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What would you do if you had to start over?

  • #61
  • Nov 26, 2017 3:16pm Nov 26, 2017 3:16pm
Demo is demo. Trading is trading. Two entirely different worlds.
  • #62
  • Nov 26, 2017 8:03pm Nov 26, 2017 8:03pm
Quoting SunTrader
Demo is demo. Trading is trading. Two entirely different worlds.
Maybe. For Many traders.

The reason is : Many open an account with a $10K or $50k. In reality s/he can't even afford such an amount. And the feeling that this is virtual, not real is allowed to creep into your mind. Allowing unwanted to creep in is the first mistake. Can you start believing that this is real? For that while opening a demo, open a smaller account size with $3k or $5k. Start believing that it is given to you by your friend who is charging a daily 5% interest on it. Bring on all emotions associated while dealing with a real thing. This may take a long time, but that will surely happen. now take only a couple of trades a day, use very few indicators. too many indicators will confuse anyone. preferably use support resistance for entering / exiting trades. This will work, only if you practice it. But nobody practices it. then there are others, both experienced and amateur traders who will say demo and real are different. Many trader get demoralized and freeze into inaction. When you stop differentiating, get into the real account and do the same thing as you did in demo, most of the trades will turn out to be successful. IF you can control your emotions in demo, then you can do it in real account too. Trade only on realistic lot sizes that your account allows, follow money management. Trade only at areas where the possibility of downside is very less.
  • #63
  • Edited 8:49pm Nov 26, 2017 8:14pm | Edited 8:49pm
Quoting TraderRajKri
{quote} Maybe. For Many traders....
All traders.

As a famous person/creature (tongue in cheek) once said:

Do. Or do not. There is no try.
- Yoda
  • #64
  • Nov 26, 2017 8:20pm Nov 26, 2017 8:20pm
Quoting Mingary
{quote} What will not work ? Ok then, sell the laptop AND THEN spend it all on booze and girls ':
I don't know why I'm laughing at this one lol
Beyond The Gray Sky
  • #65
  • Nov 26, 2017 8:24pm Nov 26, 2017 8:24pm
Quoting Piquant
{quote} I wouldn't wish to repeat what I went through the past 4 years, and the OP is at 10 and you're at 9 I can only imagine. But I would have wanted to have a mentor not a teacher to guide me to the right path - but at the end of the day I am aware everything is dependent on us how much we're willing to work for it - because trading isn't as simple as when A crosses B you hit or sell kind of things - it's a complex system. So for anyone who wants to make it as a trader whether they like it or not will have to go though this phase of "I get it...
god, you just sum up my whole life in the last 2 years
Beyond The Gray Sky
  • #66
  • Nov 26, 2017 8:36pm Nov 26, 2017 8:36pm
Quoting feline207
{quote} Yes, I agree with your points. It is invaluable experience to first learn what does not work..
learning what doesn't work leads to the path of realizing what does actually work.
good point!
...
  • #67
  • Nov 26, 2017 8:38pm Nov 26, 2017 8:38pm
Quoting newbietofx
I just came across this on my Facebook feed. I started in post dotcom bubble. 10 years later. I've spent $30k and nothing to show for. But I've accumulated a library of resources, knowledge and experience. I'm thinking if I should move on. What about you. What have you accomplished? What will you tell your younger self? {image}
Looks like you keep purchasing a methodology with the same results for the past 10 years, at this point you see something these all have in common (no consistent results). If you need see what that means use the Ben Franklin on each of these. The Cons will outweigh the Pros. Don't believe me try that exercise.

Now with that being said what will really "bake your noodle" is vision yourself in 10 years from now and if you are still in the same thought process cycle of purchasing methodologies you are going to have the same results. Now come back to reality (You just bought 10 years of experience that can be used today).

Just curious what we are struggling with?
  • #68
  • Nov 26, 2017 8:41pm Nov 26, 2017 8:41pm
Quoting HeyYou
{quote} jesus christ... 30k ? well I would do the same thing but with less money... rinse and repeat
I've spent $5k taking up a local course that teaches you 123 top/bottom. I've spent several hundreds on online courses. I've blown $5k because I don't know what I was doing.

I've blown $5k because I refuse to cut losses. I've blown $5k trading Martingale.

Dear Lord. It's only less than $30k.
You're going to pay a price for every bloody thing you do and don't do
  • #69
  • Nov 26, 2017 8:44pm Nov 26, 2017 8:44pm
Quoting XxixixX
{quote} Looks like you keep purchasing a methodology with the same results for the past 10 years, at this point you see something these all have in common (no consistent results). If you need see what that means use the Ben Franklin on each of these. The Cons will outweigh the Pros. Don't believe me try that exercise. Now with that being said what will really "bake your noodle" is vision yourself in 10 years from now and if you are still in the same thought process cycle of purchasing methodologies you are going to have the same results. Now come...
I've made 2, 100% returns in 2013 and 2014. Then I got bored and wanted to gain faster roi with bigger cash. My trading capital was near 4 figures.

I wanted to make 5 figures per month using only 4 figures. Go figure how much risk I took. Lol.

