The Captains Chest - Naked Trading & Other Stuff

[milanese]

My fear is that the SL be hit. In the demo account I do not set the SL. In real I do. In demo I don't mind to leave open a trade in DD waiting for BE. In real I do. In demo I don't mind to open 1 lot per trade. In real I do..

No. Real is another world. Another universe. Another dimension.

Hi Banteka,

this is the problem you handle your trading different from what had brought success in demo to you.. my experience is fear is the biggest problem in trading, yes you need sl but try to find out the right level for sl in looking at atr ecc , S/R and maybe analyzing your demotrades in past ..

Cheers and many real green pips

Tommaso

[Larryk]

It occurs to me that there is a lot of looking to get in near to tops and bottoms when an apparent W or M is perceived.

I am inclined to wait until a change in direction has already happened, and that it occurred at a significant level, then trade in the new direction. Still no guarantee that it wont turn around and keep going in the original direction, or start a multiple day congestion zone, but a least you have a chance to get with move 2 or more.

[lilac]

Banteka I think real is very different from demo, not only psicological, but I also notice slower execution, news freezes, feed delays, that don't occur in demo. I have been trading live the same way I did on demo, although tend to be more cautious and protective, which is not always so good.

August for me is being much more difficult than july. I got away gratefully out of yesterday's mess, but I realized I am still not ready to trade live, so go back to learn this stuff on demo, until I finally get it.

Thanks to this thread I have been experiencing consistent results, in real, for the first time, you guys have been great help, thank you.

[Larryk]

My fear is that the SL be hit. In the demo account I do not set the SL. In real I do. In demo I don't mind to leave open a trade in DD waiting for BE. In real I do. In demo I don't mind to open 1 lot per trade. In real I do..

No. Real is another world. Another universe. Another dimension.

Hi Banteka,

this is the problem you handle your trading different from what had brought success in demo to you.. my experience is fear is the biggest problem in trading, yes you need sl but try to find out the right level for sl in looking at atr ecc , S/R and maybe analyzing your demotrades in past ..

Cheers and many real green pips

Tommaso

When I am trying a new system on live a/c, even though demo was good, I still trade the smallest size available on my platform, usually .5% risk or less, until I prove to myself that I can trade it properly or not in the real a/c.

[pips400]

I think this is a good discussion, since a lot of us are in transition right now, bridging both demo and live. FWIW I just closed Live at BE and demo at 6% LOL - the strategy was the same but the mindset very different. Still I believe in demo, because it helped me to get the mechanics of trading naked sorted, but it doesn't help with the pyschology, what's the point of confidence in demo if you can't transfer that to live. That's my next challenge.

[kwanann]

And that is the exact reason why fox loves to give you demo accounts! They have built in you the psychological excuse that it's demo, if you lose everything, try again. This in turns create fear when you go live. Until you learn to treat demo money like real money it won't work.

Again it comes down to usage, same like indicators, if you use it in the way they want you to, you have fallen into the rabbit hole. If you use it to your advantage then good for you!

That's the reason why I trade demo like live. And until I am confident of it, I will not be going back to live full time.

[mjws00]

Fear and Greed. My favorite Demo will never feel like the real thing. Even trading pennies helps. You'll learn even more about yourself when the numbers get meaningful. That curve is steep. I'm not known for caring much about the past... but I can still make my guts churn thinking about the first time I watched a huge position swing against me (long ago on the NAS).

One thing to be careful of in this thread is over-leverage. CJ skipped money management for the most part because he KNOWS that if we try to trade his very aggressive style... we will get wiped out. It works for him, because he is right A LOT. In addition his equity is spread out so that a series of mistakes in a single account or sequence will not remove him from the game.

If you want to go nuts, split 10% of your account out into a sub-account. And stack, gear deep, let the broker close your trades on that one... But protect your main account.

Very very few real traders can swing 20% in a day and survive long term. The margin for error, is so so thin. Even with a 70% hit rate... check the probability that you'll have a run of 5 losers. Variance is a cruel cruel mistress.

Good luck with the transitions. You are allowed to be patient and still alive when your great big opportunity presents itself.

Mike

[xrismak]

Fear and Greed. My favorite Demo will never feel like the real thing. Even trading pennies helps. You'll learn even more about yourself when the numbers get meaningful. That curve is steep. I'm not known for caring much about the past... but I can still make my guts churn thinking about the first time I watched a huge position swing against me (long ago on the NAS).

One thing to be careful of in this thread is over-leverage. CJ skipped money management for the most part because he KNOWS that if we try to trade his very aggressive style... we will get wiped out. It works for him, because he is right A LOT. In addition his equity is spread out so that a series of mistakes in a single account or sequence will not remove him from the game.

If you want to go nuts, split 10% of your account out into a sub-account. And stack, gear deep, let the broker close your trades on that one... But protect your main account.

Very very few real traders can swing 20% in a day and survive long term. The margin for error, is so so thin. Even with a 70% hit rate... check the probability that you'll have a run of 5 losers. Variance is a cruel cruel mistress.

Good luck with the transitions. You are allowed to be patient and still alive when your great big opportunity presents itself.

Mike

Mike,

Hmmmmm, you are Right but then Again if One want's to make Money one has to take Reasonable Calculated Risks, not every FX Trader is Greedy, some just want Consistent Financial Growth over a Considerable Period of Time.
To learn to trade and Earn Coins like CJ takes Patience and Time but it can be done, Some Folks are already on the Game.....


Happy Trading Y'all.

xrismak

[mjws00]

Xrismak,

I count you as one of the exceptions. You are an inspiration, but also rare. I thought you mentioned scaling back from your early "heavy" days.

I think your lot size has remained somewhat constant, while your account has grown significantly, no?

Mike

P.S. That is a helluva nice stack.

[banteka]

Well. Today I have traded only GOLD pairs. And all of them have been successfull.
I feel very comfortable trading gold and maybe I keep on with these pairs till september.
Those nice spikes are very easy to trade and they announce very clear the price direction.
And all gold pairs move synchronously, a perfect dance.

mjws00...You are a poet