My first trade

Beginner Questions
1

This is my first main trade since i advanced through the articles in the school. I think i found a place to go short but not sure if its all a load of rubbish or not.

See pic below

The 15 minute chart indicates a steady rise and i noticed a spinning top (circled in blue, hard to see). Along with this i also looked at the Stochastic chart which indicated to me that the price couldnt go any higher, the RSI also went over 70 which indicated the same. Along with this the price had reached the top of the Boligner bands indicating also that a reversal may happen. After taking this all in i decided to sell.

Did i make the right decision? i only ask as this is my first trade since educating myself.

1.JPG549×546 69.2 KB

2

Up in profit!!! very happy, will let it ride out though for a while

3

Cool, always remember to calculate your risk first before entering any position :slight_smile:

4

Something i have to work on, going to keep playing around with this tonight

5

nice trade, what indicators do you use, whats your broker ?

6

im glad your first trade is working out. fingers crossed it sets the tone for future trades :slight_smile:

7

Thanks, Yellow bands are the Bolighner bands, Top indicator is a Stochastic and the bottom one is a RSI with default levels (30 & 70). The middle is a MACD but i didnt use that for this trade.

I was using Metatrader 4 and have a ForexYard account

Thanks both of you, good to know im doing something right. I managed to close the position with a profit as it started to runaway

8

Done 3 trades using all these parameters tonight and made a profit with each on a demo account however im only usually in a trade for about 15-30 minutes. Is that too short? is what im doing classed as scalping?

9

congrats! welcome to trading

10

yes I guess your short trade time can be classified as scalping - some brokers don’t like it.
But it should be fine in most cases.

I’m using Activ Trades as one of my brokers, and they have a special server for this activity.
But it costs a bit more per spread as I’ve figured out.

11

Well done with your first few trades. Don’t worry about the time you are in for, they were profitable, and worthy scalps for the collection :slight_smile:

Learn on friend :slight_smile:

12

im glad to hear about your first trade, nicely done, now keep the momentum and avoid over holds and over trades, and frustrations, keep us posted and welcome to forex mate :smiley:

13

Yep thanks, that trade did result in a profit, ones since not so much. I have been testing different strategies and putting into practice things i have learned. This time last week i knew nothing about trading so i feel as though i have come a long way. Im in it for the long haul!

14

It is great to see you start making profit. Yes, it is possible to distance yourself from negative emotions and try to learn to manage emotions in order to maintain focus when you are in the trader trenches

15

nice to share your trading experience, keep doing this and do not leave us:)
good luck man.