Hello there,
New guy, university grad and going into my second year in the financial advisory industry. I don’t plan to work as an advisor all my career and I am currently studying for the CFA level 1 as I hope to one day become a portfolio manager.
I stumbled across Forex trading and this website a few days ago, read most of the school (skipped some undergrad classes as I was impatient to place a few trade) and here I am, reviewing my first day with a demo account!
Date: 2016-05-25, Account size: 25 000$
EURUSD-Sell 0.01
1.11396 to 1.11483, 0.87$ loss (had a SL at 1.11483 and TP at 1.11296)
EURUSD-Sell 0.01
1.11396 to 1.11483, 0.90$ loss (had a SL at 1.11483 and TP at 1.11296)
EURUSD-Sell 1.00
1.11396 to 1.11483, 91.00$ loss (had a SL at 1.11483 and TP at 1.11296)
EURUSD-Sell 10.00
1.11396 to 1.11483, 920.00$ loss (had a SL at 1.11483 and TP at 1.11296)
(Notes: Here I was having trouble with the order size, I wanted something that would have an impact on my portfolio so I was looking to risk about 1 000$, I decided to get into that trade even though the MACD indicator was not on my side and paid the price)
GBPUSD- Buy 15
1.46146 to 1.46803, 9855$ profit (had a SL at 1.45816 and TP at 1.47500)
(Notes: Here I realized my position was way too big/risky. I also think the gap between the SL and TP where way too wide, I closed the position this morning after realizing I somehow made that much out of that trade. That time, all the indicators were on track, but maybe I got into the trade a bit too early as I could feel the momentum was shifting)
Take-away:
- So far, I’m not impressed by myself, I have NO discipline whatsoever. I’ll have to work on that before opening a real account, that’s for sure. Hopefully that’s all part of the learning curve.
- Also, I’ll have to get more comfortable with the notion of leverage/size/risk and SL/TP to manage the risk better.
- Be more patient before getting into a trade.
So… What do you think? Any obvious pointers?