My First Live Account (Micro/$100)
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cybr
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My First Live Account (Micro/$100)
from cybr on 07/28/2015 06:57 AMback in april, lasted a week. stupid decisions lol. everything from extreme leverage, chasing losses, overtrading, and forcing trades.
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Re: My First Live Account (Micro/$100)
from Magic on 07/28/2015 03:16 PM$100 is the most commont starting amount im seeing these days. The problem i see with most people that start a micro account is they set their expectations way beyond their capabilities. Everyone wants to make $1000 from $100 but its the other way around. $1000 will make you $100.. It looks like your risk management was awful and thats the first learning curve. I hope you learned from that liquidation haha, we have all been there!
cybr
Deleted user
Re: My First Live Account (Micro/$100)
from cybr on 07/28/2015 04:22 PMYeah, the lessons were definitely learned & apart from all of the trading rules I'm determined to follow, the biggest one is: Stay In The Game. I figure that way, I'll get where I want to be eventually.
Re: My First Live Account (Micro/$100)
from Magic on 07/28/2015 09:25 PMDo you have a trading strategy and trading journal?
cybr
Deleted user
Re: My First Live Account (Micro/$100)
from cybr on 07/29/2015 01:01 AMUsually trends, support-resistance, and fibonacci ratio trading. I like to keep my system as simple as possible. Usually look for weekly/monthly bias, then break it down from there.
I do slack on the journaling though; I usually only keep it up for a few days, then I start forgetting entries.
Re: My First Live Account (Micro/$100)
from Magic on 07/29/2015 02:07 AMYour TRADING JOURNAL is KEY to success in trading. You need to start keeping an accurate record of all your trades, because they allow you see your trading decisions after they have been made because as we all know, we see things from one perspective when we are in the trade and a completely different one after the trade has either hit TP or SL. This helps you understand how effective your trading strategy is. As we know market conditions change and strategies die, many traders go through one bad streak of trades and automatically assume that their strategy is no longer working, there is more to it than that. Traders often fall into the habit of revenge trading during this time and can quickly liquidate. Start a trade journal and write every single trade of yours for the next month and see how it changes your game.
cybr
Deleted user
Re: My First Live Account (Micro/$100)
from cybr on 07/29/2015 04:17 PMThe closest thing to a journal that I was using was MyFXBook. ;p
Re: My First Live Account (Micro/$100)
from Magic on 07/30/2015 11:27 PMUse MyFXBook as its the easiest to use and everything is automated so you only have to connect it to your trading account. Look through the trades youve taken on a daily basis and review the decisions youve taken.
cybr
Deleted user
Re: My First Live Account (Micro/$100)
from cybr on 08/09/2015 07:04 PMI love MyFXBook. The ability it gives you to review your performance in any way, shape, or form is amazing. Makes me realize how dumb I was taking some trades. 