I would like to share with you my first experience in trading (Financial Spread Betting). I started by doing my homework, so i studied about this sort of trading throughout some useful books and helpful websites, I even produced an assignment in my university on this topic, then I went to the upper level which is opening a demo accounts and I started training myself and getting used to the concept of trading. All I can say is studying about Spread Betting and actually trading using the platform is two complete different things!!! I was losing and then loosing and then looosing, lucky for me, it was all virtual money. My friend started teaching me how to use the charts and helped me with some advice and I started getting better. Just one day left on my demo account to be expired and I decided just for the fun of it to trade unwisely (empty the account from all the funds available),
Believe it or not, I was unsuccessful in doing so!!!! In fact I was making huge amounts of money in a space of minutes, my friend and I were just laughing…
Then comes the time to enter the markets with the money I sweat for!!! My friend advised me with some promotion offered by some broker, so I took it and opened the account with them, the process did not take more than 10 min and I wasn’t even asked for any proofs of ID or address…
Anyway, there I was clicking on my first trading button, it was as I remember buying EUR/USD, it did not start good and I was not used to this new platform and I asked my friend to help me place a stop loss and he was worse than me, HE JUST CLOSED MY POSITION BY MISTAKE!!! I said its okay; i can get this money back as the broker was offering a cash back promotion, so I kept on trading during that day and I finished my day on a high. And the greed started itching me, so I could not sleep and I said to myself, let’s trade again, let’s make as much money as I can, I thought it was all going to be easy… I started trading the Asian markets!!! I did not have a clue what I was doing, the tiredness+ sleepiness + negligence = Huge loss. I decided to go and sleep being angry at myself, I slept a couple of hours and then woke up and straight my laptop, I wanted to recover what I lost throughout the night. I made a couple of clicks and they were all good, and I promised myself not to touch the Asian markets again!!! Lol
After that, I used to trade a lot with my friends and the common mistake we all share is the lack of disciplinary, and the greed… It is either we are plus in out positions but we expect it to keep going up like there is no tomorrow, or we are down and we just don’t want to get out!!! I would open a position and keep staring at the graph like if I am going to change the trajectory of the graph with my eyes, and I would lose a position and keep chasing it and chasing it and all I am doing is losing more and more.
After few days I got better and I learnt from my mistakes but I still lose more than I make, and I just decided to withdraw all my funds and close my account .