake walk. I earned profit around 3500 dollars. So much money was coming so easy that means something was wrong. Law of average came into play in next two months and 4000 dollars were lost. Then I realized why they say trade in practice acct for 6 months.

I purchased two lots of Gold in November, hoping that Gold prices never falls. Forex trading is always short term trading. It is advised to close your positions sooner than later. Also it is advised to put stop loss for every trade. I neglected both of thumb rules and did not put stop loss.

Just after I bought Gold something happened which resulted Gold prices to free fall. But I had decided that I will hold Gold untill it come into profit. There were two lots of Gold and one day loss of as much as 3000$. But since I have decided I hold my position in Gold. In last few weeks, due to Greece crisis, negative cues made Euro down so people started investing in Gold. Gold is coming up now and today I was in slight profit. I will take it out when profit will be considerable.

I came in profit after 6 months..My decision to Hold the Gold was not wrong. :)

Disappointing weekend...

Overall it was a disappointing weekend. Saturday morning, my cricket team lost a match. Second consecutive loss in the league. We did good bowling and restricted other team at 82. But some reckless batting cost us the game. Furthermore, I got run out on someone else fault. I was playing well before my dismissal.

Sunday, I was very excited for IPL final. Mumbai vs Chennai. I am big fan of sachin as well as Dhoni. But I would choose Sachin if I have to choose one. I was supporting Mumbai Indians all along. They have everything in their team this season. But those two dropped catches of Raina changed the course of the game. Mumbai changed their batting order which hurt themselves. They left too much to do for Pollard. I was very disappointed and frustrated after that defeat.

In my teenage, I used to get really frustrated after India's defeat. After a loss, I could hardly concentrate of studies for next two three days. Later I became matured, so I can come over it quickly. But after this defeat, I am back to my that phase.

Sunday evening, I went to play racket ball. I lost there too. The other guy was playing well. We played three games and all of them were close matches. I am writing this blog now and suffering from excruciating back pain. My mind and body both are hurting. Hopefully tomorrow and next week things will improve.

Forgot to post blog. Posting it on May 6. I was talking about 24-25 april weekend.