In A Trading Dilemma

Can u imagine?

I just started trading for my company LIVE.

I was on demo for 4months and at the end of the period, had a long run of very successful trades.

Now just started with the live account and in just two days, have had very bad entries, resulting in very poor results. Already, a 5,000usd account has gone down to about 3,027usd!!!

I NEED HELP! in knowing the best times to enter into a trade.

I am used to trading very well with the news, but now live account seems just to negate all my moves.

Is there a difference between price actions in live an ddemo accounts?

Pls comments and advise are appreciated.
Thank you.

The major difference is emotions. They are a bugger and if you have any sort of pressure to make x% in x amount of time they will remain an obstacle, for sure. Another possible hinderance is the possibility that this money is too precious for you to embrace the risk involved in using it to trade, meaning putting it towards something which you have not drawn out a porbabilistic view of possible outcome or you simply cannot afford to lose it regardless. If you have a probability model based on your history in the demo it should make things less stressful knowing that wins and losses aren't evenly distributed but also knowing that 1 out of x trades has a higher probability of being a winner with a probability of x reward and a streak of losses may be followed by a streak of wins. This should all be accounted for. Sit down an examine your system based on past performance and come up with some figures.

Hope it helps,
Bob.

Bob is right about the emotions and money.

I feel I have to grow my account to whatever size I trade at.

If I stick 10 grand in there now, I will always be looking at the money, and will trade scared.

If I grow it to 10 grand, I won't be scared by that time. My certainty will grow along the way, the trades will be incrementally larger, as well as the win/loss amounts. I learn to ignore the $$ on a gradient scale as I go.

I think that's the only way for me.

And at the same time, the amount I risk is in line with my skill level. I blew a $250 account, a $500 account, my $1000 account drew down to and is coming back up! I'm making it, but am still clawing for almost every pip. In another year it will be easier, and this account will be at 5 - 10K.

Thanks Bobby (can i call u that? pardon me) for the advise and great words. I'll surely revise my system and look towards perfection.

Also Blueruby, contributions immensely appreciated.

A Great Day To You

5K is not much money...I don't think you have realized the scope of trading under emotional attachement to your equity just yet.

However, welcome to forex!

Since you've sustained a 40% drawdown in a short period of time, I'd say that you have serious issues related to money management, which you have to deal with first.

Secondly, I would encourage you to stop trading for a few days, disengage markets in order to come back fresh with another frame of mind.

I don't mean to degrade you, but you seem to be having a loosing frame of mind at the moment.

Finally, I would like to wish you best of luck and a successful continuation in your forex endeavor.