Thank you for looking at this thread. I want to share my live trading results with you all. I have been studying the game for the last 8 months and only now feel confident enough to go live. I trade the MP Methods I have learnt. I will not be explaining them in this thread. If you want to know what they are all about, go and research, after all, that’s how I found them
Other than that, all I will be doing in this thread is posting my live trading results. I am not afraid to post screen-shots [B](thanks aVi)[/B] to prove my pips. But don’t be surprised if I black-out my lot sizes and dollar gains, you don’t need to know that, just how many pips I’m taking on the regular
Any questions ?
No, good
Let’s make some pips !!
[B]Props to MP, and to all the others contributing[/B]
My first trade went [B]horrible[/B] last night. My first loss after 80 consecutive wins. I only have myself to blame, and for a number of reasons. Firstly, I wasn’t in the right frame of mind all day. I had just received some news (not trading news) that put me in a [B]negative mood[/B]. I thought I could shake it when I went to trade, but I think it clouded my judgement some. Secondly, I was [B]too eager[/B] to start live trading due to my 80 consecutives. I was looking for my first trade and jumped into the market about one hour earlier than usual. This was before the London session had even opened. Not a good move. There’s another two more reasons why I messed up. The next reason is I broke one of my fundamental rules, [B]I didn’t check the news[/B]. How stupid was that ?? Very very stupid !! There was a major GBP news release coming up that had ‘high impact’ all over it. The price rallied and rallied all the way until the release, draining my positions at the same time. And the next reason is, [B]I opened too many positions[/B]. My rule is to open no more than two positions in any one trade, leaving my account in a position to withstand any large draw-downs. I opened three positions. When the price rallied over top of my two positions and continued, there was a possibility that it would bounce back, so I opened the third position thinking I would make a larger gain. But no, it continued to rally all the way to paranoia. I then set SL�s for all positions at a certain level where I could still continue to trade, set my TP�s and went to bed. This morning when I woke, SL�s had been hit
Not a good look. A lot of thoughts raced through my head while this was happening. Live trading really is different from demo trading. I felt sick, embarrassed, failure, a few other emotions while my trade was going against me. But now after thinking about it and [B]learning from my mistakes[/B], I�m fine, and ready for the next trade. I will however demo trade the rest of the week. I had originally planned to go live on April 6th. Plus I�m not sure what�s going to happen with the G20 summit
So there you have it. I could�ve lied and said I didn�t trade, but no, I want to share my experience with you all, and will do so regardless of win or loss
I thought I was above blowing an account. I always heard about it, but thought there was no way it could happen to me, I was just too smart. Alas, I (pretty much) blew my first live account. It happens, and the mistakes we make early on are absolutely necessary to teach us what not to do in the future. I like to think of my losses as tuition in trading school, since I don’t have to actually pay tuition.
LOL, I too almost blew my live account after having a successful demo account.
I got greedy and thought about all the money I could make, and instead of taking profit, I wanted to stick it out and go for the gusto. Well, you know what happened next.
Thanks you guys. Your words of wisdom are helping restore the confidence that’s needed. It’s good to see other people with the same experience that managed to trade on to tell the tale. We 5% traders need to stick together
To answer melisky’s question: 247.8 pips
Yeah, that amount of pips wasn’t easy to let go of. It was my own fault. I couldn’t separate my personal problem from my Currency Trading, and I broke my most basic fundamental rules. I’m looking at it from a positive perspective. I’m happy it happened on my first live trade instead of further down the track. Imagine if I was trading positions at 500 standard lot sizes. Man, I would be typing this from my hospital bed, recovering from the world�s largest heart attack
Anyways, I’m going to demo trade the rest of the week and build my confidence again
We’ll be back to live results on Monday 6th, New Zealand time
Seems like we have a little club/support group going on here…lol
After a somewhat minor loss, which felt like a major loss nonetheless when I first went live 2 months ago, I went back to demo too. But now I’m back at it. I’m getting to the point where I’m getting a little sick & tired of the emotional drama everytime I open a trade… which I think is a good sign…
I too have some personal homelife issues that make it difficult to focus quite often, but if my demo account can flourish in spite of it, then what’s my excuse really?!
This I’m aware of and the only way to exercise it is to stay live and deal with it, and work on building my account back up. When I do that, then I’ll consider myself graduated…lol…and I haven’t put any conditions on when that has to happen…it will happen when it happens
Here are my main reasons for my account having these issue
[ul]
[li]The initial losses were the fault of the market changing that caused me EA’s to fail. Previous two months of forward demo testing was good with them[/li][li]Overtrading. Look how many trades in less than two months.[/li][li]Letting losers run.[/li][li]Sometimes trading just to trade, point and click type of trading.[/li][li]Over leveraging, my lots sizes were to big.[/li][li]Going for the big win.[/li][/ul]
I am currently back in demo now and working on a method that allows me to trade less, with less risk, yet still have a respectable account growth.
I do believe that trading a small account at first is very important, and will start with another small account until I feel confident enough in my psychology to invest more capital in myself.
[/li]
your going to go a long way with that attitude. LOL.
Anyway good to see two of parkers favorite students doing so well!
Perhaps you should rename the thread to [B]have you too blown your account using MPs ‘methods’[/B]
but hang on - didnt he say price will reverse on the hour perhaps it is time to scale in to the losing position…or maybe price is at the top of the channel well we all no where it is going now - MP said so!
rememeber as MP says using SL is just a losing way to trade hahaha
You popped 247 pips on one trade & you�re happy it happened?
Oh maaan.
I�d go read the chapter on risk management again if I were you, looks like you flipped over the pages on that lesson.
Well, my first venture into live trading was pretty exciting. In less than two weeks, I succeeded in turning a dinky $500 account into nine … (long, dramatic pause, with drum-roll) … dollars and seventeen cents.
I never would have admitted this to anyone, but you guys got this 12-Step Program going here, and I just felt the urge to join.
Hey Trav,
Thanks for the feedback. I can understand your point, and never analyzed my comment in that way. I guess it came across as blaming the market for my EA’s failing. Your right, blaming the market is the completely wrong attitude. I guess if you knew me, you would know that I never truly blame the market, and that my inexperience in the market is what I actually chalk it up to. Sorry for not being clearer.
As far as two “Favorite” students, MP thought I was foolish for trading live money and told me this on multiple occasions. As far as Doggies failures, I believe his initial failure was typical trading psychology. I guess you are above the psychological traps that trading offers and applaud you for that. Be assured though that you are in the minority, as there has been way too many books written on the subject for it to be isolated to a few helpless individuals.
I find it funny that you attack people at the weakest point of their game, it shows the true person that you are, and to quote you: [B]your going to go a long way with that attitude.
[/B]
Good luck to you my friend, I hope your live equity curve is the opposite of mine.
What leads you to believe he�s in the minority?
It seems to be common on these retail sites that it�s some kind of [I]rite of passage [/I]to blow up live accounts under the strange notion that you�ll maybe “learn” better from it.
In fact all it really reveals is that you don�t know what you�re doing & you’re more than a little light on the concepts of risk & trade management. It�s simply a waste of good money to hand a whole account across the table to those who know what they�re doing before you�re ready & fully prepared to get involved.
If you�re operating a sound, well versed strategy that suits your aims & psychological tolerances, & you got a good handle on risk then there�s absolutely no need at all to get anywhere near flushing good money down the john.
