I've gone back to Demo
Posted: Wed May 26, 2010 1:47 pm
I recently made some decent money the other day from trading and I wasn't even leveraging. I thought I was becoming the glorious profitable trader.
Little did I realise that greed was knocking on the door. The greed of not accepting a small profit when price isn't really going further away from entry and letting that turn into a loser.
Breaking my trading plan which is actually well set-up however I was getting back into bad habits and THINKING of where price is going to go instead of following price.
I would turn into a nervous wreck as soon as a trade was being placed and any sort of whipsaw I would exit instead of leaving trade at least hit sl before the trade would go my way.
I'm weak money and still acting like the herd. I havn't blown an account of anything but I've lost enough to know if I don't do anything about this it will probably get worse.
The reason is because I made $600 in one day while following my plan etc. trading properly and not leveraging. The folowing week made trades left right and centre and slowly ate away from my profit and by friday night was back at the begining.
This made me highly emotional. Always looking for the next winner instead of waiting for the winner to show. I was also trying to get big profits instead of taking small ones.
The past 2 days I?ve been looking for the winner and leveraged. I was up yet didn?t take profit or at least put SL to BE. My SL was super tight and surely price touched it and I lost some more $$.
Lost another $600 over the two days and now I?ve stopped as I?m not in the right mental state. I lost about 10% in 2 weeks. I?m my eyes that?s not a profitable trader.
I?m going to Demo trade for a month and see how I go. I know that I?ll come back more knowledgeable about myself since I believe it?s my skills in patience and money management that are the keys to success.
Reading a chart is fairly simple in my opinion once you SEE how price behaves and once you get a feel of price. It?s hard to explain but I?m sure some people here know what I?m talking about.
If I?m profitable in trading via the Demo account, then this will tell me what I?m missing when trading live and thus I can implement those skills into live trading.
Wish me luck fellers I know I can do this!
P.S ? I don?t use indicators. I use Tro_Dynamic Fibs SR for a dynamic S + R with Better Volume 1.4 and candlesticks. It?s a nice little system I have however I need to trade without reservation hesitation or fear...
Thanks for reading my long post
Nick
Little did I realise that greed was knocking on the door. The greed of not accepting a small profit when price isn't really going further away from entry and letting that turn into a loser.
Breaking my trading plan which is actually well set-up however I was getting back into bad habits and THINKING of where price is going to go instead of following price.
I would turn into a nervous wreck as soon as a trade was being placed and any sort of whipsaw I would exit instead of leaving trade at least hit sl before the trade would go my way.
I'm weak money and still acting like the herd. I havn't blown an account of anything but I've lost enough to know if I don't do anything about this it will probably get worse.
The reason is because I made $600 in one day while following my plan etc. trading properly and not leveraging. The folowing week made trades left right and centre and slowly ate away from my profit and by friday night was back at the begining.
This made me highly emotional. Always looking for the next winner instead of waiting for the winner to show. I was also trying to get big profits instead of taking small ones.
The past 2 days I?ve been looking for the winner and leveraged. I was up yet didn?t take profit or at least put SL to BE. My SL was super tight and surely price touched it and I lost some more $$.
Lost another $600 over the two days and now I?ve stopped as I?m not in the right mental state. I lost about 10% in 2 weeks. I?m my eyes that?s not a profitable trader.
I?m going to Demo trade for a month and see how I go. I know that I?ll come back more knowledgeable about myself since I believe it?s my skills in patience and money management that are the keys to success.
Reading a chart is fairly simple in my opinion once you SEE how price behaves and once you get a feel of price. It?s hard to explain but I?m sure some people here know what I?m talking about.
If I?m profitable in trading via the Demo account, then this will tell me what I?m missing when trading live and thus I can implement those skills into live trading.
Wish me luck fellers I know I can do this!
P.S ? I don?t use indicators. I use Tro_Dynamic Fibs SR for a dynamic S + R with Better Volume 1.4 and candlesticks. It?s a nice little system I have however I need to trade without reservation hesitation or fear...
Thanks for reading my long post
Nick