Hi Guys & Girls,
I just thought i would introduce my self and share some of my first experiences to day trading.
I started getting a big interest in the stock market a few years ago and started swing trading with a demo account and about six months ago i got hard core into CFD's and day trading using Plus 500.
After creating a strategy and and trying it for a few months and being quite successful pulling an average 10-15 pips a day on the ASX200 and UK100.
So i put about $7500 into my trading account..... bad move.
I lost about 4.5k that first night, i didn't stick to my strategy and let my emotions run out of control. the rest of that week it dwindled down to almost nothing due to making more emotional trades and being highly depressed.
Bag biggest money lesson of my life, that was about to weeks ago and after my big loss i found my self blaming everything apart from my self for a few days after. Then i had a major brain wave and started looking back at what i did wrong and why, now i realise my greed was one of the biggest factors in loosing so bad.
My challenge now is using small amounts of money and playing Forex rather than the indices while maintain control of my emotions and documenting every trade to get a clear idea if the direction i am going in.
I find it a lot easier when trading with someone as i have to justify my moves to them it explains more to my self what i am aim for.
Is there any day traders in here on the Gold Coast?