When I first started, I stumbled across several trading systems. I thought, "Holy shit!", these are incredibly easy systems. All I have to do is follow the indicators, and I'm set. After not having any immediate success with a system, you begin to think "Shit, I'm not banking any pips, I need to find another holy grail".
I had a small suspicion that this was going to be harder that I thought; however, I was still naive in thinking that I'm just a system away from making it big. One day, I stumbled across Ken Lee's thread. I started reading everything I could in that thread. The funny thing is, when you're reading a thread and looking back at a chart, you think that trading is simple and all you have to do is look for the right pattern or candle stick formation. So then I discovered pdf's that he had published on EO Hater's trading method. I read through all of the documents and believed that I had finally arrived. So in February, 2010, I became a full-time trader. When I initially started trading, I had the preconception that I wanted to trade the 15 minute chart as I wanted to catch every move, up or down, and scalp my way to financial freedom. I was glued to my charts waking up at 5:30 in the morning and staring all throughout the day trying to catch the big move. So I would demo trade every setup advocated in the system.
I think every newbie trader realizes that there are always exceptions to every setup, and that there are no absolutes in trading. Just because you think you have the right setup doesn't mean that you're going to grab 100 pips. That happened to me. I began to find out that some of the scenarios just didn't work the way I thought they would. Eventually, I would just discard them completely thinking that this just doesn't work so it must be wrong. I would win some but lose even more. This would go on for several months. There were times when I would get so frustrated I started revenge trading. I wanted to see if I could blow up my account because I was so pissed. But you know what, it was really difficult to make money losing trades sometimes because I would just take random trades, and those would end up doing pretty well. Luckily, I was demoing so it was only psychological damage. There are pros and cons with demo trading. one of them is that you can always start all over . Whenever I would get down $500 to $1000, I would just reset my account. My rationale was that this time I'm going to take this seriously. I also told myself that if I can make 5k on a 10k account then I could start live trading with big bucks.
I had a small suspicion that this was going to be harder that I thought; however, I was still naive in thinking that I'm just a system away from making it big. One day, I stumbled across Ken Lee's thread. I started reading everything I could in that thread. The funny thing is, when you're reading a thread and looking back at a chart, you think that trading is simple and all you have to do is look for the right pattern or candle stick formation. So then I discovered pdf's that he had published on EO Hater's trading method. I read through all of the documents and believed that I had finally arrived. So in February, 2010, I became a full-time trader. When I initially started trading, I had the preconception that I wanted to trade the 15 minute chart as I wanted to catch every move, up or down, and scalp my way to financial freedom. I was glued to my charts waking up at 5:30 in the morning and staring all throughout the day trying to catch the big move. So I would demo trade every setup advocated in the system.
I think every newbie trader realizes that there are always exceptions to every setup, and that there are no absolutes in trading. Just because you think you have the right setup doesn't mean that you're going to grab 100 pips. That happened to me. I began to find out that some of the scenarios just didn't work the way I thought they would. Eventually, I would just discard them completely thinking that this just doesn't work so it must be wrong. I would win some but lose even more. This would go on for several months. There were times when I would get so frustrated I started revenge trading. I wanted to see if I could blow up my account because I was so pissed. But you know what, it was really difficult to make money losing trades sometimes because I would just take random trades, and those would end up doing pretty well. Luckily, I was demoing so it was only psychological damage. There are pros and cons with demo trading. one of them is that you can always start all over . Whenever I would get down $500 to $1000, I would just reset my account. My rationale was that this time I'm going to take this seriously. I also told myself that if I can make 5k on a 10k account then I could start live trading with big bucks.