Hi, I’m new to trading aswell and so by no means an expert, but just out of curiosity, how long did you demo trade your strategy before going live? Do you have clearly defined rules for entry/exit and risk/ reward?
Thanks for writing about your journey so far. I am still trading with a demo account but have the same highs and lows.
I look forward to reading more.
You should keep this money for now cause this is what some professional traders need now to start their trading career again. They have it earlier when they don’t knw anything abt the market now to see such amount is a problem cause market took it all before the learn the right way and gain constituency
Not particularly, which would probably explain my inconsistency. I have been using the indicators I described above for my entries (which thus far have been poor lol) but still trying to fogure out my risk management.
If I understand what your saying, this is my learning account, but with real money. I used a demo account for a few months but the psychology of a demo account isnt the same as a live account.
Yes I’m losing money, but its small amounts and each small loss is a learning point, and each gain keeps me interested.
Lol please dont use my journal as anything other than what not to do lol. I plan on looking back at this later and laughing my butt off
A demo account is a live account until you fund a live account. Yes you are not making or losing real money, the pains and gains are not quite the same. However the money you lose or make in a demo account DOES represent the money you would make or lose in a live account. If you are consistently making money in a demo account and copy those same trades in a live account (might have to widen stop loss slightly, that’s what I have learned) you can make the same gains. I have proven this in my journal. If you ever become too emotional, or lose control of a proper trading mindset… you should take a break trading until you regain a calm, cool and collected state of mind. That goes for any kind of trading, demo or live. psychology is number one in making trading decisions… getting in or out. Proper risk management each and every trade is how you stay in the game long term and with proper risk to reward… that’s how you are continuously able to profit over a long period of time.
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
- I took a break from trading today cause, Thursday was a bit painful lol
6 June 2021 Sunday
- Short EUR/USD at 1.21751: 20 pip Trailing SL; Didn’t set a TP cause I’m still trying to figure out where to place them. I use a trailing stop loss cause I leave it over night and cant manually move the SL along with the price.
– Stopped out at 1.21651, tiny profit but its still a profit lol.
7 June 2021 Monday
Long AUD/USD at .77568
- Same criteria as before, but I’m trying it with the daily chart instead of hourly. I read a post called
Price Action, Market Structure & Bollinger Band by Cloudninee and I am trying it out.
- as of 1:00 pm central time (USA) I’m still in this trade cause its just not doing anything…at all. Move dangit!
- Still in this trade that isnt going anywhere. Is this where the patience comes in, or should I cut sling and move on?
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…