Okay guys, basically I start this trade to remind myself what I do wrong/right in the public eyes, so that I cannot hide against my own mistakes. I hope this thread can last for long, as this shows that I am not margin called. I decide to start with $500, I think a reasonable amount for a newbie to learn.
Start date/capital: 28 June 2012, $500
1st week summary: Balance $933, open position +$80.
Important note: Lost profit of $200+ during US non-farm payroll news release. Over-reaction during news, underestimated volatility of news release. Generally following own rules/systems.
I view 15m/1h/1d charts. I use EMA in 1h charts, support & resistance on 1d charts, 15m for entry/exit.
I use SL/TP (always), I exit when situation in system arises. I try not to make major/minor modification anything unless NEW major event is known.
In April 2012, I found this website, spent 1 week to read through babypips school. I follow closely the general knowledge & advise given inside. I started demo and double my account in 1 week, do double leverage and lost it in 1 day. I started another demo and double it in 1 week. Decide to go live (rash decision) with small amount and follow my simple rules. Over leverage cost me and I lost 4 times of small amounts.
I reflected and decide to take some cue from my betting days. I draft up my own position size progression/trading system . I generally uses technical analysis but take note of major events. I try to look at large/overall picture and do not let any single news affect me. I chose Oanda as my broker.
I am a full time soccer punter (live betting, soccer) for 10+ years, I quit as the time zone is horrible for me. This is fine when I am single, but now I have a family. Also, from years of experience in punting (lol), I know that I am very impulsive (weakness!), several times I have build up from $500 to $10000 range but I blew it up in 1-2 days (result of adrelaine rush when watching live matches, especially watching big games/favourite teams).
Personal Forex Mentality
I am a newbie, I should follow what the guru says before tuning it to suit myself.
I do not read complicated stuffs because I am a newbie and I do not want to overfeed myself.
I noted the famous KISS and I strongly agree with it.
I do not hunt for systems/blindly follow tips because I want to know what I am doing.
Ok, enough with all the nagging! Out for sunday football now!