Hi all.
My name is Steve and am hopeing to to learn how to trade.
For the last few weeks i have been lurking on this forum and reading every blog going.
My enthusiasm and dedication to be successful his second to none, but i know that is not enough.
I need to get my mind set right and that will my hardest part as i am prone to get frustrated when things dont go right.
I started last week with a £200 pound bank and used £10 stakes .
I was patient and chose my trades and entry points carefully, concentrating on swing tradeing and using fairly tight stop losses.
My aim was not to lose, protect my bank and gain confidence.
Well it went like clockwork, out of the five days i traded i did not have a losing day .
52 trades, 38 wins, 12 losses and 2 scratched. (profit of £10.55p) .
This week i thought i would increase my stake to 10% of my bank and use £21 pound stakes.
My first trade was a losing trade followed by another and another and for some reason i just fell apart making silly mistakes.
Then to top it all i right clicked to put in a stop loss 3 ticks above my entry point while i went to the loo.
I came back to find the horse had drifted way pass my stop loss and only matched 18p of my £21 pound bet ,
Question is, why did it not take all my £21 ?
Also i cant believe that increasing my stakes altered the way i traded but i am sure it did.
Well thats my mump for the day and tommorrow is a new day, just need to get my mindset right.
Steve
Hi all, newbie with a quick question.
Welcome.
Your self awareness of emotional issues shows you are on the right path.
I'm not religious but I do believe in the power of positive thinking.
The Buddha said - We are shaped by our thoughts. We become what we think.
Do not dwell in the past nor dream of the future. Concentrate on the present task at hand.
Your self awareness of emotional issues shows you are on the right path.
I'm not religious but I do believe in the power of positive thinking.
The Buddha said - We are shaped by our thoughts. We become what we think.
Do not dwell in the past nor dream of the future. Concentrate on the present task at hand.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
I suspect that increasing the stakes had a big effect on your mind set. What was the rational behind increasing the stakes? Was it because you wanted to make more profit after having a profitable first week?
You should to begin with forget about making money to a large extent and just concentrate on not losing it. Then gradually increase stakes. You have increased your stakes massively in % terms. You have increased them 100% in just 5 days!
You should to begin with forget about making money to a large extent and just concentrate on not losing it. Then gradually increase stakes. You have increased your stakes massively in % terms. You have increased them 100% in just 5 days!
Thanks for the replies guys.
It was really silly of me increasing my stakes after only one week so am going to go back to just staking £10 (5% of my bank) ansd get a few hundred trades under my belt to get a better feel of the market.
After that if my bank grows i will just use 5% stakes so no big increase in staking to play havoc with my mind set.
Any clues why my stop loss did not get fully matched?
It was really silly of me increasing my stakes after only one week so am going to go back to just staking £10 (5% of my bank) ansd get a few hundred trades under my belt to get a better feel of the market.
After that if my bank grows i will just use 5% stakes so no big increase in staking to play havoc with my mind set.
Any clues why my stop loss did not get fully matched?