my first day of trading

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Old Oct 8, 2013, 3:23am   #1
Joined Oct 2013
my first day of trading

Hi everyone,

so today was my first day trading,i only used the concept buy low and sell a little higher.

i have read about only betting a small % of your equity however i used 90% of mine today in 2 seperate trades.

1st trade: 45 minute duration, 9k investment, 10.1k after trade

2nd trade: 25 minute duration, 6k invest 567 profit. Could have been 1400 profit if i didn't get excited and had waited another 5 mins.

so i made 1667 euros today, is this considered good or am i playing fast and loose with the capital?

at one point i did go to -2970 on trade 1 but i wasn't worried i knew it would go up and after i sold both trades their values increased so i was being careful and not greedy.

could you expect to trade this way successfully?

im looking forward to hearing your opinions as in very new to trading.
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Old Oct 8, 2013, 5:17am   #2
Joined Mar 2012
You might be able to do that 5, 15 or 20 days on the trot.

Then one day you say you know it can't go any higher or lower, and it can.

Then it will wipe out the previous day's profit and possibly the account.

Know where you are getting out before you get in.

Self reflection and being honest(you got it wrong) with your self are big in this game.

All the best with your trading.
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Old Oct 8, 2013, 6:37am   #3
Joined Oct 2006
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Originally Posted by newtrader28 View Post
Hi everyone,

so today was my first day trading,i only used the concept buy low and sell a little higher.

i have read about only betting a small % of your equity however i used 90% of mine today in 2 seperate trades.

1st trade: 45 minute duration, 9k investment, 10.1k after trade

2nd trade: 25 minute duration, 6k invest 567 profit. Could have been 1400 profit if i didn't get excited and had waited another 5 mins.

so i made 1667 euros today, is this considered good or am i playing fast and loose with the capital?

at one point i did go to -2970 on trade 1 but i wasn't worried i knew it would go up and after i sold both trades their values increased so i was being careful and not greedy.

could you expect to trade this way successfully?

im looking forward to hearing your opinions as in very new to trading.
Very soon you will blow your account, guaranteed.
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Old Oct 8, 2013, 7:09am   #4
 
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Very soon you will blow your account, guaranteed.
pboyles; how much did you loose before you stopped trading? Or who scammed you? Or what have you ever been positive about?
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Old Oct 8, 2013, 7:57am   #5
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pboyles; how much did you loose before you stopped trading? Or who scammed you? Or what have you ever been positive about?

You think its wrong to be negative when someone puts 90% of their account on each trade? What would you advise him to do?
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Old Oct 8, 2013, 10:15am   #6
Joined Oct 2013
newtrader28 started this thread thanks for your replies guys, I knew I would get a bit of stick for "risking" my balance, I made a typo as I was posting from my phone, the 2nd trade was only 60%, still high I know but not as high as 90% obviously.

I know its risky to trade this way, but I prefer to think of it as very short term speculation, am actually gutted this morning as trade 2 actually increased 3-4 fold over where I exited, I had planned on closing at profit and going to sleep and leaving it until the morning to see what was what,but instead a took a lesser profit, suppose this is the way of the market,but making profit is still the name of the game right.

I will update later the results of my trading as it progresses if anyone is interested
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Old Oct 8, 2013, 12:03pm   #7
 
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Quote:
Originally Posted by newtrader28 View Post
thanks for your replies guys, I knew I would get a bit of stick for "risking" my balance, I made a typo as I was posting from my phone, the 2nd trade was only 60%, still high I know but not as high as 90% obviously.

I know its risky to trade this way, but I prefer to think of it as very short term speculation, am actually gutted this morning as trade 2 actually increased 3-4 fold over where I exited, I had planned on closing at profit and going to sleep and leaving it until the morning to see what was what,but instead a took a lesser profit, suppose this is the way of the market,but making profit is still the name of the game right.

I will update later the results of my trading as it progresses if anyone is interested
To have a chance of being one of the few who make it in trading.....

Read "First Steps" by Timsk.
http://www.trade2win.com/boards/sear...rchid=13554794

Then try some of my sources:
http://www.trade2win.com/boards/firs...ss-trader.html

There are many other sources but these will keep you busy for a year or so

yes - a lot of reading and demo trading stretches before you, but if you want to succeed you have to travel that long road. if you want a quick fix then you are soon to be disabused. Good luck.
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....Indicators show the past. Price Action "Indicates" the future.
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Old Oct 8, 2013, 12:35pm   #8
Joined Oct 2013
newtrader28 started this thread Thanks for your input Neil, I am sure I will get round to reading the wealth of information available, just caught up in the market atm,

currently profit-loss is taking a hammering -3080 euro at this precise moment, I bought at a low point then it dropped even more, I have faith it will increase again and hopefully net me a tidy profit, however only time will tell. fingers crossed!

cheers

Jamie
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Old Oct 8, 2013, 12:51pm   #9
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Originally Posted by newtrader28 View Post
Thanks for your input Neil, I am sure I will get round to reading the wealth of information available, just caught up in the market atm,

currently profit-loss is taking a hammering -3080 euro at this precise moment, I bought at a low point then it dropped even more, I have faith it will increase again and hopefully net me a tidy profit, however only time will tell. fingers crossed!

cheers

Jamie
What did you buy, and at what price?
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Old Oct 8, 2013, 12:56pm   #10
Joined Oct 2006
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Thanks for your input Neil, I am sure I will get round to reading the wealth of information available, just caught up in the market
No I shouldn't bother with any of that just now.
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Old Oct 8, 2013, 1:02pm   #11
Joined Oct 2013
newtrader28 started this thread pboyles, I will disclose what I bought and for what price once the I have closed my position on it. kinda wishing I didn't jump in when I did and scalped something else, guess my patience is going to be tested today,although id say this is a good trait to have when trading.
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Old Oct 8, 2013, 2:58pm   #12
Joined Oct 2013
newtrader28 started this thread bought eur/aud at 1.4355 and it instantly started to decline,down to 1.4306, held on and sold for 1.4358, 269.46 euro profit and the price has just dropped again, thing I was very lucky on that trade!

Last edited by newtrader28; Oct 8, 2013 at 3:04pm. Reason: spelling mistake
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Old Oct 8, 2013, 3:03pm   #13
 
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why do I bother

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Originally Posted by pboyles View Post
No I shouldn't bother with any of that just now.
I sometimes wonder why I 'kin bother to post now-a-days
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Thanks! The following members like this post: wackypete2 , paszkman
Old Oct 8, 2013, 3:28pm   #14
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Originally Posted by newtrader28 View Post
bought eur/aud at 1.4355 and it instantly started to decline,down to 1.4306, held on and sold for 1.4358, 269.46 euro profit and the price has just dropped again, thing I was very lucky on that trade!
Yes but your luck will run out soon enough.
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Old Oct 8, 2013, 3:43pm   #15
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newtrader28 started this thread
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Yes but your luck will run out soon enough.
we shall see
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