6 months live trading plan (Patience & Consistency)

Trading Discussion Trade Journals
21

Good to have a trading journal, it will also motivate fellow trader if you can making a good income from your effort, and maybe if here there are investor forex, with watching your trading result might interested to invest with you,
but if also share trading system that used as a trigger to determine entry and exit point this is very good for all member might they can learn also from master trader like you

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22

Well done mate. You started your journal, thatā€™s a good move.

Control yourself. Thereā€™s always tomorrow. New opportunities. You donā€™t lose anything if you donā€™t open ā€˜thatā€™ trade. This is what Iā€™m learning now.

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23

This thread might be helpful for many. Thank you for giving away your precious example.
My 2 cent: losing in trading is not a problem. Repeating the same losing is a serious problem.
Fight smoother next time, not harder. Wish you all the best @echucks19

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24

candlestick chart or line chart?

25

Candlestick is superior, you can visualize buying and selling pressure better.

For line chart, you have to set 2 line, line chart of high price and line chart for low price. A single close price line chart doesnā€™t depict much.

26

Hi. Maybe you could believe that the platform you are using is a demo one. Treat the money as Monopoly money. Lose? Stiff bickies. Win? And your strategy is worth pursuing.
Just a thought.
Cheers
Bantam

27

How do you put someone under your watch list. Can you please tell me.

28

Greeting out there,
I am George from Panama, i am new into the forex field, but been active student here for the past six month. Now i want to enter into the real world of forex. I am kindly seeking good words and wisdom, things that can help my carrier out to success. It is a great pleasure being here with you all.

29

Scroll down to the bottom of the thread - youā€™ll see the button ā€œTrackingā€ - itā€™s under the Bookmark and Unpinned buttons. Just click on that, then select ā€œWatching.ā€

Let me know if that helps!

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30

Thats a fantastic mental train. Thx for posting.

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31

good luck my man. doubling each week seems really aggressive but lets see.

32

Thanks to everyone contributing to the thread. I decided to take a break from live trading after the 3rd day.

I had to admit to myself that I was doing it wrong. Not being able to control myself from placing a string of trades in a few hours is a red flag I need to address.

I have gone back to demo trading to try and adjust my strategy for a higher time frame. I am trading the 4hr and daily charts. So far so good, Iā€™m doing quite well already without over trading. Why is live trading way more difficult than demo??? :sob:

Anyway I still want to demo trade for a few weeks and decide if Iā€™m ready to jump back into live trading or not.

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33

Well done, mateā€¦ you have the smarts to call a halt, take a step back and reassess. You did that instead of blowing your account, which is what a lot of people would have probably done.

I wish you luck when you come back!

Just a thought, because this seems to work for meā€¦ I started keeping weekly statistics, and assign grades according to the metrics. Knowing that Iā€™m going to screw up my weekly stats if I take a reckless trade seems to keep my impulsiveness in check a bit.

Whatā€™s more, I (like you) started at 0.01 lots, but I can only increase that by 0.01 lots at a time, after posting 2 weeks of net positive stats. Whatā€™s more, if I have a net negative week, I have to drop back to the previous position size. So if I have to good weeks, I can go up to 0.02 lots. Two more and I can go to 0.03 lots. But if week 5 is net negative, I have to go back to 0.02 lots until I have 2 net positive weeks again.

All of this works together to remind me that every trade matters. if anything looks iffy, thereā€™s no shame in staying away.

All the best!

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34

Thanks for your contribution.

I would love to try out your idea on keeping weekly stats. Just one question, on what metrics exactly do you grade yourself?

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For the week:
Number of trades
Number of positive trades
Number of negative trades
Success rate (Number of positive trades/Total number of trades)
Average return on risk
Average P/L in pips
% change in equity

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36

I understand, that happens to many and youā€™re not alone. Itā€™s our psychology issue where we get very serious and fear in live trading as compared to demo. Treat it like a real one. Glad you have decided to stop the live trading. Stay updated and all the best.

37
  1. Profit Factor > 2.0 ( passing grade )
  2. Maximum drawdown ( the lesser the better )
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38

Okay thanks. Will try it out and see if it helps.

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39

I hope you will keep posting on here to let us knowā€¦ it will help us all to know your experiences.

All the bests!

40

Hi echucks19, The question of trading mobile or desktop I think suits who you are. The wonder did you have a winning system before going live. If you did then you should stick to your rules and everything in effect should play out. That answer really opens a can worms because whatā€™s a winning system. My view on a winning system is one that gives you a profit at the end of the day. Other people say it should based on % win loss. I suffer from not keeping a trading journal and recording / analysing my trades and that might slow you down and think more. I hope this helped.