|
After doing pretty good, I emptied my account... I'm good at doubling my account, but even better at losing it all. I'll try agian after playing the demo's some more.
A few tips and thoughts:
1) Don't base your trades off of the 1 min charts. They're too volatile, and usually change direction instantly. I consider myself a half decent chart reader and some of those momentum moves were rediculous.
2) Next go around i think i will mainly play the 5 min - 15 min charts, for they're a lot more reliable. I'll make sure to have enough money in my account to handle the 1 minute chart swings, otherwise the margin calls will just destroy your account balance.
3) Learn to hedge or atleast set stop limits. Don't chase your losses, it will usually result in bigger losses. If your good with chart reading, your picks will usually be winners. The important part is knowing how to lose - set your stop limits to kill trades once they go against the chart or break resistance/support levels - and move onto the next trade.
4) Don't get too confident. My first day i made 15 profitable picks in a row and then lost it all going big. Set some trading rules and stick to them.
5) Don't rush into trades. Make sure to study the indicators. Only buy if it passes all of your tests.
|