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My Story, Need Advice

  • #1
  • First Post: Apr 2, 2010 12:52pm Apr 2, 2010 12:52pm
Hello,

I'm new here and I'd like to share my story. I started forex trading on demo as part of my college course at the end of last year. The competition was over and I came second but my trading did not stop there. To be honest, I got addicted to it. I was doing demo until the end of March when I was quite profitable.

I know it was too soon to invest but I couldn't resist. I was greedy and I invested $1000. Now I can't sleep when the market is open and I'm infront of my computer as much as possible.

After trading live for 7 days, I lost some and gained some but in the end, my equity is $950 which means I lost $50. I got $50 bonus from the broker but that doesn't count. So, I'm $50 below from where I started.

I trade micro lots and mini lots when I feel confident. The truth is, even though I've invested only $1000, the pressure is intense when I trade and it gets harder for me to control my emotion. I though it's gonna be the same but doing demo is nothing like going live.

Well, after reviewing my trades, I have found that I place an order almost at the right time, but my exit isn't right. That's because I get scared too easily. For example, when I trade 0.1 lot, I set stop loss at 10 pips and take profit at 10 pips. Most of the times, stop loss is hit or I close the trade due to the fear of loosing more. However, after I reviewed my trades, I've found that if I had hold on to those lost trades for an hour or two, I could have made a lot of money instead of loosing.

I don't know how I can resolve this issue for me. So I came here hoping that one of you experts would help me.
  • #2
  • Apr 2, 2010 7:58pm Apr 2, 2010 7:58pm
Hi Pixie, and welcome to the forum.
I think you will get different opinions on your subject.
It depends on your method.
Trade microlots instead of lots and see for yourself
when to increase your inputs.
  • #3
  • Apr 2, 2010 8:01pm Apr 2, 2010 8:01pm
stop while you still can

forex is like crack for middle class office workers
  • #4
  • Apr 2, 2010 9:18pm Apr 2, 2010 9:18pm
Go back to demo. Read the 1st post in the James16 thread:

http://www.forexfactory.com/showthread.php?t=2331


I've been demo trading almost 5 years, still haven't put the 1st penny on the line. Good luck.
  • #5
  • Apr 2, 2010 9:31pm Apr 2, 2010 9:31pm
Pixie,

Whenever I read a thread and see the word "fear", I will say the same thing every single time... trade with smaller lots. Ten bucks is a lot to lose on a trade that might only last fifteen minutes, lets be honest. Trade as small as you have to in order to keep that desire to return and focus, but small enough to lose the fear. I would tell everyone to not demo trade, I personally think it isn't the best option (no offense to eagle who just posted above) when someone can trade even less than a penny a pip. Winning ten dollars in a week, if you know you traded well, is a good feeling... I have been there, just a couple years ago, so I know. And if you lose ten dollars in a week, it doesn't hurt your chances of surviving long term. You hope that you learned something from the trades, but it isn't that big a deal.

If you don't survive due to blowing out an account, or just can't stomach it early due to emotions, you wont ever get to grow. The market will always be there, and you are young, so start looking at it as a long term relationship that you need to build into. There is no rush, and market involvement will always be an advantage, so you don't want to leave it. Trade smaller, in a year or two you will be taking $400 losses without a thought of it, where $50 now has you worried.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #6
  • Apr 2, 2010 10:10pm Apr 2, 2010 10:10pm
Quoting StockKJay
Pixie,

Whenever I read a thread and see the word "fear", I will say the same thing every single time... trade with smaller lots. Ten bucks is a lot to lose on a trade that might only last fifteen minutes, lets be honest. Trade as small as you have to in order to keep that desire to return and focus, but small enough to lose the fear. I would tell everyone to not demo trade, I personally think it isn't the best option (no offense to eagle who just posted above) when someone can trade even less than a penny a pip. Winning ten dollars in a week,...
amen. If it means trading a penny a pip, then so be it. You should always be prepared to lose your trade the moment you've entered. And if you're not comfortable with that it means you're either trading too big, your stop is set too tight or too large, or you flat out don't belong in trading. That's not something to be ashamed of, either.

Anywho, I've learned as have many, that there are many things that can go wrong... power outages, sketchy internet connections, crappy bucket shop brokers with crazy wide variable spreads, blah blah blah... there are so many things that can happen to screw you over that you have to be mentally and emotionally prepared for.

Also, 7 days is nothing. It takes at least 28 or something to form habits. Focus on forming good habits. Focus on the trade signals for entry/exit. Stop focusing on the $$ or you're doomed.
  • #7
  • Apr 2, 2010 10:14pm Apr 2, 2010 10:14pm
Quoting JR97
amen. If it means trading a penny a pip, then so be it. You should always be prepared to lose your trade the moment you've entered. And if you're not comfortable with that it means you're either trading too big, your stop is set too tight or too large, or you flat out don't belong in trading. That's not something to be ashamed of, either.
.
  • #8
  • Apr 3, 2010 3:06pm Apr 3, 2010 3:06pm
Thanks guys for replying. I'm gonna be honest with you all and there are a few things I would like to mention about me.

