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Just went Live

  • #1
  • First Post: Nov 7, 2005 8:50pm Nov 7, 2005 8:50pm
I've been demoing for awhile now and do fairly well, when I stick to my system. (That is the hard part because I get a big head and think I know what is going to happen next) I just started with a small amount I can afford to lose (hopefully not) Because I feel trading live will cause a whole new emotional experience after all it is my Real money not paper so if I go into a loss it will probably really hurt. I want to conqure these emotion before I invest more. I hope this is a wise move.

PS I opened my accout with FX Solutions one of the preferred brokers list here on FF.
Fdisk Please I just want a few pips. Is that too much to ask?
  • #2
  • Nov 7, 2005 9:34pm Nov 7, 2005 9:34pm
Quoting fdisk
I've been demoing for awhile now and do fairly well, when I stick to my system. (That is the hard part because I get a big head and think I know what is going to happen next) I just started with a small amount I can afford to lose (hopefully not) Because I feel trading live will cause a whole new emotional experience after all it is my Real money not paper so if I go into a loss it will probably really hurt. I want to conqure these emotion before I invest more. I hope this is a wise move.

PS I opened my accout with FX Solutions one of the preferred brokers list here on FF.
Congratulations I am happy for you. There is nothing like real money on the line. I play blackjack and other casino games. I have a blackjack simulator that lets me bet any amount I want, but I would never risk that same amount in a casino.
  • #3
  • Nov 7, 2005 9:55pm Nov 7, 2005 9:55pm
Congrats fdisk!

A suggestion. To ease your transition into real money, trade the smallest position size you can. I'm assuming you opened a micro account with FX Solutions. A single micro lot pip is worth $0.10 (10 cents). Even if the market moves 100 pips against you, you'll only lose ten bucks! Once you're comfortable with that, then you can gradually increase your size until you reach the full size allowed by your money management system.

(You ARE using money management........aren't you?)

Good trading!

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #4
  • Nov 8, 2005 4:33am Nov 8, 2005 4:33am
Quoting diallist
Congrats fdisk!

A suggestion. To ease your transition into real money, trade the smallest position size you can. I'm assuming you opened a micro account with FX Solutions. A single micro lot pip is worth $0.10 (10 cents). Even if the market moves 100 pips against you, you'll only lose ten bucks! Once you're comfortable with that, then you can gradually increase your size until you reach the full size allowed by your money management system.

(You ARE using money management........aren't you?)

Good trading!

Dial

Yes, I plan on using wise money management. In my Fx solutions account a pip is worth $.50. I just could not see making .
$.10 per pip. Thanks
Fdisk Please I just want a few pips. Is that too much to ask?
  • #5
  • Nov 8, 2005 4:53am Nov 8, 2005 4:53am
I wish you the very best my friend!!!!!
  • #6
  • Edited 5:25am Nov 8, 2005 5:18am | Edited 5:25am
Quoting fdisk
Yes, I plan on using wise money management. In my Fx solutions account a pip is worth $.50. I just could not see making .
$.10 per pip. Thanks
In order to use wise money management you may want to consider thinking in terms of position size determining pip value. When you make the statement "In my account a pip is worth .50" it seems to indicate that you think of account leverage as causing pip value. However that is not exactly lucid when developing a mind for money management. Also if you can change the leverage setting so that your minimum position size allows a more granular trade size (especially with a small account) you can do a lot better in the compounding department and gain a lot more control over risk that way.

FT
  • #7
  • Nov 8, 2005 7:08am Nov 8, 2005 7:08am
ahhh...so you have taken the leap...best of luck
and i grow...pip by pip.......pip by pip!!!!
  • #8
  • Nov 8, 2005 11:59am Nov 8, 2005 11:59am
Good luck and Godspeed.
It's a one-way ticket to a madman situation.
  • #9
  • Nov 8, 2005 12:07pm Nov 8, 2005 12:07pm
Quoting kittensizedbulldozer
Good luck and Godspeed.
And may God have mercy on your soul. Now begins your real trading education!
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #10
  • Nov 9, 2005 3:25pm Nov 9, 2005 3:25pm
Well I still have not made a trade yet. I am waiting for a good setup. There was a good one this morning but I was busy taking care of my little one. he is 3 months old and he felt he needed my attention. No trading yet for me. My trigger finger is getting ansy but I will be diseplened and patient. Boy is my finger ichy. :}
Fdisk Please I just want a few pips. Is that too much to ask?
  • #11
  • Nov 9, 2005 4:00pm Nov 9, 2005 4:00pm
Hi
Quoting fdisk
Boy is my finger ichy. :}
I've heard from a reliable source that duct tape works really well

