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A bad start for a newbie


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A bad start for a newbie

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  #1 (permalink)
Reemus
Brussels Belgium
 
 
Posts: 7 since Aug 2014
Thanks: 5 given, 1 received

Hi everyone,

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.

Kind regards,

Reemus

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  #3 (permalink)
sharpshoota
Bodoe , Norway
 
 
Posts: 143 since Jun 2014
Thanks: 846 given, 122 received


Hi
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.

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  #4 (permalink)
Reemus
Brussels Belgium
 
 
Posts: 7 since Aug 2014
Thanks: 5 given, 1 received


sharpshoota View Post
Hi
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.

Thanks for your reply,

I will definitely decrease my position size.

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Last Updated on October 12, 2014


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