Any experienced traders willing to help, have been demo trading for a while did ok, when it come to the real money … all went up in the air, jus looking for some tips or pointers. Just looking to make a regular income and recoup some losses. Much easier said than done i know. But any help or strategies anyone doesnt mind sharing just to get me started would be greatly appreciated ??
You need to figure out why you lost money in real money and not in demo.
I’m not an experieced trader but I have recently made the transition from demo to live. I have found my results are as they would be in demo.
I would imagine, if your experience is like mine, the hardest thing is the psychological side to make yourself trade exactly the way you demo traded.
As above, I would say look over your trade log and see if these trades were actioned correctly to your system. If not, you know it’s you…
I have finally rounded the corner and can count on consistent profits. I’m no where nearly as experienced many of the others, but for my two bits:
- learn
- practice
- learn
- practice
- got to step 1
After you stare at a screen long enough and experiment with different strategies, one will pop out and speak to you (at least it did for me). What is right for one person isn’t right for another - some people depend strictly on numbers, and calculate each entry and exit to the fifth decimal point. Others use the ichimoku and rely on graphics. It is frustrating but with each loss comes a lesson. There is no quick and easy route, it’s taken me almost a year to feel confident enough to place real money (more than a few hundred) into forex.
Hope that is helpful!
Keep a trading journal. This is a MUST. If you want to be succesfull you must keep record of all your trades, so you can review them and improve your trading.
Appreciate all the responses. Think its the physcological side. Il close out to early on profitable trades and let losing ones drag on … no discipline with the stops. rookie errors i guess.
If it’s any consolation I believe it’s a fairly common psychological problem. There is in fact a theory called "prospect theory’ that has identified this problem and found it to be very real.
My advice is to stop what your doing and get a money management ritual wrapped around your trading habits. What you could be doing, unfortunately, if you continue the way you trade at the moment is to compound the problem into an uncurable process that will impede your advancement as a profitable trader.
Situations in life that bring together the conscious mind with money, gain and loss problems such as we find in ample supply whilst trading, creates some fairly basic instinctive reactions in people, fear and greed being top of the pops.
Have a plan of attack mapped out before you engage in the market and stick to it. Include all the options your willing to take as the future unfolds on your charts. In this way you transfer your expectations for the trade into something solid instead of a lot of very powerful emotive gas that’s swirling around and can be incredibly impulsive and explosive and ultimately often wrong.
This managed approach will likewise get compounded into your trading process, but of course this time it will be creating a very positive result which will have an enormous knock-on effect to your confidence and general mental attitude.
Trust me I’m a guy who told you on the internet…
Looking around and reading different books that does appear to be a very common problem. I have to remind myself each time I try to bring ‘outside thinking’ into my trading. Instead of thinking ‘I hope it doesn’t reach my stop loss’, fear that it will hit your stop loss. And instead of fearing you will lose your current profit, hope you reach your TP.
@forexdawn - cheers for that. The mind is a strange thing, hopefully i can apply some a more disciplined mind control to my trading otherwise yea your right, il be eating crumbs otherwise lol
@wildchancer - appreciate that… good way to think of it. Kinda hard tho. But im sure with a bit more practice il have that kind of mentality.
Cheers people
I just new on babypips, I hope some one can teach me how to profit on trading forex. I also hear that babypips signal is good, where I find it ?
babypips signal is good? Where did you hear that? They don’t provide signals.
I just hear from my friends before, that is why I asking here
Correct me If I am wrong.
Yes, you are wrong.
Also, please ask him to show you what exactly he meant. Maybe he meant the Cowabunga system?
Don’t know what this signal is but you should have a look over this forum and start reading- start with the school. Going blindly with a signal service is like going with a gambling tipster and won’t benefit you in the long run
Keep it real guys, this is not a quick fix to any financial worries you may have at the moment. I know it looks that way at the start but this stuff involves work and a lot of that work ain’t always that easy.
The choice for novice traders is clear and simple, either get your education on this subject up to speed or lose.
The babypips school is ok as the gentle baseline intro, but you may quickly wish to move onto the Learning Center to begin putting it all together for yourself and reducing ignorance.
Creating your own trading world is your journey, many fail and fall back on robots and start strategy jumping around obviously resulting in disaster.
Look seriously at what these courses are telling you and use this knowledge to better understand what your getting yourself into, you’ll survive longer.
Behind your computer screen is a big fat ugly banker smoking a big fat ugly cigar just waiting to kick your big fat ugly *rse…
I see.
Thank you very much for your explain and your kindness.
I will ask him when meet him because we are live in same city.
No problem.
Attempting to trade on the forex market without a broker is like trying to hunt a grizzly bear without a soupspoon. Chances of success are very small and distinct risk you will get hurt pretty badly. In fact choosing the wrong broker may also cause heavy risk, so it is important to even choose a right broker the right way.
You need a reliable system. You need to know when to enter and exit the trades and where to set the sl before you enter the trade. Then you have just to trade mechanical and psycho levels are out of play.
If you don’t do that, you may have luck. But you will lose over time if you don’t stop trading after the luck vanishes.