Hi Folks
have been visiting the site for over two months, done the school of pips etc, read a lot of posts and today placed a trade on a live account for the first time. I have never been so nervous!
Running a demo account is nothing like the real thing and can no way prepare you for the emotional side:o
Picked up 33 pips with a long on oil, followed with 60 pips shorting when the market turned,
I use a simple method of candle sticks, moving averages, stochs and bollinger bands.
I try to read the elliot waves and use fibonaci to give me areas of buy and sell to watch.
My heart may settle down by the time I go to bed in 6 hours lol.
Forex should come with a health warning, not just a financial warning
Congrats…
Good first trade.
Hehe
Welcome to the amazing effect of heart pounding eyes scanning the charts like deer in the headlights…nice first pickup. Also if there is any importance in something I might have to say after 2 days of lve trading and years of online poker…also might wanna consider stopwin tactics for each day…you cannot run like a god all day every day. Don’t get the fancy play syndrome and start thinking how its fun and ezmanies just clicking buttons reading charts.
GL to you on your journey. May it be successful!
Thanks for the replies and good wishes.
After the second trade turned the computer off and walked away. I only took the second trade because as I was watching the first trade realised the market was possibly starting to turn, looked at the fib levels along with resitance levels and decided to go with what looked like a good trade and picked up the 60 pips.
My aim is to try and pick approx three opportunites a week, and be patient, not that easy though once you throw in a bit of emotion.
I think finding this site was the best piece of luck I could have wished for.
Thanks to all who post.
Get ready for your first string of losses;) It’ll happen soon enough and as long as your sticking with your money management you’ll live to trade another day.
Hell, even if/when you wipe your first account just learn from it!
Hey Hamno
money management, trading journal and patience as pushed by most internet forex trainers as far as I can pick up
Watched all Stephen Story and Brian Campbell vids and freebies, keeping it simple and have realistic long term aims, ie not to loose all the budget lol
I use stop losses and set limits, and most of all “its not a profit till you take it” attitude
Heh, definitely agree about having realistic long term goals. I started my live trading trading on gold instead of oil like you did but there were a few moments of:“what the heck, the price broke out of the range to find my stop then bounced back into the same bloody range!!!”. Got used to it, learned from it…and still mutter under my breath when my stops get hit.
beware the bounce
stopped using trailing stops in the demo because of the dreaded bounce