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. :)