I’ve been “live trading” for about 4 months now. In those 4 months I started my account with $2500 (mini) and am now down to $2400 If I’m to believe the statistics I guess that actually puts me ahead of this proverbial “90% of new traders blow through their account in the first few months”.
At any rate, I’m going back to the drawing board so to speak … I’m trading on demo for a while again. The reason for my post though, is that I thought you may find this method beneficial. For me, when I first traded on demo it was nothing like trading live. But by interspersing live trading with demo trading it allows me to practice but still retain the fear of the market Gods. I know for somepeople, saying to go back to Demo is about as popular as clubbing baby seals … but in my case I think its a good way for me to step back and analyze my trading up to now and refine entries and exits.
I hear you loud and clear cdutoit. I too will be headed back to the Demo.
I have traded for about a month($1000 min) now with a live account and made $263 my first week into trading. I must admit it was luck. The timing was a guess and I got lucky. Since then I have been trying to put together
a strategy with blinders on and it has cost me my profit and $234 of my intial investment. I learn quick. I have to be patient, have disipline and have some
what of a plan(that I will stick to) in order for me to be successful in this business. Take care
Good for you! You’re going to be successful because you’re smart enough to recognize your weakness and stop before your account goes dry. But now that you have that live experience, you know what its going to take to be successful in the markets. Take your time, go back to demo for awhile and then take another stab at it.
My advice is to try and get yourself into the “no care” mentality for your live trades. Of all the successful traders i’ve ever met or traded with when you see them throw on a trade they all have one thing in common. They just don’t care about the trade and are not emotionally attached to it. Its the same reason why a lot of people demo trade successfully and then lose all their money once they go live.
You know this, but work on how you can handle and manage this before you go live again and i’m sure you’ll do fine.
If I’m to believe the statistics I guess that actually puts me ahead of this proverbial “90% of new traders blow through their account in the first few months”.