Newbies 3 week live report

OK after about 10 weeks demoing I went live. Yes it was early but I was comfortable with MT4 and that I could follow a trading plan. I broke even demoing but was over trading, testing every new thing I came across.

I’ve been live for three weeks and until today was break even, lost 5% today trading the news. UK interest rates stayed the same, I went long hoping that an increase in rates would pay me and no change would be neutral. GBP/USD has been bullish all day but the fluctuations around the news hit my stop and put me off for the day BA! but I digress.

At this point I’m happy with my progress and learning curve. My study has involved messing about on the demos, reading babypips, currency trading for dummies, the ultimate day trader (what a title!) books and Master the Markets and 123 system ebooks and plenty of forum action.

I think I’ve been fairly lucky with the information I’ve come across and assimilated, babypips has been invaluable and specifically ICT current thread and the Madscapling system. I’m using Mad Scalping on E/U and ICT methodology on G/U to see which works best for me but I’m still breaking rules or I’d definately be well in profit by now:mad:

I am allowing myself to trade certain candles and patterns when they poke me in the eye, namely obvious pinbars and bull/bear flags, which have worked well for me, much less so with head and shoulders or any other pattern to be honest but I’ll keep an eye on them.

Obviously risk management has been key to my strategy but today was a great eye opener, having enjoyed 5 days with a 1% account increase daily and 10 consecutive winning trades I upped my pip value for one trade by wait for it… 6, so traded £3 pips instead of 50p pips and bang, even though the trade idea was valid my stop was quickly hit and I was licking my wounds as the market started to do what I thought it would, well played sir.

That’s it for now just to let you know, and thanks to all the babypipers who have helped me out up to this point. DD

Good to hear that you’re learning and absorbing information. You seem like you have a good head on you shoulders, just stick with it and you can make it as a trader.

The only thing I would comment on is find a style that is comfortable for you to trade (scalp, swing trading, long term moves) and work on it.

Thanks Reaper.

I’m supposed to be able to study/trade full time at the moment. (Unemployed pilot and the phone’s not ringing:mad:) but between school runs, house keeping, gym etc. I’m getting about 4hours daily at the charts. It might seem like plenty of time compared to some but using one trading style is’nt giving me enough trading opportunities although I agree I’d probably be more profitable in the long term if I chose a style and [I]mastered [/I] it. Umm…

Ah, I see a scalp on the e/u L8ers:)