Ok here is my first entry. This will summarize what I learnt this week. Started a demo account on FXChoice to get used to MT4. (Will be using a real account starting next Wednesday initial deposit $300 Canadian eh ; )
Lost my first few trades messing around with MT4.
sat back and looked at them objectively
was buying towards the end of trends, not getting in early enough
took a few shorts and longs in the middle of consolidation pattern which was dumb lol
accidentally made trade looking at 15min candlestick chart. whoops
Going forward going to make sure I am always looking at shortest time frame and price action when I enter trades. Also going to make sure I draw in support and resistance levels. I originally didn’t cause I was lazy and thought I could just eyeball it. Cost me in a few trades because of it.
Made a few more trades they also didn’t go well
sat back looked at them objectively
was taking long positions during low volatility sell offs. No idea why looking at it now, I guess I magically thought it would reverse lol
didn’t draw support and resistance lines again, started to by end of session
while flipping back and forth between time frames I’m accidentally taking bad positions because I am looking at swing trade spots. I am starting with a small account so need to be using a scalping strategy.
*learned how to measure pip movement from highes and low’s in charts
*learned how to set stop losses and take profits
*learned how to set up alerts
Listened to a bunch of chat with traders interviews on youtube.
Started trading, finished session of 8 trades with profit booyah!!(still on demo, real account starting 2-3rd of March)
sat back and looked at trades objectively
*From interview on youtube
"View the market as an opportunity engine. Wait for an opportunity then take advantage of it"
was very selective in my entries
took almost no trade right away, simply set alerts at price levels I thought would signal change in trends and then took positions off price action
made a mistake scalping a change in trend from bull to bear. Traded it correctly but accidentally set take profit at 300 pips instead of 30… (oops hit extra 0). Would have been profitable but was instead biggest loser of the day.(didn’t set stop loss)
Set a pending order for a short on USD/JPN at a certain price level, then didn’t monitor the trade. Price action went against it and I entered into the position for my second biggest loss of the day. Again if I monitored the trade would have cancelled position based off the earlier price action.
Exited what looked like a really profitable short on Eur/Usd because of price action. I was correct. Got a good profit and Eur/Usd shot up but luckily I was outta there.
Starting to understand the basics, and building up familiarity with how forex works.
Going forward going to start paying attention to news everyday off babypips economic calendar and see how big an impact it has in markets.