Live account
I planned to open the live account within the week. Well, done yesterday night. The process was quick and transferring funds was very fast (credit card), good. But not free, no good (£11 fee). I chose the broker Hantec Markets. On the side I keep demo accounts from them and Alpari.
I start small. I chose $1000, which magically transformed into £611. I live in the United Kingdom and therefore prefer to use the same currency as my living place.
The very first security perimeter around those precious £611 is a firm rule against myself: I must not trade other lots than micro-lots. A review will come in time later in the case of more successes than failures. Also, whatever the success rate, increasing the capital is the condition to trade mini-lots. My imaginary friend Mr Reason will supervise the security perimeter and may bite if trying to get out of it!
First feelings? Definitely not the same as opening a demo account. If you were standing in front of me, you may think “Mr Glick looks so relaxed, it is scary how relaxed he looks actually”. Sometimes I am good at looking relaxed. Normal, I did not open any orders yet. In reality, I am all excited and spent all night dancing with the wolves around a camp fire to call fortune and sun.
Eventually placed orders with my own money !
4 orders in total [Early morning GMT London]. I closed already 2 of them [Early morning GMT London..]. No mercy. Why would I open and close so fast in a few hours? I force myself to stick to the plan: Take your losses early and walk away. That’s what I did. The 2 remaining, USDJPY and GBPJPY, so far, are performing well. Brings to my attention the question of ratio win/loss. I study the question.
How did I chose currency pairs I will trade?
When I first looked at the big Forex picture a few weeks ago, I almost fainted from my chair. So many things on the screen. Would it be reasonable to trade all and any pairs? Mr Reason shouts at me “Don’t do that silly boy!”. I decided to focus on pairs with USD, EUR, GBP and JPY. Some of these combinations are pretty classic and some slightly exotic. Perfect! ...Today.
Would I trade them all everyday at all cost? Yeah I know what Mr Reason, my imaginary friend will say.
Creating the orders were about how much I felt confident about them. I do not want to gamble or guess randomly. Rather educate my decisions. Said that way, it makes more sense why I quickly closed losers, right?
No?
Think about it, if I am so confident but realize I am probably wrong. There is no point to stubbornly watch my failure growing. I took my loss, head up, and walked away proudly like a Roman Emperor.
I must say something. I had a minute of doubt, in fact. The classic human reaction: “I know I am right, it will get better”. I resisted and rewarded myself with a kiss in the mirror.
My blond hair in the wind, large white innocent smile, I continue surfing on the 2 winning waves! How cool is that!?
Profit/Loss results : my 4 first live orders:
In the previous episode, you discovered anxiously an aggressive closure of 2 orders not behaving as expected. But Mr Glick jumped on his FxSurf and slid 2 other lovely waves.
I made a net £3.5 profit. Why did I take it and walked away? Maybe I could make more. Maybe.
It is my first day! You owe me that. No rush. I calculated I made 3.34 times more profits than my 2 losers losses. Ok, now I am thinking my few pounds means and worth nothing. But turned into a standard Lot. It would worth a net £350 (=$550 according to Xe converter). Let’s go back to the real world of micro-lots after the dream.
Although it is a positive first time. I would expect days with and days without. Also what matters most to me is not one win but more wins than loses over the time The best waves in the world often hide nasty reefs. I wonder where I will be standing in a month. For example.
What is interesting is my strong willingness to jump back and trade more. I torture myself that I must hold off to go back for today. Tonight is time for the daily fundamentals and technicals. I also want to dig out information on today’s trends.
Oh my dear, it is so hard to resist.... Last time I felt that was when I stopped smoking almost 10 years ago.
Mr Glick
Forex Surfer - Apprentice
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