As I opened a trading account with IG Index which allows me to buy/ sell currency pairs as low as 10p per pip, I placed my 1st Forex trading last Friday. And of course I did place a stop loss to minimise risk involved.
Before I placed the trading, I analysed the various currency pairs' chart in the past 1 hour, past 30 mins, past 5 mins and past 1 min. Then I placed my 1st trading. The heartbeat for my 1st trading increased significantly as the currency can go up/ down so quickly every second, and the amount that you put in can be in gain/ lost so quickly too!
As I saw the amount of money I put in the account goes up by 50p, I closed the trading quickly and took the gain. I was only using pennies to gain experience and I can really feel the emotion involved in trading, even my colleague next to me was saying 'Close the trading and took the profit'. We were so excited with the first 50p we gained, it was fun but scary! Therefore, if you can't afford the excitement and don't know how to manage risk, it would be better to stay out of trading.
After the 1st trading, I placed the 2nd trading but this time it was a lost because I forgot to look at some of the analysis that I should have looked at. Also, I closed the account too quickly and didn't wait, I didn't trust myself neither. This was a lesson learnt and so, on my 3rd trading, I did all the necessary analysis and wait, there was a time that I saw the capital I put in went down quite a lot, but I still trusted the analysis and waited, then it did go up again as predicted and I gained in 3rd trading.
The trainer who taught the Forex seminar did advice us to use small amount of capital to experience real trading instead of using fake money and practice account. I can now understand why he said that because only using real money you can feel the emotion involved. Of course I only used pennies to gain this kind of experience until I understand more about what it is.