My first trade experience
My experience during London Session teaches me an invaluable lesson today; not to be greedy as a Scalper who loves to trade tiny price movements .
Imagine me taking four shorts on 0.01 lot size with an equity of 3K during London Session, setting my stop losses at a total amount of N2k and watched the steady Resistance move downwards to about N1.5k profit for each short without taking any profit but rather set take profit at the price of 1.16010 next to 1.16000 the biggest bargain of EUR2.4 b is fixed and where i hoped to get up to N4.8k for each short ! Then suddenly , a reversal came , hitting all of my four shorts out !
My experience during London Session teaches me an invaluable lesson today; not to be greedy as a Scalper who loves to trade tiny price movements .
Imagine me taking four shorts on 0.01 lot size with an equity of 3K during London Session, setting my stop losses at a total amount of N2k and watched the steady Resistance move downwards to about N1.5k profit for each short without taking any profit but rather set take profit at the price of 1.16010 next to 1.16000 the biggest bargain of EUR2.4 b is fixed and where i hoped to get up to N4.8k for each short ! Then suddenly , a reversal came , hitting all of my four shorts out !
Today was not a normal day, they were options at 1.1625 and 1.1640 which affected price trajectory. I was long initially because I didnt want to short the strong Frankfurt open, but I got stopped out. I then switched bias to sell and closed at BE. You did well, it was just a bad day in the office.
My today's trading experience was characterised by steady network issues, causing me to risk almost N 2 k ! Initially I thought it was from the trading App, (C Trader) and asked Yoks if he had similar experience but he said it was Airtel network issue.
If not for financial challenges, it would have been very necessary to have more than one type of network source for effective and efficient trading sessions to avoid risking one's opened positions especially if you didn't have time or remember to set Take Profits before the network reversal.
Today another EIA natural gas report will be released in the afternoon 3:30 pm.
It has been a Ranging market today characterized by Resistance and Support with out a clear direction , discouraging opening of either sell or buy positions.
Support and Resistance movements have been taking turns just inside the Upper and Lower Lines right from the start of London Session . When it managed to break out of the upper line during pre New York Session , a reversal changed it to a downward direction.
It has been a Ranging market today characterized by Resistance and Support with out a clear direction , discouraging opening of either sell or buy positions.
Support and Resistance movements have been taking turns just inside the Upper and Lower Lines right from the start of London Session . When it managed to break out of the upper line during pre New York Session , a reversal changed it to a downward direction.
Your upper Pre-Franky line is out of place, it should be lower
Your upper Pre-Franky line is out of place, it should be lower
The eurusd market has been confusing today I suspect it is due to conflicting option expiries at different price levels, as well as dark pool activity. I actually took some trades but I closed them for small profit. I will save my ammunition for New York trading of Nasdaq or US30
The eurusd market has been confusing today I suspect it is due to conflicting option expiries at different price levels, as well as dark pool activity. I actually took some trades but I closed them for small profit. I will save my ammunition for New York trading of Nasdaq or US30
Sounds reasonable. EURUSD has been choppy with those option levels and flows today.
Sounds reasonable. EURUSD has been choppy with those option levels and flows today.
Today my EUR/USD trades were for breakeven, the negative balance you see in the statement is due to commissions on my raw spread account. I closed the EUR/USD trades the moment I saw the price action was not what I wanted. I then waited for NY session to trade NAS100 and made 14 points profit
Today my EUR/USD trades were for breakeven, the negative balance you see in the statement is due to commissions on my raw spread account. I closed the EUR/USD trades the moment I saw the price action was not what I wanted. I then waited for NY session to trade NAS100 and made 14 points profit
Yes boss! I like how the losses are very small and the wins are much bigger
The more you trade the wider your experience and knowledge . Toady , i regret taking a fourth trade during Pre -New York Session to add to the 3 buy trades i was already maintaining from London Session . What happened was that , while i was monitoring the four trades, i received a message warning me to increase my fund from N5k due to the market movement that suddenly changed from Support to Resistance and continued downward thereby increasing my loss margin . This eventually led to stopping me out of trade , leaving my account with a negative balance of N37.33 !
The lesson i have learned is to stop opening more than 3 trades when i am trading with small funds like N5k regardless of the lot size of 0.01 that i use.
See the image below.
The more you trade the wider your experience and knowledge . Toady , i regret taking a fourth trade during Pre -New York Session to add to the 3 buy trades i was already maintaining from London Session . What happened was that , while i was monitoring the four trades, i received a message warning me to increase my fund from N5k due to the market movement that suddenly changed from Support to Resistance and continued downward thereby increasing my loss margin . This eventually led to stopping me out of trade , leaving my account with a negative balance of N37.33 !
The lesson i have learned is to stop opening more than 3 trades when i am trading with small funds like N5k regardless of the lot size of 0.01 that i use.
See the image below.
Sorry to hear about that drawdown.
Smart lesson , sticking to max 3 trades with a small N5k account is solid risk management, especially in volatile sessions. Overleveraging positions quickly turns small moves against you.
The more you trade the wider your experience and knowledge . Toady , i regret taking a fourth trade during Pre -New York Session to add to the 3 buy trades i was already maintaining from London Session . What happened was that , while i was monitoring the four trades, i received a message warning me to increase my fund from N5k due to the market movement that suddenly changed from Support to Resistance and continued downward thereby increasing my loss margin . This eventually led to stopping me out of trade , leaving my account with a negative balance of N37.33 !
The lesson i have learned is to stop opening more than 3 trades when i am trading with small funds like N5k regardless of the lot size of 0.01 that i use.
See the image below.
The downward movement began at the start of the New York session by 1 pm. When a new session starts it sometimes reverses the direction of the old session. You did well by adding to your winning trades, things just didnt work out this time
The downward movement began at the start of the New York session by 1 pm. When a new session starts it sometimes reverses the direction of the old session. You did well by adding to your winning trades, things just didnt work out this time
I also closed the day in a small loss but its one of those things, just a bad day on the office
