You’re right, but I still believe the psychology is different between the two. That said, however, I am spending more time on my demo account and also opened a trading view account and may end up paying for a subscription so I can do the bar replay at the hourly level.
Thanks for the advice!
No problem man. psychology is key and yes i agree its different but if you can develop good psychology now on demo and treat real money identically, you will have no problems. If you think its okay to mess up on demo and don’t treat it the same as live (make a mistake and are like oh its okay, i won’t do this with real money), I feel you are doing yourself a disservice that is all. Good luck man! check out my journal sometime when you get a chance, I have a very simple system and set of rules I follow. just support and resistance for entry nothing else. Use smart risk reward, same trade size each time and set a reasonable stop loss and a reasonable take profit and you are golden my friend.
Thanks for sharing and keeping a trading journal is key. I was just looking at your trade for 29/04/21 and noticed you had a lot of USD pairs- is this not like putting all your eggs in one basket?
To deal with FOMO- if you have time to read or listen to audio book, I would recommend this book - Extraordinary popular delusions and the Madness of crowds by Charles Mackay**. ( very old book and still very relevant today)
Yeah youre right on that one, which was why I took a break from live to figure out a system. I’ll definitely take a look at that book though, cause FOMO was/is a reason why I’m getting into trades way to early instead of waiting for a good setup.
I will definitely take a look at your journal today! At this point I’m trying to mimic a sponge and soaking up the info lol.
Catch up post
4 June 2021 Friday
6 June 2021 Sunday
7 June 2021 Monday
Long AUD/USD at .77568
Do you plan in advance on what you are going to focus on or you just turn up everyday?
Just curious to know what type of a trader you are?
It is interesting reading your journal as you also include your emotions which play a big role in your trading results- wonder if you also track them in your journal.
At one point you sounded like you were revenge trading. I am learning from your journal- thanks for having us on board 
Sounds great man. I lose more trade than I win, but I have been consistently profiting for a month now. I wish you the best of luck and I’ll stay tuned into your journal!
lol I am absolutely positive i was revenge trading for a bit, hence the break. as far as planning, no I am trying to use the system I settled on and finding good opportunities to buy into.
I am using this as my journal so I figure seeing what my emotions were when trading will help me when I review this later on.
I dunno how much you are gonna learn from this, aside from what not to do. My only hope in the near term is to break even and learn a good system.
alright, I’m gonna take your advice and go back to demo cause for whatever reason the last few days everything has been a loss…
Ill be back once I get back into live trading again.
when you backtested your trades what did you find?
I actually dont know how to backtest, trying to figure that out now…
Rayner Too explains it clearly for me. Hope it helps, you check out his youTube videos as well
This is also another good resource website which I have found useful: Trading Psychology 101 | Action Forex
How are you getting on with journal?
Hey!, I didn’t quit, but I was demo trading and was trying to find a system. I had been trading with out a real system, just what I kludged together.
I found a podcast called Trading Nut and listened to an interview of a guy named Derek Vandelinder. He has a free series of videos teaching his system and I have been practicing with that.
I am going to start posting my trade journal again once I get back into live as I’m pretty sure no one will be interested in my demo antics.
Ok I’m back (again).
I found this podcast called trading nut and heard an interview from Derek Vandelinder. I’ve been following and learning from his videos and so far its been very useful. I highly recommend watching his videos and using the knowledge.
Today I am in USDCAD I entered too early (again) which is a problem I need to figure out how to avoid…
USDCAD
1.24690 Long.
1.242 SL / 1.252 TP
Was on the 200MA on the 4H, and the 800MA on the 1H. was also on a Strong line of support (not so strong in hindsight…) There was a sharkfin on the 1H so I figured it was a good time to enter… ended up being too early and at the time of this post I am 26 pips down… but still haven’t hit my SL.
Still in USDCAD as before
1.24690 Long.
1.242 SL / 1.252 TP
last night i guess it got REALLY close to my SL but then rebounded up into positive territory for me and then dropped again, so juuuuust barely in positive. lets see how Sunday goes.
Right now the 1D chart has a hidden divergence on the 50MA and should reject off that (which it just barely started doing today. the 1 hour was oversold as a “sharkfin” as Derek V calls it but stalled at the 50MA.
Looking at the 1D chart if the hidden divergence plays out, then this could go to 1.28, but I put my final TP (of 3) at 1.273.
Still in USDCAD, that is all.
Out of USDCAD now.
Set a Buy order for USDJPY at 108.9.
SL is 108.5
TP is 109.9
Sharkfin on 1H, hits a trendline at that same place.
Almost a Sharkfin on the 4H, this may come back to bite me if it comes back down to retest.
Also the 3rd touch on the same trendline.
1D chart it has just touched the bottom bollinger line.
lets see if this works.
if it doesnt i need to seriously look at just sticking with 10-20 pip wins and not going beyond that. keep getting burned on the 50mA