From first live trade to.....?

Scotty2Cues

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I began this trading journey in Febuary 2010 after wanting a new challenge, hobby and maybe career change. The last time I had such an urge was back in 1996, aged 21, in a very dead end job and had no qualifications. A year later I was lucky enough to get onto a good Physics degree course and was loving it! I knew someone working in the city of London (he was at Barings Bank for a short time :)) and thought the financial world as a possible career route. For various reasons I decided not to move over to the 'dark side'.

I had been curious about trading was (I remember watching a BBC program in '97 about the Black-Scholes formula with a British maths PhD bloke with a bad back trying to use spider web shadows to predict the market or something) After watching the BBC's 'Make me a trader' (2009), I spent a couple of weeks looking a bit more at what they did but, for various reasons, decided it wasn't for me.

Decided in Feb 2010 to give it a shot, learn as much as I could, and see what happens. Luckily came across Trader_dante's thread; that put me onto J16's material and from there I made the decision to concentrate on Forex. Also liked Jacko's ( *******!)material and paid the $700 education in April as J16 more expensive and most of it freely available. Also bought 'Trading for dummies' and later 'Currency trading for dummies'. Everything else I learned from T2W, FF, Babypips etc. I was also put onto the BillRayValentine thread over at FF about a month ago and this I love! This will be the basis for my trades. In April I started to learn basic fundamentals (I didnt know what ECB stood for, let alone what it did) just out of curiosity but now in placing trades.

I demoed successfully and opened a live account a couple of months ago (changed brokers as the charting software had bugs). Didn't place any trades with the first broker because of the bugs. Have just moved house, come back from holiday and so have not yet placed a live trade Seen setups that I would have taken when demoing but frustratingly talked myself out of taking them.

Have read that new traders will be doing extremely well if they break even in their first year of trading, so thought this would be a fun 'experiment'.

At the moment enjoying everything to do with trading; I find it exciting. If it turns out I can trade then the next step will be looking at ways to make it my career somehow (I realise that having a successful trade record is a massive advantage for getting into this business). If this doesn't work out, then its back to the drawing board, but I'm running out of ink....:)
 
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Will start looking at eur/usd, usd/jpy, gbp/usd, aud/usd, eur/gbp, eur/jpy, and eur/chf maybe adding more in the future
Trades based on S&R (and one or two basic patterns) on 4hr and 1hr mainly, lower time frames only to fine tune my entry, also like to go trade with the trend/market sentiment (no pissing in the wind!). Only fibs used will be 50%, 62% and maybe 38%.

Initially risking 1% or 2% of account on each trade; will post details, reasons for high probability setups etc as I go along. No indicators!

Initially looking for very high probability setups, so dont expect alot of trades, especially at the start. Ive already talked myself out of some good setups. To use poker language, I am a nit - I was not good at poker, always thought I had the worse hand etc, but I think that will be an advantage in trading.

All learnt via James16, BillyRayVaIentine and Jacko (*******!)

Should be a giggle....
 
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Coulda, woulda, shoulda - lesson learnt!

Dont want to post missed opportunities but a lesson learned here: write down potential setups!

I had the fibs drawn yesterday, by time I realised this morning, the bus was leaving the stop (like last night leaving the 'Fat Cat' pub then sprinting for the bus, only for it to pull away as I reached the rear - perhaps the driver was watching me...)

S&R lined up with 62% fib, positive news for the euro giving it an extra kick. Buy at around 1.3074. Would have made a nice first live trade. Woulda, shoulda, coulda.....
 

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GBP/USD buy opportunity?

Looking to buy GBP/USD around 1.5720; lots of S&R and key fib evels although over a range. US economy weak but so is UK, US facing more QE but UK QE unlikely due to high inflation so basing it on weaker dollar? Would prefer setup on EUR/GBP as EU economy seems to be strengthening.

Still kicking myself over that missed eur/chf buy :)
 

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you could still get in eurchf on the break of that inside bar...though i don't use candlesticks lol so don't pay attention :D
 
Think Im too picky

Think I am missing out on trades trying to be too accurate and picky. I was looking to use 20pip SL but realise this is too small for alot of trades I have been looking at. The trades would have been successful using a 40-50 pip SL, although my position size is reduced meaning smaller profit; although this is better than zero profit!
 
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looking to buy GBP/USD at 1.5840 with 50pip SL, that level used as S&R and is on recent 50% fib...
 
Looking to buy GBP/USD around 1.5720; lots of S&R

FFS, I cant pull the trigger! I wouldn't think twice when demoing. The big spike down (caused by MPC member Posen) and the soon to be released US data scared me off. Missing out on easy money but I will get there...
 

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Eur/Usd buy?

Looking to buy Eur/Usd at the round number of 1.3500. Previous resistance there, fib confluence, currently in an uptrend, positive reports from Germany. Basically I'm hoping the majority of speculators are looking at this level and are buying too.

My only concerns are the (small) strikes across Europe and the 'likely' downgrade of Spain's rating, although some say its already been priced in...
 

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Eur/Usd buy?

Also potential buy at 1.3540 after the spike out pattern, the 38% fib from the previous low is also here.
 

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Potential Eur/Gbp buys..

Thinking about buying eur/gbp around 0.8570. Previous resistance turned support and a 38% fib, uptrend and euro data stronger than uk. Looking to use a tight stop as if it breaks the next buy area is 0.8550-0.8530.

Or I may wait for the retrace to 0.8550 which is previous S&R and the more 'reliable'? 50% fib. A 40-50 pip SL to include the lower level S&R and fib levels.
 

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Re: Potential Eur/Gbp buys..

Thinking about buying eur/gbp around 0.8570. Previous resistance turned support ... Looking to use a tight stop as if it breaks the next buy area is 0.8550-0.8530.

Or I may wait for the retrace to 0.8550 which is previous S&R and the more 'reliable'? 50% fib. A 40-50 pip SL to include the lower level S&R and fib levels.

Decided not to buy at 0.8570 as the Irish debt news was being released and Spain's rating by Moody was in the spotlight - they downgraded. Unfortunately it would have been a good buy for 20 pips with 2% risk and 20 pip sl...
 
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Looking for EUR/USD to break 1.3800 in the near future. Major S&R there in the past and it was hit this morning. Hopefully 1.3800 will then become support.

Before that, looking to buy, on the current retrace, in the range 1.37-1.3680. 1.3680 is obvious previous resistance and its the 50% fib, but 1.37 is a round number, has some S&R and is the (although smaller) 38% fib

Dont know if/how the new terror threats or Joseph Stiglitz comments will affect things. But data still seems positive for euro and negative for usd. Bond buying up in eur and China now saying they will be buying euro bonds.
 

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Well Ive put in my first live (sort of) order to buy eur/usd at 1.3680, sl50 risking about 2%,

after a balls up that Ill explain bit later
 
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