Hello Elite of The Elite Trader , it's still me the boring kid that shouldn't be there anyway I'm here , hope it'll go well or not , we'll see with time . Ok today I come here to share with you my first week of Trading with real money . Why I do it ? first of all I'm a irrational kid that shouldn't be there and haven't any one in my entourage which which share such information , it would be boring and not interesting . Also I want to get reaction of the Elite here and yes laugh a little to a few message a that'll be post here ....... And Finally it's here when I come to post my struggle with Trading and was able to get answer so the least of it would be to share the result of those advice on my actual Trading So during this 1st week , I only trade 2 market DAX30 and SPX500 due to the volatility , I train myself for Forex Market but when I realize how low was the daily volatility expected to what I dreamed , it was just contrasting so I pick Indices nicely The first 2 day was so grate , I manage to get 75 pip in just 2 day (yes I KNOW that in Indice we use Point , but as I most people(I assume) are familiar with PIP , I just do the conversion for them) with a strict money management of risking only 1.5% of my capital per trade and yes it was really nice to see this green pic on my history . Then come the nightmare (at least the 1st one for the moment) , I lost 37 pip on my third day (I do 3d trade and lost all of them) and then I realize the reality of the Market , it wasn't the Paper Trading where I lost and don't feel anything , even if it was just 4% of my capital I feel the lost ; I also experienced one threatened experience , Being WRIGHT BUT END UP LOSING (Aouh that's PAINFUL AS F*C*) P.S: Don't take attention to the world inside the PIC as I try to explain to someone that knows nothing about the Market in what my hobby(job) consist I also do 2 irrational based only on emotion even if I was 200% emotion that lead to this trade , that doesn't stop me to push the mouse and click of those shining SELL/BUY Button on the screen , I understand now what they mean by preserving your emotion interacting with actual decision making process . Thanks to Feu MARK DOUGLAS that help me understand the psychological threat behind loss even if I'm not 100% okay with his thought but it was really helpful , and also all the BIAS ( Loss aversion , Outcome Bias....) that I learn during my learning journey(it's not a FLEX rassure you) Also when I think that I had to come back tomorrow and trade after had losing -37 pip ,I just didn't know how I would do that so I focus on my vision and remind myself about the UNIQUENESS OF EACH EVENT IN THE MARKET and THE MIND ASSOCIATION PATTERN and also funny stupid content on YOUTUBE to help me forget this DRAW REALITY that's the MARKET, that's what help me come tomorow I would have probably be scare to open a trade and would have just watch PRICE GOES instead . The fourth day it was two lost in the row (-24 pip ) on the DAX ( one based on plan the second emotional too) , and the third was a winning trade on the SPX500 (+20 pip) , I ended up losing this day but the +20 pip give me a boost of confidence in MY PROCESS P.S: The winning 20 pip , also don't take attention to the word The 5th day , I begin with a loss , I let a winner turn into a loser cause I refuse to take a 16 pip TP(on the DAX30) and rather wait for the +20 pip at least , I rationnalize but the fact that I just don't want to see this trade turn into loser and it would be stupid just to take +15 pip profit because I'm scare of the trade reversing into a losing one and I should let it run even if it turns bad I should be pride of myself as I follow my plan (I emprunt it for Brett Steenbarger ) but it would have been easy if it was the case , when it touch my SL I was just a little mixed up kind of furious about myself but aware that's just emotional response otherwise it was a little painful I confess (I end up losing -6 pip just that but for +16 pip to -6 pip , imagine) . I emotionally trade in the other direction(DAX30) and secured a +8 pip and then go out of screen then I come back 1 hours later , take a counter-trend position on the DAX(based on my plan) and stay with it , it ends up going to +33 pip , so it make me feel great and perhaps euphoric as I ended up Opening 2 other trade on the SPX500 and lose both of them (-14 pip) and was aware that the second one was just an emotional trade again (but ended up rationalize it by a song titled , CALL IT WHAT YOU WANT (rationalize/irrational, that's your problem) , I ended up losing laught a lot and finish the day in a happy note certainly due to the +33 pip in ONE TRADE). (Unfortunately I havn't take actual pic of those 5th day so sorry) That's it , and for anyone that's curious of what I use for Enter and Exit (really , a noob like couldn't give you such info) but I use the best indicator out there the best of the best , it's keep SECRET by the Federal Bank and it's really costly to get , you have to do so much to get it (OKAY it's not funny I stop there) , but it's ....PRICE + Market Structure just that , NO INDICATOR (except EMA) I also realize that there's a lot of GAMBLE and EMOTION involving in my decision making process and it's funny as I'm aware of the 2 impact of those element on Trading so my challenge for those next week is to delete it completely to my TRADING. I have also face the TIME MANAGEMENT PROBLEM , what's to do after a winning trade , coming back , stay away of the market or just a neutral observer as I ended up wether Procrastinating (my old bad habit that I delete just for Trading) or OVERTRADING (5 trade in a day at least for me it's OVER ) And this first week give me idea about where I should work soon , haven't deciced yet but it's between learning Machine Learning and Computer Vision for helping me identify and predict actual Market Structure ,as I used it a lot for Enter in a Trade , or learning about Depth Of Market , Footprint , Market Profile , Market Order ..... So it would be glad to have your idea about it dear Elite OH and if you read till here , I don't know what to tell you except THANKS perhaps and I'm curious to hear about your first experience too Also an Irony that would made laugh some of you that get till there is that , I wake up today at 5 a.m as usually preparing for the Opening of DAX and doing my same routine without realizing that's today was a Holiday , so I found it strange to don't any candle on my chart , I check SPX500 and it was the same blank char then I search on Google and realize that I was trying to trade during a holiday , I smile do YOGA and ended up procrastinating the rest of the day (that actually lead me to write this mini article ) P.S : Also you'll notice that I don't use the real $$$ I gain or lost cause I consider it's useless , I only focus for the moment of the actual perf I'm able to generate it's the why of all those PIP you see Thanks for your reading and I hope read about your first week too soon Don't Forget to KICK THEIR ASS the next week (I mean your BROKER and your best friend the MARKET) , your cheer KID ....
For the people I was trying to explain my job is an hobby so it's for this clarification that I use this hobby term aka job for relativized. Anyway thanks for the advice .
I just wanted to point out that this can be a very risky place to enter if you don't know what you're doing. I'm sure you probably thought you were getting a very good deal when you entered, but it just kept going down and down. Which we've all made that same mistake in the past. Always keep in mind that a trend can go in 3 directions. Up, down and sideways. You need to be very careful when a trend is heading down, and in your case straight down. You don't ever want to buy on impulse when you feel excited or greedy, instead ask yourself the direction the trend is headed and think about your support and resistance areas before entering. And most of all, never trust yourself.
I was on the sell(Bear) side on this trade not the be buying one , I enter in a 5 min reversal setup according to a predefined plan , but the 15 min chart was preferable to bring here . I'll be careful about my emotion the next week and don't go in an impulsive mode , thanks. I noted it Thank for the advice .