Yeah, I started in Oct last year - and have struggled to get the hang of leverage trading and stop positions. I would have about 80% correct trend reading (both short and long), and have gained about $6k from a $5k starting deposit, but in the few I got wrong I got eaten alive, and lost about $8k. The cost of interest on a long position going sideways hurts, and the entry/exit/guaranteed stoploss costs really wipe out capital quickly ($2k over this time), making reasonable profit trades breakeven, and small losses big losses.
I have found I do the opposite of good trading practice to which I adhere when buying shares outright, that is I let losses run, and close winning positions too soon. I can't explain this yet.
To make matters worse, I had big (for a base of $5k..) long positions in BSG and BDG, which got stopped out for $1.5k loss each, just before they took off about 2 weeks ago - If my position sizing and stops had been set better, I would have been up around $20k currently.
I am resisting the gambler's urge to throw in more money at CFD's, and will persist with the current small account until I learn how to do it!
It will be vital to get it right when the market ends the bull run...whenever that is.
I am currently short CCL...entered too early, but I am looking for it to fall over the edge at $7.30, and having paid for the trade, and getting interest instead of paying it out, I'll let the trade run its course. (Stop at $8.03, target $5.00)
