My mentality - my problem | Page 13 | Forex Factory

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My mentality - my problem

  • #241
  • Jun 24, 2013 8:09am Jun 24, 2013 8:09am
I get my point and I know why I loose: the amounts I earn are too little, so I get greedy. Demo will be for 500 Pounds (same like the real account I will open after 3 months of profitable and wise training) so even 3% will be worth trading.
time to rest
On my way to financial independence - if others can do it - I can do it
  • #242
  • Jun 24, 2013 8:31am Jun 24, 2013 8:31am
Quoting Eur Usd
I get my point and I know why I loose: the amounts I earn are too little, so I get greedy. Demo will be for 500 Pounds (same like the real account I will open after 3 months of profitable and wise training) so even 3% will be worth trading. time to rest

dude... the percentage you earn is awesome. thats all that matters
  • #243
  • Jun 24, 2013 8:32am Jun 24, 2013 8:32am
Quoting Starry
{quote} dude... the percentage you earn is awesome. thats all that matters
yes it is when I trade according to rules, unfortunatelly I break them too often ;-)
On my way to financial independence - if others can do it - I can do it
  • #244
  • Jun 24, 2013 10:05am Jun 24, 2013 10:05am
You have taken down your explorer?Good Idea especially when you lose that much on a Monday .
Try The Bill Williams Trading Chaos , it might change your life the way it changed mine
  • #245
  • Jun 24, 2013 10:08am Jun 24, 2013 10:08am
Quoting tafadzwa02
You have taken down your explorer?Good Idea especially when you lose that much on a Monday . Try The Bill Williams Trading Chaos , it might change your life the way it changed mine

yes I took it off. tomorrow I will put on the demo. as about books - I am reading http://www.amazon.co.uk/Little-Book-...l+beats+market - it's always something different
On my way to financial independence - if others can do it - I can do it
  • #246
  • Jun 24, 2013 12:39pm Jun 24, 2013 12:39pm
try not to overtrade...
  • #247
  • Jun 24, 2013 2:58pm Jun 24, 2013 2:58pm
I will.
and I know I told it myself many times but this time I'll stick to rules. I am sick of disappointing myself
On my way to financial independence - if others can do it - I can do it
  • #248
  • Jun 25, 2013 3:29am Jun 25, 2013 3:29am
What you need to do is learn the art of MANUAL back testing... using Excel.

Run your strategy through this... to get a probability of losing vs wins. Then you can assess whether or not your strategy is profitable.

Auto back testing is good when you have a proven strategy.. but when you're still trying to figure out your strategy that is regularly profitable.. then you must manual back test to discover a strategy you are comfortable with.

Let me be clear... this is no easy task. But nothing worth it in the long run is easy.

Any indicator can be replicated in Excel.. you will find your answer there and it will also address any potential over trading by developing a profitable strategy. Only other hint I can give you is to prove whatever someone else tells you specially strategies by manually doing it yourself in Excel or something. You can download the data for each charts via your platform.

Excel is a MUST for anyone serious in trading... IF, VLOOKUP, MIN, MAX, SUM are minimum functions you should know along with the + - / * < >.

Good luck!
  • #249
  • Jun 25, 2013 3:52am Jun 25, 2013 3:52am
thanks RChio

Finished trading for today as I had 3 loses - it shows 4, but one entry was by mistake so it doesn't count.
I was already at +4% but stayed in trade too long so it turned against me.
still happy that I sticked to discipline. It's better to stay without profit than to loose
On my way to financial independence - if others can do it - I can do it
  • #250
  • Jun 25, 2013 4:17am Jun 25, 2013 4:17am
Quoting Eur Usd
thanks RChio Finished trading for today as I had 3 loses - it shows 4, but one entry was by mistake so it doesn't count. I was already at +4% but stayed in trade too long so it turned against me. still happy that I sticked to discipline. It's better to stay without profit than to loose
Demo doesn't mean anything , Its more to do with the pain of losing and the Ecstasy of winning real money.I have never believed in a demo , that's why people do s well in a demo and when they start trading real money , the lose dismally .Close that demo and trade even 2pence per pip , it better
  • #251
  • Jun 25, 2013 4:20am Jun 25, 2013 4:20am
all depends on your mentality. for me demo helps a lot. true that it's not same as trading real money, but I'd rather to test on demo amount I intend to invest in this market
On my way to financial independence - if others can do it - I can do it
  • #252
  • Jun 25, 2013 4:47am Jun 25, 2013 4:47am
Quoting Eur Usd
all depends on your mentality. for me demo helps a lot. true that it's not same as trading real money, but I'd rather to test on demo amount I intend to invest in this market