My balls so small I look like a 4 year old.
You're going to pay a price for every bloody thing you do and don't do
  • #70
  • Nov 26, 2017 8:48pm Nov 26, 2017 8:48pm
Quoting newbietofx
{quote} I've made 2, 100% returns in 2013 and 2014. Then I got bored and wanted to gain faster roi with bigger cash. My trading capital was near 4 figures. I wanted to make 5 figures per month using only 4 figures. Go figure how much risk I took. Lol.
Greed is always a trader's achilles heel. Hopefully you have developed some processes to avoid that. Don't beat yourself up too much we have all been there.
  • #71
  • Nov 26, 2017 10:11pm Nov 26, 2017 10:11pm
Quoting Rennaissance
I will go through the same process. I have a saying "per dolorem vir evolvo" latin for through pain man evolves. I strongly believe our success in the markets is proportional to the amount of pain we've taken and stuck with it. Even with a winning strategy you will blow up unless you've experienced the pain of all the mistakes, we are animals to some degree. Our responses to our environment are conditioned, only by knowing what is on the other side of the mistake do you condition yourself not to do it. Sometimes it takes several lashes on the same...
...
  • #72
  • Nov 26, 2017 11:06pm Nov 26, 2017 11:06pm
I believe it's necessary to realize what most trading systems are doing, what you are doing, what successful traders are doing, and all of the mistakes in between. There are so many possible ways to lose money that it's inescapable. Some of it really does take time to understand. I believe most successful traders consistently lose money during that requisite time before they have enough experience to start profiting. My only regret was losing too much during that time because with each new realization I thought I finally had it when I truly didn't. I payed a much higher price than I should have simply because I couldn't identify yet when I was just getting lucky.

There is a very steep learning curve with no real markers along the way. It can be difficult at first to tell if luck is just being on your side or if you're making progress. But the market will eventually reveal the truth.
"The fun is in the hunt. Not the kill."
  • #73
  • Nov 27, 2017 6:32am Nov 27, 2017 6:32am
Quoting SunTrader
Demo is demo. Trading is trading. Two entirely different worlds.

I couldn't disagree more.

They are both 'trading'. One involves real risk, one does not. Live trading creates far stronger emotions, it's true. Emotions that can change the outcome.

However, trading must become a habit. Like driving, Something that you do without hesitation. A natural reaction based on your 'edge'. A trade is taken on your own discretion and that takes thousands of hours of practice, to 'dial in' on.

Using a demo account gets you to that stage. Gets you used to taking the trade, when your discretion tells you that it is a valid set-up. Gives you the experience that is necessary to get to that place.

Pride can create a very strong emotion base. Enough to replicate the Euphoria/Despair emotions.

When you are taking trades and managing them correctly and effortlessly, you will gain the confidence req'd to switch to Live and then replicate those same trades. If the results differ greatly, you obviously need more experience yet.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #74
  • Nov 27, 2017 6:40am Nov 27, 2017 6:40am
Quoting The Cableguy
..... One involves real risk, one does not.....
"I rest my case".

Risk is trading.

No risk is make believe.
  • #75
  • Nov 27, 2017 6:44am Nov 27, 2017 6:44am
Whether demo or live, when you have no strategy, you have no strategy. Some feel when they get into live trading they would be profitable when they know they can't make a pip in demo. Is it possible??
Make all mistakes in demo and rain in pips in live account
  • #76
  • Nov 27, 2017 6:55am Nov 27, 2017 6:55am
Quoting 9jatrader
Whether demo or live, when you have no strategy, you have no strategy. Some feel when they get into live trading they would be profitable when they know they can't make a pip in demo. Is it possible??
Anything is possible in demo or live mode. But only live matters.

If someone "makes" one dollar in demo and someone else "makes" a zillion dollars, does that mean they have a zillion times greater chance of succeeding?

No because demo stats are meaningless. Demo "winnings" prove they know how to win in demo mode .... only.
  • #77
  • Nov 27, 2017 6:55am Nov 27, 2017 6:55am
Quoting SunTrader
{quote} "I rest my case". Risk is trading. No risk is make believe.

I strongly suspect that we both know what each other really means!




Demo is what you make it, if not taken seriously, yes, it is a waste of time.

But.... for those that have a genuine 'edge' and need to gain a tonne more experience, trading their system/method and only that, getting familiar with the decision making and then trade management once entered. It is invaluable.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #78
  • Nov 27, 2017 6:55am Nov 27, 2017 6:55am
Forex trading is all about career and passion; backtesting and backchecking until you arrive at the high performing strategy.
Make all mistakes in demo and rain in pips in live account
  • #79
  • Nov 27, 2017 7:00am Nov 27, 2017 7:00am
Quoting SunTrader
{quote} Anything is possible in demo or live mode. But only live matters. If someone "makes" one dollar in demo and someone else "makes" a zillion dollars, does that mean they have a zillion times greater chance of succeeding? No because demo stats are meaningless. Demo "winnings" prove they know how to win in demo mode .... only.
Only live matters when using first live account to learn what is Forex??? You feel so??
Make all mistakes in demo and rain in pips in live account
  • #80
  • Nov 27, 2017 7:30am Nov 27, 2017 7:30am
It's interesting to watch our sports men and women around the world displaying their talent. But do we really think of how long they have been practicing. Michael Jordan was described as a very serious basketball player by his coach- in his words: "Michael would come to practice early in the morning and lives late in the evening everyday". Even baby in the womb would know who Michael Jordan is
Make all mistakes in demo and rain in pips in live account
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