Best regards
Alan
  • #12
  • Nov 10, 2005 2:48pm Nov 10, 2005 2:48pm
Well I made my first trade. It was positive but I am disappointed in myself. Here is why. I was 10 pips up then I was 3 pips up the I was at Break Even (BE) then minus 3 pips then back to plus 2 then 6 the 10 then back to 6 I started to sweat and jumped out and the it dropped like a rock. My system told me stay in the trade my nerves and emotions said take your small profit and run. I got in the trade at (I'm trading the Pound) 1.7457 I got out at 1.7447. It is now at 1.7398. I am kicking my self and slapping myself for not sticking with my system and letting emotions get the best of me. Man Demoing was nothing like this. I thought I had nervers of steel. I'm a chicken boy :{

Fdisk
Fdisk Please I just want a few pips. Is that too much to ask?
  • #13
  • Nov 10, 2005 2:56pm Nov 10, 2005 2:56pm
imho - what you discribe it a standard set of trading emotions you will learn with practice to shut off... everytime you get the urge to take an action on your account, take a moment to ask yourself why... i try to deal with these emotions by geting into the habit of logging out of the trading accounts, and only loggin back in when there is an action required...

just my .02usd...fwiw
  • #14
  • Nov 10, 2005 3:02pm Nov 10, 2005 3:02pm
Quoting fdisk
Well I made my first trade. It was positive but I am disappointed in myself. Here is why. I was 10 pips up then I was 3 pips up the I was at Break Even (BE) then minus 3 pips then back to plus 2 then 6 the 10 then back to 6 I started to sweat and jumped out and the it dropped like a rock. My system told me stay in the trade my nerves and emotions said take your small profit and run. I got in the trade at (I'm trading the Pound) 1.7457 I got out at 1.7447. It is now at 1.7398. I am kicking my self and slapping myself for not sticking with my system and letting emotions get the best of me. Man Demoing was nothing like this. I thought I had nervers of steel. I'm a chicken boy :{

Fdisk
Fdisk, you are doing great! Why do I say this? Because you analysed your trade and identified your mistake. Good job. Now all you have to do is the next step. Ideally, don't ever make that same mistake again. Realistically, work toward diminishing the frequency at which you make that particular mistake.

Congrats Fdisk! I'm rooting for you!

Dial

P.S. Keep your position sizes small enough so you can sleep, but big enough to make you sweat just a little.
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #15
  • Nov 10, 2005 3:10pm Nov 10, 2005 3:10pm
Quoting diallist
Congrats fdisk!

A suggestion. To ease your transition into real money, trade the smallest position size you can. I'm assuming you opened a micro account with FX Solutions. A single micro lot pip is worth $0.10 (10 cents). Even if the market moves 100 pips against you, you'll only lose ten bucks! Once you're comfortable with that, then you can gradually increase your size until you reach the full size allowed by your money management system.

(You ARE using money management........aren't you?)

Good trading!

Dial
I have read in many places that the second you go live it is a whole different ball game. The emotional swings are so intense that it is hard to think straight. Maybe if you went with the micro lot pip it wouldn't be quite as emotional and you can gradually move up like dial suggests. By the way I am in Taylorsville, UT maybe we can get together and brain storm ideas that work after the pf is open. Good luck and remember to keep to your system that worked with the paper money.

Jace
  • #16
  • Nov 10, 2005 4:18pm Nov 10, 2005 4:18pm
You can lose 20 or constantly gain 1, 2, or 3 dang near everytime..... I choose to constantly gain and compound although my trades are still small with (about .08 a pip right now) but thats up from .05 a pip when I started, compounding and setting % amount trades is working. but these are small beans. So every 2 weeks I'm dumping money from my paycheck into my account to boost pip value....

The Crazy Trader ...... Mike...





Building an EMPIRE one pip at a time
***Building an EMPIRE one pip at a time***
  • #17
  • Last Post: Nov 10, 2005 5:11pm Nov 10, 2005 5:11pm
Quoting johannbok
I have read in many places that the second you go live it is a whole different ball game. The emotional swings are so intense that it is hard to think straight. Maybe if you went with the micro lot pip it wouldn't be quite as emotional and you can gradually move up like dial suggests. By the way I am in Taylorsville, UT maybe we can get together and brain storm ideas that work after the pf is open. Good luck and remember to keep to your system that worked with the paper money.

Jace
It is definitely a different Ball Game. I'm doing $ .50 a pip but the idea of getting into a positive trade then the posiblity of losing on my very first trade sent my emotions flying high. So I chickened out and took my pips and ran. The 1st trade is a scary one that is for sure. Since it is real money it matters. Every cent matters. Demo is cool but if you blow away the account not big deal. I work very hard at treating my demo like it was real but I alway new in the back of my head it was not. I demoed for 6 months to get my system down to like a machanical process which I did. But my first trade was different then anything I experienced. I waited 2 days to have things line up for me. They lined up I got scared let emotion take over and I got out and watch the trade continue on without me.

Live and learn I guess

Fdisk
Fdisk Please I just want a few pips. Is that too much to ask?
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