Sorry , didn't realize you were still 'testing' how long ave you spent 'testing' this system? over a year ?drop it if you spend a year testing a system , I would say 3 months max is enough
  • #253
  • Jun 25, 2013 4:49am Jun 25, 2013 4:49am
The system is fine and every time I trade it I have good profits, but then greed looses me, I am testing my discipline now - still suxxxxxx, but getting there.
On my way to financial independence - if others can do it - I can do it
  • #254
  • Jun 25, 2013 4:53am Jun 25, 2013 4:53am
Quoting Eur Usd
all depends on your mentality. for me demo helps a lot. true that it's not same as trading real money, but I'd rather to test on demo amount I intend to invest in this market

This thread addresses problem of majority of traders unless they don't want to admitt. To be realitic demo is good to test a strategy but definately cannot be use to test emotion. I have tested on demo time without number the amount i intended to trade with real money and perform well with my strategy but when i start with same amount with real money it is a different ball game. If i show a statement of my demo it is very amazing but not exactly the same on live.

Learning forex is not as difficult as learning to kill the ego, emotion, and all form of psychology. Your problem to me is not really the skill but the pyschology.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #255
  • Jun 25, 2013 4:58am Jun 25, 2013 4:58am
Quoting Eur Usd
The system is fine and every time I trade it I have good profits, but then greed looses me, I am testing my discipline now - still suxxxxxx, but getting there.
I am afraid you cannot test your discipline with demo account. You have to first reprogram your mind. Have a set of rules and follow it to the latter. You have to do it with real money(micro) since you are convince that the strategy is working. Then follow your rules. If you have a lossing trade check if it is your fault or part of the losses inn the system. If all your wining and lossing are according to the rules then you are ok. I am sure you will still flaw it along the line. We need 100% discipline and not even 99.9%
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #256
  • Jun 25, 2013 5:02am Jun 25, 2013 5:02am
Quoting ejiexe
{quote} I am afraid you cannot test your discipline with demo account. You have to first reprogram your mind. Have a set of rules and follow it to the latter. You have to do it with real money(micro) since you are convince that the strategy is working. Then follow your rules. If you have a lossing trade check if it is your fault or part of the losses inn the system. If all your wining and lossing are according to the rules then you are ok. I am sure you will still flaw it along the line. We need 100% discipline and not even 99.9%

Can't agree more , I was just wondering how you can test discipline on a demo , it's a bit ridiculous to say the least
  • #257
  • Jun 25, 2013 5:06am Jun 25, 2013 5:06am
I get your point. My point is that once I get used to discipline on demo - It will be easier on real account. Last bit is to prove myself that discipline brings profits. On real account I did keep discipline for 2 months and was fine. then I got into bad mood and that's what dragged me down. just need to come back on proper track, and to see how the system works after fixing mistakes I noticed. I won't go on real account as I am sick of loosing money - it gets me into mood and keeps pulling down. While the demo lasts I will be writing all the profits, looses, and comparing it vs daily tareget plus writing down comments about the way I feel, what I did good or wrong.
On my way to financial independence - if others can do it - I can do it
  • #258
  • Jun 25, 2013 5:09am Jun 25, 2013 5:09am
Quoting tafadzwa02
I was just wondering how you can test discipline on a demo , it's a bit ridiculous to say the least
take a look at my today's trades list:
I had 3 loosing trades, and I left for the day. none of the looses was bigger than 1% and I left for the day as I obeyed my rules - this is discipline for me - type of account has no difference here
On my way to financial independence - if others can do it - I can do it
  • #259
  • Jun 25, 2013 9:50am Jun 25, 2013 9:50am
Quoting Eur Usd
{quote} take a look at my today's trades list: I had 3 loosing trades, and I left for the day. none of the looses was bigger than 1% and I left for the day as I obeyed my rules - this is discipline for me - type of account has no difference here
Of course yes there's difference. If not, why can't you keep disciplined on live account ?

Based on your last few posts, on a live account you would have tried to get back these 3 losses (revenge trading).

Discipline is quite easy to master on demo ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #260
  • Jun 25, 2013 10:25am Jun 25, 2013 10:25am
it's not revenge trading. It's more about seeing that you did for example 5% profit and you can't even buy a candy for it. It just makes me feel that If the amount is so low it's not worth trading.
On my way to financial independence - if others can do it - I can do it
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