From first live trade to.....?

[Scotty2Cues]

My first live trade! (sort of)

I have lost my virginity!!

Activated at 1.3680, currently at 1.3685 and I wanna move my stop to BE

Im not happy though as it was a big sell off leading up to it i think

 

[Scotty2Cues]

Git up! 16 pips in profit.... seriously considering moving to BE

 

[Scotty2Cues]

sl to 1.3680,

 

[Scotty2Cues]

hit sl at be

 

[Scotty2Cues]

starting to regret the move to BE

 

[Scotty2Cues]

starting to regret the move to BE

so annoyed; hit sl at 1.3680, price went to 1.3679 then went to 1.3720

lessons learned!

 

[Scotty2Cues]

Placed sell order for aud/usd at 0.9570, previous S&R, and Australia didnt raise interest rates as many thought.

I have already missed the big move by talking myself out of a sell order at 0.9700 which was previous resistance and there was a break of a trendline.

Getting that first trade out of the way feels good even if I missed out on profit because of bad sl management

 

[Scotty2Cues]

aud/usd just triggered, that was quick!

 

[Scotty2Cues]

hit sl at .9590, that was quick!

 

[D70]

hit sl at .9590, that was quick!

Scotty.
Your stop loss is way too tight.
You arent looking at a big enough part of the market.

 

[Scotty2Cues]

Scotty.
Your stop loss is way too tight.
You arent looking at a big enough part of the market.

Yeah, it was a bad move.

I hate talking with hindsight (a bit of foresight would have been useful!) but I put the order on way to quickly after it broke around 0.975. I know that if it comes back to the level too quickly it has less chance of holding. I even put the order in before London open. Also Aud/jpy was struggling to break support.

I rushed it, one reason was missing out on profit yesterday by 1 pip by moving to BE too early. Another reason, is I've missed a few very good trades because I end up talking myself out of them, so I just wanted to get the order on.

 

[Black Swan]

Scotty.
Your stop loss is way too tight.
You arent looking at a big enough part of the market.

Can I just echo this, difficult for you atm because you don't have enough cuts and bruises but IMHO if you're day trading you could try the LL or HH of the session, or a fixed stop based on your experience of how far it has to go out to come back, or before it's usually invalidated. fwiw on small TFs (5min) I have a fixed stop of 25, often the trade is invalidated before that; my average loser is 18, but placing it at 18 would be wrong..

But that stop is based on my edge, which will be different to yours, as even off a 5 min I insist on 3 conditions being met before I pull the trigger, probably it's akin to more like trading off a 10min TF...if that makes sense..

Also moving the stop to B/E as quickly as poss. on small TFs will be sudden death so many times.

 

[Black Swan]

Scotty just wanted to add, had to break off, for my swing trading the stop will be in the region of 120pips, sometimes fixed, sometimes HH/LL, and it can often be hit before reversing...

 

[Scotty2Cues]

Can I just echo this, difficult for you atm because you don't have enough cuts and bruises but IMHO if you're day trading you could try the LL or HH of the session, or a fixed stop based on your experience of how far it has to go out to come back, or before it's usually invalidated. fwiw on small TFs (5min) I have a fixed stop of 25, often the trade is invalidated before that; my average loser is 18, but placing it at 18 would be wrong..

But that stop is based on my edge, which will be different to yours, as even off a 5 min I insist on 3 conditions being met before I pull the trigger, probably it's akin to more like trading off a 10min TF...if that makes sense..

Also moving the stop to B/E as quickly as poss. on small TFs will be sudden death so many times.

ok thanks; been taken on board.

 

[Scotty2Cues]

After looking at the AUD/USD disaster I realised a missed a much (much) higher probability setup on the AUD/JPY. It was falling after the news that RBA keeping rates on hold, BUT the more recent news was that BOJ was reducing rates. So with that and a buy at techinical support at 80.00 with a 40-50 pip sl........

 

[Scotty2Cues]

Trades I wanted to take, but didnt because of news (talkin myself out of them) etc ....

 

[Scotty2Cues]

When I was demoing, I read a few times that psychology can be the hardest thing and that there is a big difference between demoing and going live. Im beginning to realise how true this is!

 

[D70]

Scotty2Cues,
You are holding on way too tight (like the guy in Top Gun).
You need to loosen up big time. Trading is not a science.
If your money at risk is too much for you to handle reduce it or go back to demo.

 

[Scotty2Cues]

Scotty2Cues,
You are holding on way too tight (like the guy in Top Gun).

http://www.youtube.com/watch?v=6w2w8nYq-7o

Cougar!! :cheesy:

 

[Scotty2Cues]

You need to loosen up big time. Trading is not a science.
If your money at risk is too much for you to handle reduce it or go back to demo.

I definitely need to loosen up!
No not risking too much but really wanted to get off to a good start so that I would be playing with the casino's money early on.

Like Rob De Niro in Heat; I ain't ever going back (to demo)

The first opportunity to sell at 0.9700 I left as it was lateish and was off out. The second opportunity at 0.9700 I posted on FF but a couple of posters said it was bad due to news and more relevant resistance above (I couldnt see it myself) and unfortunately I listened.

The usd/cad sky rocketed, due to news, to the price area I wanted to sell so I thought it was a bad idea.

Like Rob De Niro in Heat; I ain't ever going back (to demo)