Excellent work as usual LTPP!
So is $20,000 the magic number? 
End of Feb for live account. Then to get to work on doubling that one.
Hope you keep your momentum up, the transition can be rough. Best of luck, keep us updated
Iām going live with $5k March 1st. Wish me luck as well!
Can somebody explain what technical aspects were you looking into to go long fiber? I did well this week with 2 of my trades for 200 pips but did not anticipate euro would bounce so high.
Thanks.
I personally believe the 3000 handle was the catalyst for that move, and the price action preceding it. It was a very aggressive slide, and the bounce simply reflected that intensityā¦
@sageone
Good luck! $5000 is a pretty hefty sum to start out, but of course I donāt know your financial situation
Good luck with your new live accounts guys. I started live with 5k about 2 weeks ago and learned quickly that a trading phone app to manage my trades on the go is very useful 
Certainly anxious about it. Weāll see how it goes.
Thanks for the reply.
I now see an inverted cup & handle formation on fiber in 30 mins chart. I was anticipating a small bounce and went short at 1.315 with a 30 pip SL which got hit 
The thing is, it doesnāt HAVE to be any different, but there are very real physiological differences between risking fake money and real money. Fear hormones get pumped into your blood and suddenly itās a whole new person at the trade station.
What is your plan if you drawdown to $500?
How you feel about that possibility will likely have a significant impact on how you trade the live account
The psychological part was the main issue for me. I traded very well in a demo account and I was OK with losing my whole investment but the reality was totally different. I had some min. profits and then lost some of my trades. The SL was a problem for me. I had very tight stops which got hit and then the price moved. I am only down about $100 but the loss shook my confidence.
I am back to demo trying to learn OTE
Goodluck with your live. I am sure you will do fine.
If you havenāt seen Mark Douglasā Mind over Market videoās, Iād go and watch them. Theyāre on Youtube - Mark Douglas - Mind Over Market 1/7 - YouTube
He also did a DVD series; Iām sure theyāre around somewhere.
:41:
Sageone,
There is no luck in trading !!!
You are wright or wrong !! Once you entered your trade, you are at the mercy of the market !!!
Like ICT already told us, you must control your risk.
The risk management & the psychology in trading are 2 main factor that can either make you wealthy or bring you directly to the slaughter house !!!
So, do you homework, discipline & patience. Be the cheetahā¦ Let the market unfold and hit once you have your target in sight.
And stick to your plan.
You can doāit. The odds are in your favor !!!
Cheers,
Buck:57:
Google āSteenbarger Traders Guide To Self Disciplineā to find a good video in 3 parts :45:
I donāt think he meant it literally.
Its just an expression, as in Good Luck and Good Trading
lol - indeedā¦
Is āreal moneyā not fake either ? What is the real value of digits and pieces of paper without backing (āfiatā) ?
Over time, the value of the āreal moneyā is approaching that of fake money: zero. That belief should help (it does for me).
And thatās the thing: itās about beliefs. The physiological aspect will only come into play in a fight-or-flight scenario. If one believes there is a difference, or, in other words, if one believes it is worthwhile to be afraid of losing money for a particular reason, then fear will kick in.
Thatās also where e.g. Mark Douglasā material is of help. Itās important to know that a) every trade has only one of two outcomes: win or loss and b) the trade plan one has (including trade strategy: entries, exits etc. etc.) provides an edge that will produce a positive outcome [B]over an X number of trades[/B]. From knowing and understanding that, a person can go back to challenge his own belief w.r.t. it being worthwhile to be afraid of losing a particular trade. Thatās also valid for other self-destructing beliefs: they will have to be tackled and dealt with one by one.
Sounds easy but it isnāt. This basically touches the core of ones existence. Some people cannot handle the pain from the past within them - itās one step too far.
Trading is so much more than entries and exits - itās about life and it is life changing to most. Very, very exiting journey - happy to be on my way :64:
NOTE: Iām always reading my post before submitting it. Howās this for a belief: āSounds easy but it isnāt.ā See how easy it is to deceive oneself ? Is that a limiting belief or what ?? Dohā¦
I agree with you piptronix.
I donāt want to be rudeā¦ I hope that everybody finds success in their trading. So we can learn from their experience. :32:
Cheers,
Buck
I agree on the above. I try to focus on % ROI instead of amount of $.
The above statement made me smile once I read 'itā¦ I realized this in mid January of this year. I was shooting at +/- 50% accuracy on my trades. After 2 weeks of live trading, I was not seeing the result that I was expecting. This is where ICT tweeted us to read the book called Millionaire Mindset. [B]I strongly suggest to read at least the first 1/3 of this book.[/B]
For me, it was really helpful.
My trade review demonstrated that my worst enemy in trading was effectively myself !! I did not have the proper discipline and patience in order to be consistent.
I pick up a few good trick out of this book that really change my personality in a short period of time. I am getting things doneā¦ I am winning my battle over procrastination. For those who have read the book, remember the chapter where they say to put the captain & crew to work for you. This does work and itās powerful !!!
My next step is to build a simple trading plan and sticking to 'it. ( like Michael describe in the silent PPT presentation at the beginning of the thread).
Target 2 weeks of daily paper trading. I will keep you post!
Cheers,
Buck
and thatās EXACTLY it! Thatās why I asked LTPP how he would feel if he drewdown 50%ā¦ because if THAT doesnāt scare youā¦ there really is no fear involved! Although sometimes things donāt scare people until they happen for [I]real[/I]
But I was hoping he would come on and say āoh the $1000 is pocket change to me, could care less if I lost it allā. I mean that is the absolute perfect situation for trading psychology. The challenge then becomes continuing to respect the capital, because even though you donāt care about losing, you still have to control your risk and focus on keeping your account moving in the right directionā¦ UP