Going live this week

[edgeoface]

Hi everyone new to this forum

Well its finally happening I am going to set-up a live trading account this Thursday after 1 year of learning how to trade and 5 month of demo trading.

my method of trading was originally going to be spread betting but I might go for CFDs because I will have more control over the leverage and have more flexibility on the markets I trade

I have paper traded with an imaginary £4000 5 month down the line it is now over £5000 please see the attachment of my trading history in the xls spreadsheet.

If anyone can give me any tips and advice from that will be great 🙂

 

[Masquerade]

- Imagine the money is gone, don't even think of it as money you can spend or do anything with.
- If you can, don't even look at your account balance.
- Keep your leverage low
- Don't do stupid stuff just for the sake of making back money. Leave that till you've mastered the revenge trade.
- If you have rules, stick to them.

 

[wackypete2]

- Imagine the money is gone, don't even think of it as money you can spend or do anything with.
- If you can, don't even look at your account balance.
- Keep your leverage low
- Don't do stupid stuff just for the sake of making back money. Leave that till you've mastered the revenge trade.
- If you have rules, stick to them.

In all the years I've been trading I've never mastered the revenge trade. Silly me though, every so often I go brain dead and still give it a try. It actually hurts less if I just bang my head against the wall.

Just a bit of insight for the OP.

Good Luck!

Peter

 

[DashRiprock]

just do the same thing that you've been doing for the past 5 months. nothing more nothing less.

 

[Masquerade]

In all the years I've been trading I've never mastered the revenge trade. Silly me though, every so often I go brain dead and still give it a try. It actually hurts less if I just bang my head against the wall.

You need to over-leverage for it to work well.

 

[shadowninja]

just do the same thing that you've been doing for the past 5 months. nothing more nothing less.

Brilliant. Let's see how far the OPer gets. 🙂 You know that when real money comes into play, that huge loss doesn't look quite so relaxing as it did with play money.

 

[wackypete2]

You need to over-leverage for it to work well.

Got it thanks!
I love these great tips !!

Peter

 

[DashRiprock]

Brilliant. Let's see how far the OPer gets. 🙂 You know that when real money comes into play, that huge loss doesn't look quite so relaxing as it did with play money.

🙂

you know that if you start making it up as you go along only bad things will happen to your account.

 

[wackypete2]

🙂

you know that if you start making it up as you go along only bad things will happen to your account.

Very true. Most people can't stick to their own rules though and so this inevitably happens.

Peter

 

[AngryJack]

The problem I found is the rules are different in the Demo Trade. Your request are filled nearly immediately in Demo mode. As to where in "REAL" Trading, the market bumps your Bid quite a while before being accepted if ever being accepted at all.

 

[The Artist]

Hi,
Actually, statistically this is extremely similar to my own stats.. Same amount of trades/week, similar W/L ratio of high 40%s, decent R:R, controlled drawdown.
In fact, I launched my latest system in late November as well.
One major difference however is the risk: you are fixed 2%, I am on average 5%. While "not recommended", I think that it is important to be flexible with risk and weigh it based on your methods' expected performance. Of course, at 5%, one can lose his capital quicker if an outlying losing run occurs. However, such a black swan losing run would more than likely strongly destroy a 2% system as well, to the point that IF YOU ARE TRADING WITH RISK CAPITAL, which is the most important thing here, you would only be marginally more disappointed to lose everything compared to losing almost everything, knowing that on the other end of the risk curve you would make much more money if that black swan does not occur compared to what you would make with 2%. As such, you can show a nice non-annualized 32.28% performance on your account so far, whereas with similar trade expectancy I can show 112% (that would be £8,500 for you). My DD is understandably a killer for most though at 30%.
Food for thought I hope, although this is just my humble opinion, and I am nobody compared to the great traders who advocate the 2% rule.
🙂