1. Even if its money I can loose, it hurts loosing it as I never place an order hoping I'd loose.

2. Once I started trading with real money, going back to demo is like quitting since it's no fun anymore as I have already traded for real.

3. It's also hard to trade micro lots all the time once I have traded mini lots sometime. It's like going back to demo from live.

I don't wanna find a way that always work since I know its not possible. Loosing is just a part of the game. But I want to control my emotions, anger, greedyness, etc which is absolutely possible but I don't know how. I believe if I can manage to do that, I'll make more profitable trades than loosing trades.

I appreciate you all replying and would appreciate replying further with other ideas.

Thank you.

PX
  • #9
  • Apr 3, 2010 4:29pm Apr 3, 2010 4:29pm
Quoting Pixie
Thanks guys for replying. I'm gonna be honest with you all and there are a few things I would like to mention about me.

1. Even if its money I can loose, it hurts loosing it as I never place an order hoping I'd loose.

2. Once I started trading with real money, going back to demo is like quitting since it's no fun anymore as I have already traded for real.

3. It's also hard to trade micro lots all the time once I have traded mini lots sometime. It's like going back to demo from live.

I don't wanna find a way that always work since I know...
Take a look at the following thread for ideas and a wealth of EA's to test.

http://www.forexfactory.com/showthread.php?t=204646

Scoobs
  • #10
  • Edited 5:42pm Apr 3, 2010 5:11pm | Edited 5:42pm
This is a book I read sometime back. Not trading related per se - but it is, if you know what I mean.

Addiction: Entries and Exits Summary:

Addiction focuses on the emergence, nature, and persistence of addictive behavior, as well as the efforts of addicts to overcome their condition. Do addicts
act of their own free will, or are they driven by forces beyond their control? Do structured treatment programs offer more hope for recovery? What causes relapses to occur? Recent scholarship has focused attention on the voluntary aspects of addiction, particularly the role played by choice. Addiction draws upon this new research and the investigations of economists, psychiatrists, philosophers, neuropharmacologists, historians, and sociologists to offer an important new approach to our understanding of addictive behavior.
The notion that addicts favor present rewards over future gains or penalties echoes throughout the chapters in Addiction. The effect of cultural values and beliefs on addicts, and on those who treat them, is also explored, particularly in chapters by Elster on alcoholism and by Acker on American heroin addicts in the 1920s and 1930s. Essays by Gardner and by Waal and Mørland discuss the neurobiological roots of addiction Among their findings are evidence that addictive drugs also have an important effect on areas of the central nervous system unrelated to euphoria or dysphoria, and that tolerance and withdrawal phenomena vary greatly from drug to drug.
The plight of addicts struggling to regain control of their lives receives important consideration in Addiction. Elster, Skog, and O'Donoghue and Rabin look at self-administered therapies ranging from behavioral modifications to cognitive techniques, and discuss conditions under which various treatment strategies work. Drug-based forms of treatment are discussed by Gardner, drawing on work that suggests that parts of the population have low levels of dopamine, inducing a tendency toward sensation-seeking.
There are many different explanations for the impulsive, self-destructive behavior that is addiction. By bringing the triple perspective of neurobiology, choice, and culture to bear on the phenomenon, Addiction offers a unique and valuable source of information and debate on a problem of world-wide proportions.
Quoting Pixie
Thanks guys for replying. I'm gonna be honest with you all and there are a few things I would like to mention about me.

1. Even if its money I can loose, it hurts loosing it as I never place an order hoping I'd loose.

2. Once I started trading with real money, going back to demo is like quitting since it's no fun anymore as I have already traded for real.

3. It's also hard to trade micro lots all the time once I have traded mini lots sometime. It's like going back to demo from live.

I don't wanna find a way that always work since I know...
In trading, there is no bullshit. You either make money or you don't.
  • #11
  • Apr 3, 2010 5:18pm Apr 3, 2010 5:18pm
Quoting eagle4x
Go back to demo. Read the 1st post in the James16 thread:

http://www.forexfactory.com/showthread.php?t=2331


I've been demo trading almost 5 years, still haven't put the 1st penny on the line. Good luck.
Holy crap if I was still demoing after 5 years I'd divert my efforts into something else .
  • #12
  • Apr 3, 2010 5:54pm Apr 3, 2010 5:54pm
Don't go to back to demo. Demo is for losers. The purpose of demo is to get familiar with how to enter trades, etc. But that's it.

