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Friday’s live trading – Increased position size but a small loss today…

Charlie increases the position size on the challenge account this week. He takes a few trades but ends with a net loss for the day. Like he says, some trades are fine lines between working for you or not….

4 Comments

  1. Andrew-Reply
    September 18, 2015 at 4:58 pm

    From a psychological perspective do yo think that loosing days after an increase in position size might be almost enevatble? Or would you like to think that trading experience would counter this, especially if position size increases have been experienced in the past.

    I bring this up as I’m trading far below by acceptable risk but each time I increase I tend to loose gains over the next week or so. This is the point I lower position size and the cycle starts again. I’ve only been trading 6 months so lack a lot of experience. Might be a good subject for a video.

    • Charlie Burton-Reply
      September 18, 2015 at 5:09 pm

      That’s a great question. Yes I think for a lot of traders, when they increase position size they may not be psychologically ready for it. So I would advise taking time to thoroughly visualise the increased position size for up to a month before actually making the change.

      I will cover it on a video.

      Charlie

  2. Peter-Reply
    September 24, 2015 at 8:52 pm

    Hi Charlie. Videos are great, sharing losses too. An educator who shares a loss? No way!
    I’m soon set to start trading CFDs on spot FX (as I’m about to), and do you know if you have to pay some form of tax even if profits accrue in an account even if you don’t withdraw? I thought it was only when withdrawing but worried the taxman might come-a-calling even if it isn’t withdrawn as it is termed an asset.

    • Charlie Burton-Reply
      September 25, 2015 at 6:57 am

      Hi Peter,

      You would need to take advise from an accountant when it comes to tax!

      Regards

      Charlie

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