Two Lessons Learned on Day One of the Trading Contest

Day 1 Trading Results and 2 Lessons Learned
The trading contest has been off to a great start. Our goal was to have fun, learn and get some great competition and so far we have all done just that. In the first day of trading I have learned some really valuable things that I am going to be working on to improve my results during the contest. I want to share those lessons here so that it can help propel you to become a better trader. I know there are hundreds of traders that are looking to become full time and this type of trading and instruction can be just what they need to help them to get there.

Lesson 1 When Counter Trend Trading Take Profits Early:
Trading counter trend can be dangerous so when you do it make sure that you take your profits when you can. Because if you don’t it can come back to hurt you when the price goes in the original direction of the trend.

Lesson 2: Be Happy with What you Earned:
If your always getting upset with the big one that got away, it can cause fear of missing out and mess with your mental state of mind. In trading you need to have mental and trading discipline to be successful especially in a trading contest. So if you made money that day be thankful you made money! It’s a good thing. In the past I used to get so upset about the money I could have made it hurt my trading performance.

Watch this video for the exact trades I took and to see the results.

If your in the contest leave a comment about how you felt the first day of trading went.

Click Here To Enter The Contest:
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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • Thanks Tony, I understand completely in my own life I question everything. Its not wise to follow anything blindly. But we really have a mission of helping traders to be successful and we put that before us all the time.

  • Tony H

    Hi Casey, i`m not in the contest but i am a Strike client and would like to comment on how much i appreciate your approach to your business, i`m always impressed which is saying something as at my age i`m quite a cynic about many aspects of life & particularly in the trading world.

  • yes I noticed that the Eurusd trade you were in during the room was looking good once it got some movement to the downside.

    And on the Yen a long would have been a great trade and yet it is interesting how I was short and yet still ended up with profit. Just goes to show you that timing is critical and it depends on your strategy. One trader that looks at the market one way and another trader looks at another.

    Thanks and great trading so far.

  • Your Welcome and I got your page updated. Looking forward to a great contest.

  • Eli Sutton

    I liked trading with a group today and enjoyed watching and learning from your live trading, Casey. In the spirit of the debriefing you offered us, Casey, I’ll try to share some of my insights from my trading session this morning. I took 3 trades; short EURUSD, short EURAUD, and long USDJPY in that order. The first two hit my TP after hours of uncomfortable chop…the lesson here was to be patient and trust my reading of the trend. The Yen trade was something else. Even though price action vindicated my decision to go long I took a loss when I freaked out and placed a close SL as price moved sharply down on the 15:30 bar. The funny thing is that earlier when we all looked at that pair my thought about it was that it broke out of the channel and now it will retrace offering an opportunity to go long. I expected it to do what freaked me out! Here’s a lesson in how an emotional response can make all rationality go out the window. What I did with the SL could be rationalized as protecting my capital, but in the end it was an act of fear and against my rules. I’m grateful this lesson did not cost me dearly (as many previously have!) and, as Casey wisely advises, I celebrate the fact I ended the day UP! I look forward to trading with you all in the coming weeks.

  • Cristian

    It was a great start. Thank you very much for hosting this event and the room. Btw, please check email, I’m still not added to the myfxbook contest page.

  • Your welcome I really have enjoyed it so far!

  • Rain

    I really enjoyed the first day, thanks for hosting this awesome event.