my first day of trading

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newtrader28

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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.
 
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.
 
newtrader28 said:
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.
Click to expand...

Very soon you will blow your account, guaranteed.
 
Dameon said:
pboyles; how much did you loose before you stopped trading? Or who scammed you? Or what have you ever been positive about?
Click to expand...


You think its wrong to be negative when someone puts 90% of their account on each trade? What would you advise him to do?
 
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
 
Your study list

newtrader28 said:
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
Click to expand...

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/search.php?searchid=13554794

Then try some of my sources:
http://www.trade2win.com/boards/first-steps/173570-success-trader.html

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

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.
:)
 
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
 
newtrader28 said:
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
Click to expand...

What did you buy, and at what price?
 
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.
 
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!
 
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newtrader28 said:
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!
Click to expand...

Yes but your luck will run out soon enough.
 
newtrader28 said:
we shall see :clover:
Click to expand...

Forget about what you know and do some research into probability of ruin. The maths isn't hard, and there are online calculators that will do it for you.

You risked 90% to make about 10%, so that gives you your win/loss ratio at about 0.11.

I did a quick calculation, and risking as you have above, even if you're right 90% of the time, the probability of you having an account after only 50 trades, is less than 1%, i.e. 99% chance you will lose the account within 50 trades.
 
high risk = high failure rate
high emotion = high failure rate
high initial success = high failure rate
high belief in "luck" = high failure rate

start small, ignore emotion and trade on facts not feeling, build up experience = high chance of remaining in the business, but still no guarantee of success

perseverance with good methodology and management = high chance of success

no-one is an exception....
 
Shakone said:
Forget about what you know and do some research into probability of ruin. The maths isn't hard, and there are online calculators that will do it for you.

You risked 90% to make about 10%, so that gives you your win/loss ratio at about 0.11.

I did a quick calculation, and risking as you have above, even if you're right 90% of the time, the probability of you having an account after only 50 trades, is less than 1%, i.e. 99% chance you will lose the account within 50 trades.
Click to expand...

That trade I agree was a poor decision,i WAS lucky to walk away with any profit let alone without losing a fortune, we will see how long my account lasts for, I am thinking about starting a journal or updating this thread with trades as they happen.
 
newtrader28 said:
That trade I agree was a poor decision,i WAS lucky to walk away with any profit let alone without losing a fortune, we will see how long my account lasts for, I am thinking about starting a journal or updating this thread with trades as they happen.
Click to expand...

It's not about that trade, it's about the maths. Risking that much you will blow your account very quickly. Risking 60% again it may talk more trades than if you'd risked 90%, but you will blow your account. The amounts you're risking are so far off from what you should be risking.

Unless you look into this properly, and adjust down drastically the amount you're risking, you are a dead cert to have no money left. Don't say you weren't warned.
 
why cant it be about the trade?
I have just successfully completed a trade, 5000 euro securities and in 18 minutes netted a 1062.50 profit.
as it stands in around 36 hours I have made 2968.22 euros and completed 5 trades with 1 small loss.

I understand that logic will say that this cannot last without a loss and I accept that, I will continue and see what the results are.

cheers

Jamie
 
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