I've had my first day of trading real money today and, well, as you can expect, it didn't go so well.
I am still really green when it comes to day trading. I've decided to take on forex demo trading about 1,5 months ago. After getting my account up to a certain amount I decided to make some live trades. With these trades I've lost a substantial part of my investment money. I will attach my journal so you can see how awful they were.
Once I started live trading, I neglected most of my rules. Emotion took over: the hope for large gains, the fear for losses. One of my most basic rules: wait until support/resistance is fully established, was the first one I "forgot". It ended up with me going short on the support price (I didn't carefully examine where this price could be).
I am sharing this experience because I know I did something stupid, and I'm pretty much asking to get scolded .
So, feel free to criticize whatever you think is necessary. I want to learn from this experience and become a wiser trader and person in general.
I trade forex myself. If you experience fear of any reason while trading you are trading to BIG positions
start with 1-lot or 0,1-lot for the first 50 trades. you are not ready to trade any larger yet.
slowly you can put on one more lot after another , 50 more trades....still confident? if yes , you can put on another lot.... thats how I'm doin it. Build confidence in your strategy... It's way to early to start trading 1% positions for making money after 1,5 mnth of demotrading.