And Im not sure about having to be an accredited investor...they let me
open an account with 2 months experience, but yeah, there is a minimum
deposit of $2k.
Okay, then the rules are
definitely different in the US versus Canada. Here, to use such a platform you have to be an accredited investor which means you need to meet one of the following criteria:
- be registered under the securities legislation within Canada as an adviser or dealer
- have a net income before taxes which has exceeded $200,000 in each of the last two years
- alone or combined with a spouse, own financial assets with an aggregate value before taxes (net of any liabilities) exceeding $1,000,000
- alone or combined with a spouse, have net assets of at least $5,000,000
So yeah, not just anyone can do it.
😉 😎
Oh, and with tradethenews, the text is $50 a month and the audio/text is $180 a month...its better to get the audio...its about 1-2 seconds faster, and that makes all the difference in the results, IMHO.
Yeah, I noticed a big difference during my free trial between the text and audio. The audio is much better, but at this point in time (and since I don't do this full time) I can't justify paying $180/mo for the audio. If I start trading more often or trade bigger lots like
Music_Producer then maybe I can justify it, but right now, my monthly expense for it would equate to a decent percentage of my profits...
😉
Well, I haven't been wanting to tell you guys this, but a few weeks ago I had a signal on the vanessafx system as well as 5 other systems and the news according to bloombergs site..all telling me to take this trade on gbp/jpy.
So, I had already stepped up my lot size some on news trading but with this trade I got greedy and went all in with $10 a pip on my account of $3k and I lost $600 😱
Ive heard over and over again, "dont trade gbp/jpy unless you can afford a 100 pip stop loss" and of course I didnt listen.
So, when it went down 60 pips I got scared and closed...then, of course it turned around and went 300 pips in my direction.
...should have followed the system. Actually that was my second mistake, the first was trading that much money with what little I had.
So, Ive learned my lesson and Im just watching and I refuse to trade that pair at all until I know what Im doing.
The good news is that Ive made it all back except for $50 from news trading over the past two weeks.
Ive taken a few vanessafx trades with $1 a pip, today I made 13 pips on USD/CHF doing that, but the only reason Im going that far is because that pair is a lot safer and I understand it...Ive made about 4-5 trades on that pair over the past 2 weeks and they have all been profitable.
But, yeah, I have stepped up my lot size for news trading only, because I have proven to myself that I can be consistently profitable with that.
Anyway, thats the story...its so cliche. Everyone seems to have that same story more or less.
The important thing is that I learned my lesson and I wont do it again.
Sorry to hear that
nhallmark, but as you say, you've learned your lesson and in the grand scheme of things, a $600 loss is nothing (well, okay on a $3K account it is I guess, but still...
😱 😉) I've lost thousands before in the markets. Your analysis is right though, in terms of sticking to the plan and knowing what you're getting into, so I don't even need to make any comments since I'd be preaching to the choir.
😉 The only thing I'll say is yes, that GBPJPY pair is
extremely volatile - I don't even watch it as a result...
As I always say, "nothing is a waste of time/money if you use the experience wisely". Don't worry, you'll make back your money sooner than you think.
😎
