When You 1st Started Trading How Much You Lost In 1st Month?? And How Much Capital??

[spanish89]

Ok to make this post easy for everyone to just easily scroll down, read, and compare to get a good overview please just post 3 answers to this topic;

A. How much money did you lose in total during your 1st month of spread betting??

B. How much capital you started with??

C. What 'exactly' you did that changed your trading to start making alot more profits than losses / and bigger profit with smaller losses??!



My personal answer is:

A. Have lost about £600 in my 3weeks trading.

B. Started with £100, topped up account with £50 more eachtime it went below £50, and have spend through a total of about £626 now. (Have never withdrawn ever, and only have £26 left now)

C. Ran out of money on creditcard to use as capital!

 

[nine]

In my first month of spreadbetting I made money. I made money for most of the months that I spreadbet although not for most of the days and the Australian taxman enjoyed the benefits of that business activity (I don't spreadbet now, I trade futures and forex).

Why? One reason only: I wasn't "betting"; I had a planned tested trading strategy which I executed pretty well.

 

[Tenapenny]

I made money in my first month but it took me 8 months of study to find a strategy that suited me. I'm still a newbie at this and learn more daily and this site is a great resource.

As nine says, test your chosen strategy and I would add that when you have found one you are comfortable with, make rules for your entry and exit points and stick to them. Don't let your mind tell you that a loss will recover or maybe there's a bit more profit to be had. Stick to your entry and exit points. If your stop-loss takes you out, move on, there's always another trade. If your trade is going to the moon, stick to your exit point, don't try and second guess the market.

Good luck.

 

[shadowninja]

Most of the top pros (all of them?) lost a significant amount of money (tens of thousands) in their early days; I read somewhere that it's gonna happen so better it happens sooner rather than later.

That said, if you know you're throwing money away (look at the well-kept records of each of your trades and decide for yourself), then you should stop to avoid losing more.

 

[Hoggums]

You should NEVER trade using borrowed money from a credit card.

I lost about £250 in my first 2 weeks and then stopped trading when I realised I had no clue what I was doing.

 

[Devilicus]

I started with about £600 and trading at £1 per point turned it into about £1800 in my first month. Thought I was the man, and then lost it all on my next trade (no stops, baby!)

 

[nkruger]

Month 1 ~ Lost £300

Month 2 ~ Lost £520

Month 3 ~ Lost £88

Month 4 ~ Lost £107

Month 5 ~ Profit £12

Month 6 ~ Profit £377

The rest, they say, is history :clap:

 

[nkruger]

Well that was A

B ~ Started with £1500

C ~ It started to turn around with fine tuning of my Strat, and reading Trading In The Zone ( M. Douglas ) Simple Answer !!

 

[spanish89]

Thanx Nkrger..

um can i ask what your stratergy was though please when you had almost no capital left??

 

[nkruger]

Thanx Nkrger..

um can i ask what your stratergy was though please when you had almost no capital left??

Had to go down to trading at £2 per pip and I was up at 6:00am EVERY morning going through charts etc. and working through 'til 9 or 10 in the evening 6 days a week. I was 'full time' at that stage, so I had to succeed ~ it was never an option to fail.

In comparison, I find the 'working day' is now a lot more relaxed ~ I just check the screens every 2 or 3 mins waiting for my set-up to appear, and when it does ~ in I go.

Hope that helps.