Live trading

Well it was my first week trading live. I ended up loosing 5 lbs and a chunk of my account. I went in with the make big money attitude and got eaten for lunch. Picked all the wrong trades, let losers run, cut winners short, too tight stop losses, no stop loses and basically let fear and greed run my trading. I learned the hard way about whipsaws, slippage and all the things I was warned about.Everything i was taught in school went out the window on live trading. This is just a warning for all you newbies out there.

Next week I am going to use smaller lots and follow my plan. It is amazing the difference between demo trading and live trading. Live trading puts you in a whole other mindset and causes you to do stupid things. If you think this wont happen to you then are in for a big surprise. I am more mad at myself than anything. It is easy to blame someone else but it is me that is at fault.

Thanks for reading
Hope you learn something from this
Mark Whitney

Good luck! Going from demo to live can be a bit of a leap. It’s good to see you learning.

huh. imagine that.

you know, it’s even more amazing at how the vast majority of the advice to newbies on here IS TO DEMO TRADE FOR MANY MANY MONTHS. despite your (and others) proof to the contrary. and despite myself (and a handful of others) warning against doing it.

in fact, at this very moment, there’s another newbie on here asking this very question. and 1 reply says to go live ASAP, and 7+ replies says to demo for a few months at least.

amazing.

glad you’re live.

though - how did you manage to lose 5 lbs OF WEIGHT while trading??? what’s more funny is that you’re in TN, which is USA, where money is in dollars and the weight is in pounds. or are you mainly trading the GBP and for some reason have your account denominated in GBP???

I’m live at the moment with my first major live account. I have quite a sum of money in it but i’m pleased i’m doing it. Having a live account gives you a better trading approach, and you appreciate your wins more. Demo trading can get tedious, and if you lets say have 3 wins and 1 loss on demo it can put you down a bit but on a live account it makes you feel amazing. I recommend anyone to start a small live account after trading demo for some months. Trading demo for too long pulls you to much into a comfort zone.

I agree 100 %, when i started with a demo, i only did it for 2 months, then i opened a small live acct.

let time and our exp tell the truth :slight_smile:

Owning your own screw up is going to be very beneficial to your long-term success. Lick your wounds and take your time before getting back in. Make sure you’re level before you do so.

You may also want to trade in microamounts on a live account for a little while as you make the transition. Minimizes the potential for huge losses that way.

Don’t forget- you’re not reinventing the wheel here. Walk in the steps of those that have already succeeded and build on their knowledge. Good luck in recovering.

From my experience, the best way is to wait until you managing to win 7-8 trades out of 10,
And then still keep the demo account, and for every 4-5 trades on demo place 1 live trade.If you are comfortable, after a week, increase it to two, if not, go back to demo.
This is a great way to slowly get used to traders stress.
Cheers

Good luck with your trading. Keep making adjustments until you achieve the results you desire.

Well, the one who claims it never happened it is a complete liar.

I agree with you on that one. I have never met any profitable trader who did not go through a period of mistakes and losses until they figured out a strategy that worked. It is part of the learning process.

it is really simple find broker with micro lots 0.01 LOT and try to make some money in 3 months if You can do that GREAT ! go to mini lots 0.1 LOT etc
it is really good habit to start slow.
I starting like that 4 times :slight_smile:

Yes start slow, the market will be there even when we are gone.

That is a good good approach and I have recommended newbies a similar approach myself. Increase your lot size with your portfolio and make sure you stick to your risk management.

Agree with you Last bear. No losses or no mistakes = No Sucess. This is common for every other areas as well.

Agree big time.

I’m a newbie…I have traded live for 2 weeks now…I trade using price action atm

my drawdown was 30% at first but I recovered my account to 40% profit this week after the gold and silver slump. I withdrew money from it to pay for a mentoring lesson…I’m ahead for now! whoo!!

Well, you had a little scare but you pulled it through, great job. Good luck and it looks like the mentoring paid of.

Congrats to getting started with your forex trading. Try to work on ways to reduce the emotions you have.

Live trading is a different ball game than demo trading, many learn it the hard way. Been there and done that long time ago