I started here at Babypips.com about a year ago with the “School of Pipsology”, and until now I have learned something new every day, by experience, e-books, videos, blogs, forums etc.
The last month, or really the last two weeks, I have traded “successful” on a demo account… I have so far reached 700 pips and doubled the 1000$ account… But it doesn’t feel right? - Am I using a right money management? - and I want to know more about how to manage the trade after I have opened a position, does anyone have some advices, links or tips I should try and check out?
I know it’s too early to start a live account with 1000 $, I first want to be successful for a couple months, but I would like to know if somebody can see any areas I should work on? - You can check out my statement at hejhej17.mt4statement.com
I appreciate all constructive critic, and inputs in general
its great you have put so much work in so far most dont,
what i would say is maybe start playing with real money with a real small account and trade maybe micro lots,
the reason i say this is because what happens is the people who work real hard to get there stratergy and money managment correct often fail when they go live becuase there is one thing no book or dvd can teach you and that is your emotions during trading, that is a battle only you can deal with yourself and although people can help with advise ect… only you will now how much personal development is neede when you go live
to give you a clue when i started demo trading i went for the big 100+ pip moves and did it succesfully, however when i went live i was taking 1 pip profit just because it was a profit and it was real money it took about 6 months of personall development to overcome this but it was all about practice and practacing with real money.
thats when the real work starts when you start live
Thanks for your tip! - Maybe I should begin with a 100 $ micro-account…
I agree, I have to work on my emotions, I think my statement tells that too… I can see I have entered and exited severel times within 5-10 min before I descided what to do…
Can you suggest a way to develop theese skills? - or is it only the hard way, by losing a lot of money, or pips?
Infact I have had a live micro account but I blew it… it was 4-5 month ago, but maybe I should deposit some more cash in it… I have worked the last 4-5 month on demo again and working on a strategy and making it to fit me
I have followed Phillip Nels thread at FF with the 4H MACD system, but the last three weeks I haven’t followed the thread and traded independently from the forum posts…
Can you else recommend any books about psychology?
For time management I can recommend “Randy Pausch Lecture: Time Management” it’s a video on youtube, where you get some skills and methods to organize your day
Well I learned a lot from the book Come Into My Trading Room, from Dr. Alexander Elder.
OK, it’s not about forex, but it covers very well the psychology of trading and money management. It’s all explained like in no other book or internet resource I’ve read before. Dr. Elder was a psychiatrist before he started his pro trading carreer, so his insights are very vauluable (i.m.o.).
You’ll find it almost everywhere, but here’s the link to it on amazon:
Come Into My Trading Room: A Complete Guide to Trading (9780471225348): Dr. Alexander Elder, Alexander Elder: Books
If you have been demo trading for a year and really working at it, its time to throw some real money in and work out the hardest part of trading, the emotional part…