Losing is a part of the game. You have to have trust in your own knowledge and your own abilities. Ego is a problem with many traders. Loss of account equity may be small, but the blow to ego may be significant. It's easy to create this image of yourself as some successful trader, which is an illusion. It has to not affect you, so work on how you see yourself. Forget about winning and losing and what your account equity is. I'm not saying take dumb risks, but you have to take intelligent risks fearlessly. You have to approach it with a fearless curiosity to find out what the outcome is regardless of a win or loss. Don't fearfully jump out or take part of your position, out etc. Trust yourself. And part of that involves not taking the advice of others, or at least, taking all advice with a grain of salt. Hope this helps.
  • #13
  • Edited 6:23pm Apr 3, 2010 6:11pm | Edited 6:23pm
Quoting Pixie
3. It's also hard to trade micro lots all the time once I have traded mini lots sometime. It's like going back to demo from live.
No disrespect, but that says it all. You're focused on money, and possibly also excitement...... as opposed to the process of trading.

Instead, focus on understanding the markets, finding a real edge, managing risk, and executing your plan flawlessly. Get all of that right, and the profits will come as a matter of course.

Real discipline can only come from confidence, and confidence from experience and knowledge...... knowing that you have a real edge, and a track record that proves it.

Dedication means being willing to return to demo, if that is what's required. You have to be prepared to walk before you can run, to do whatever it takes, for as long as it takes. There are plenty of short cuts to failure, but only one long, narrow road to lasting success.

If you're unwilling to accept that the more skilled you become, the more routinely mechanical (and unexciting) trading will become, then you're looking at the wrong career. If you want excitement, go to Vegas.

BTW, "lose" is the opposite of win; "loose" is the opposite of tight.
  • #14
  • Apr 3, 2010 6:25pm Apr 3, 2010 6:25pm
Hi,

Hanover has nailed it, you are using Forex for excitement, that is not a criticism I have been there done that

But it should help you clarify where the problem is, it is extremely hard to find a mentor that is genuine but there are a few here on FF.

Read some posts by people who have lots of posts PLUS vouchers. Find their posts, click on their names and it will tell you how many people have benefited from their posts

It sounds like work, it is work, if you want to re learn how to trade Forex then it is my suggestion to you.

The problem is in your head, no one else can fix it except you. This usually occurs just after you have blown up your account, you decide to get back to basics and demo until you make a profit every month for 3 months then fund your account and trade the same as you demo'd.

HTH
Money grows on the tree of persistence
  • #15
  • Apr 3, 2010 6:28pm Apr 3, 2010 6:28pm
Quoting Deusomega
Holy crap if I was still demoing after 5 years I'd divert my efforts into something else .
lol, I think I would too!

The OP is getting bombarded with advice, he won't know which way is up pretty soon, demo, don't demo, trade pennies, find an edge, trade an EA......agghhhhhh!!

The funny thing is 99% of this advice is coming from people who haven't actually made a cent from trading themselves!

Daytrading was right, people who want to learn how to become professional traders don't come to forums, it's not the place for serious learning.

-
  • #16
  • Apr 3, 2010 6:29pm Apr 3, 2010 6:29pm
Quoting hanover

BTW, "lose" is the opposite of win; "loose" is the opposite of tight.
LOL That stuff drives me nuts too.
The trend always ends.
  • #17
  • Apr 3, 2010 6:30pm Apr 3, 2010 6:30pm
he should just do it all like i did heheh... as mindtrip it was it was good

man if i demoed for 5 years i would kick myself at the crap i saw on charts which i didnt put real money on
  • #18
  • Apr 3, 2010 6:35pm Apr 3, 2010 6:35pm
Quoting pipmutt
lol, I think I would too!

The OP is getting bombarded with advice, he won't know which way is up pretty soon, demo, don't demo, trade pennies, find an edge, trade an EA......agghhhhhh!!

The funny thing is 99% of this advice is coming from people who haven't actually made a cent from trading!

Daytrading was right, people who want to learn don't come to forums, it's not the place for serious learning.
YUP, I want more information on your system you @sshole. LOL Didn't you get the memo! Sidenote: OFFICE SPACE OWNS YOU ALL.
  • #19
  • Apr 3, 2010 6:50pm Apr 3, 2010 6:50pm
Quoting Deusomega
YUP, I want more information on your system you @sshole. LOL Didn't you get the memo! Sidenote: OFFICE SPACE OWNS YOU ALL.
You been at the meths again Deus, or smoking that wacky baccy?

Here you go, pop into Domino's and have yourself some order flow, and a side order of garlic bread while you're at it!

Strewth, the lunatics have finally taken over the asylum!
  • #20
  • Apr 3, 2010 7:01pm Apr 3, 2010 7:01pm
Quoting pipmutt
Here you go, pop into Domino's and have yourself some order flow, and a side order of garlic bread while you're at it!
HAHA Dominos LOLOLOL I do have to pop in there and try their new pizza I see like a bazillion commercials about how they use REAL CHEESE NOW! lololol

That thread is same old same old I'll watch it but I highly doubt I will find anything useful.
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