To start this off I’ve never traded in my life. The reason I got into trading is that my and a friend start playing around in the demo. I made and lost in the demo and I thought to my self I really like doing this I’m going to do it for real. So I decided I’d open an account with BluFX (My friend pointed me to them) and now we are here a month on. Let me first get started that trading isn’t all win win win and get rich quick.
It may be like that if you follow one of those traders you see on Instagram or Facebook etc. But I’ve stayed away from all that. I want to do this on my own and learn by following material that I choose. I don’t want to rely on someone else to trade I’d like to be able to trade on my own.
Let me break it down into 2 section. My first week was fantastic. I was up around $60 per day and in the middle of the 2nd week, I was close to being up 2.5% of my account in my 2nd week. Fantastic. But then because I didn’t have any experience my “luck” streak stopped and I lost a lot from my 2nd week to my 4th week. I lost around 5/6% of my account. Just loss after loss. I could have decided well this isn’t for me or blame the market etc. But all it was down to was me. From the beginning of my 4th week, it feels like my first week again. And all it took was for me to realise I need to learn how to do this and that I need todo chat analysis and realise that there are many factors that can dictate which way the market is going.
Over the course of the 4 weeks, I’ve made a list of don’ts that shouldn’t do and here they are.
1. Trading too high of a volume.
2. Being too hesitant when trading.
3. Looking at too small of a time frame.
4. Don’t change the market/profit/pips.
5. Don’t put all volumes in one trade.
6. Not using Stop Loss. (Stop loss rules ADR 10-15% Scalping. 25-30% Day)
7. Entering trades when not at best price.
8. Don’t follow advice from TradingView chat unless there is a chart.
9. Too close of an SL.
10. Not doing chart analysis.
11. Wrong time frames. (Correct = H1 for chart analysis and M15 for entry)
12. Use the quick buy/sell little as possible.
13. Expecting too much of the market.
14. If it doesn’t meet my rules don’t take it
Let me just say. It’s been a costly mistake and hopefully, I can learn from it. I must admit too that a lot of my learning is because of a Discord community that I’m in and they have taught me a lot and I’d honestly say if it wasn’t for that place I would most likely not be trading now as they have shown me what I’ve been doing wrong and helped me realise and also pointed me in the right direction.
If you have any questions for me or suggestions please post them below. Also if you’d like to join the Discord community just click the link below.
Discord: Click Here