First day on new Live account

New brokerage account went live today after 5 day hold. I was very anxious to trade since yesterday. Don’t know why. So, here’s how it went.

Logged in early to and saw the funds in the account. Then for some reason immediately placed the trade which should not have happened. The trade went south quickly and I removed the stops. Made the classic trading mistake right away. From there on it just hoping and praying. Eventually after 30 minutes the trade turned around and got out with 2 ticks.

The market was very flat from the previous day. Price was just jumping around flat line.

The market was very flat from the previous day. Price was just jumping around flat line.

Got ready and came to SO office. Same thing again happened i.e. jumped into the trade right away. Don’t know why. This was 2 minutes before open. Very risky. This trade went against me quite a bit… something like 40 ticks. Cloudn’t do much. Again removed the stop order immediately. There was no clear signal to take this trade. It was just impulsive to get on with trading from new office. Shutdown the platform and went to other office leaving the trade to fate. Logged back in after 40 minutes to find out the trade was exited at +1 tick (the order that I left in). Was relived. But realized that what I did was very dangerous.

This were my old habits and they still seem to be hanging over me. Need to change this style of trading or else I will not sustain in this business.

Closed the platform thanking for not having any trade open. Account was green but not with the right trading. After about an hour saw that the price was still in the flat zone but with wild swings up and down. Entered another trade and again removed stopped. This time the trade didn’t go against too far but would have stopped out. The trade quickly bounced back to entry point and kept going up and down. At one point the price suddenly jumped +30 ticks and I almost froze. Could not react quickly. Place a sell order late at a higher price. Wrong decision. The price dropped quickly down to entry and hovered around. I, for some reason was confident that trade would move in my favor and kept watching. It did hit my price target that netted me +23 ticks. Patience paid off but watching the price go up and down was not thrilling.

2/26/2019 5:49 (buy)55.52
2/26/2019 6:19 (sell)55.54+2
2/26/2019 7:56 (buy)55.63
2/26/2019 8:30 (sell)55.64+1
2/26/2019 9:15 (buy)55.55
2/26/2019 10:11 (sell)55.78+23
Total Net+$247

Then, according to the plan, did not place any live trade. Did some sim trading, which always seems so easy.

  1. Watch price action and decide how the day is shaping. Today it was jumpy and around previous day closing price. Be mindful of this.
  2. Wait for the right signal to place the trade. No need to just rush in the market without clear plan. SIT IDLE as much as you can.
  3. Do something about deleting stop orders. There is nothing wrong in losing a trade.

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