My exprience and lesson in my first week of trading | Forex Factory

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My exprience and lesson in my first week of trading

  • #1
  • First Post: May 3, 2009 8:18am May 3, 2009 8:18am
Started forex trading over a month ago, traded live and real for just a week now, had 8 perfect trades of 10 pips each, and one bad one that sunk them all, cause held the position open for too long on the AUDUSD pair.

Here is my tip for all newbies and my lesson:

Real knowledge is to know the extent of one's ignorance.
  • #2
  • May 3, 2009 8:39am May 3, 2009 8:39am
It's not your ignorance that will kill you - its the misconception that what u think u know is correct. 8 'perfect trades of 10 pips" - u know this?
u believe it was the bad trade that killed u -have u considered it may have been the '8 perfect' that did u in?

"If you are against flow and remain to be stubborn because of ego or any other reason, it will kill you. You have to "give" and yield to the flow and pulse of the markets. Let her teach you her rhythm; don't impose any of your thoughts on her." ~FTI
In trading, there is no bullshit. You either make money or you don't.
  • #3
  • May 3, 2009 8:45am May 3, 2009 8:45am
That is a good point greeny, the 8 just inflated my greed and ego, and set me up too high.

I have learnt that whenever i get the urge to do something stupid i just do it on the game account, so it stays away from the realm of reality.
  • #4
  • May 3, 2009 8:59am May 3, 2009 8:59am
THe stupid family is HUGE. Not possible to do what u describe - but good luck.
In trading, there is no bullshit. You either make money or you don't.
  • #5
  • May 3, 2009 11:20am May 3, 2009 11:20am
at least you didnt lose any money. I started 3 weeks ago with a live account and it has been decreasing ever since. I am down by 1/3. Thank god I chose oanda because I can trade very tiny amounts.

I think the important thing is to survive as long as possible and learn from the mistakes and the only way to learn is by losing REAL money.
  • #6
  • May 3, 2009 12:20pm May 3, 2009 12:20pm
Setting 10 pip profit targets is one of the most imperfect concepts you could possibly employ.
  • #7
  • May 3, 2009 12:44pm May 3, 2009 12:44pm
Quoting Confucius09
Started forex trading over a month ago,
humm...
  • #8
  • May 3, 2009 1:10pm May 3, 2009 1:10pm
Quoting Confucius09
Started forex trading over a month ago, traded live and real for just a week now, had 8 perfect trades of 10 pips each, and one bad one that sunk them all, cause held the position open for too long on the AUDUSD pair.

Here is my tip for all newbies and my lesson:

Real knowledge is to know the extent of one's ignorance.
In my third month of live trading I had a streak of 23 winning trades. Then I blew in one day not only all of the money I had made in three months, but 26% of my starting capital.

In the words of Confucius himself, "Shit happens".

It's part of the learning curve, so make sure you learn from it.
  • #9
  • May 3, 2009 1:12pm May 3, 2009 1:12pm
Quoting iFarmPips
I think the important thing is to survive as long as possible and learn from the mistakes and the only way to learn is by losing REAL money.
I don't know who said it, but it's one of the best things I've read about trading.

"The problem is most people can't outlast the learning curve in trading."
  • #10
  • May 3, 2009 3:03pm May 3, 2009 3:03pm
Quoting Confucius09
Started forex trading over a month ago, traded live and real for just a week now, had 8 perfect trades of 10 pips each, and one bad one that sunk them all, cause held the position open for too long on the AUDUSD pair.

Here is my tip for all newbies and my lesson:

Real knowledge is to know the extent of one's
ignorance.

the reality of 10 pip trades is even when yur wrong about the direction in forex u can get 10 pips..its all about know where to get out..

i could not agree more with mrgreen (well said)
  • #11
  • May 3, 2009 3:21pm May 3, 2009 3:21pm
Quoting philmcgrew
Setting 10 pip profit targets is one of the most imperfect concepts you could possibly employ.
Setting any specific profit target is an imperfect concept if you ask me
  • #12
  • May 3, 2009 11:17pm May 3, 2009 11:17pm
Redeemed myself for now, back up in +ve ground after some long calls on the AUDUSD pair in the morning session. but i know the law of averages will come level me back down.

Who else is bullish on the AUDUSD pair?
  • #13
  • May 3, 2009 11:30pm May 3, 2009 11:30pm
Quoting Confucius09
Redeemed myself for now, back up in +ve ground after some long calls on the AUDUSD pair in the morning session. but i know the law of averages will come level me back down.

Who else is bullish on the AUDUSD pair?
Stop worrying about who is bullish and who is bearish. For ever bull there is a bear.

Figure out a system or trading method that you are comfortable with and stick to it.

Good luck on this crazy adventure.
  • #14
  • May 4, 2009 12:29am May 4, 2009 12:29am
Quoting Confucius09
Redeemed myself for now, back up in +ve ground after some long calls on the AUDUSD pair in the morning session. but i know the law of averages will come level me back down.

Who else is bullish on the AUDUSD pair?
if it helps im extremely bearish on the audusd


Question. What type of bear is best?

false. black bear
fact: bears eat beets
bears, beets, battle star galatica
Grabbing the bull by the horns!
  • #15
  • Last Post: May 4, 2009 9:17am May 4, 2009 9:17am
so true!!!

Quoting mrgreen
It's not your ignorance that will kill you - its the misconception that what u think u know is correct. 8 'perfect trades of 10 pips" - u know this?
u believe it was the bad trade that killed u -have u considered it may have been the '8 perfect' that did u in?

"If you are against flow and remain to be stubborn because of ego or any other reason, it will kill you. You have to "give" and yield to the flow and pulse of the markets. Let her teach you her rhythm; don't impose any of your thoughts on her."...
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