Am I doing something wrong? Making money can't be this easy...
- Thread starter tycoonman
- Start date
Good post.
Are you live yet tycoon?
No sir. Once OEC is demo is up this week, i'll go over to velocity and use Xtraderv7 for another week or so then go live with them.
Finally, some redemption today...went long and got out at 1327.00 -- +$350 realized for the day.
setting up short position @ 1330.00, and exiting at 1327.00 with a hard stop at 1325.00...let see how that works out, maybe before close -- heres hoping
This is exactly why a Demo account is not realistic.
Although price did touch 1330, it touched it on the offer, so there is no guaruntee on a real account that you would have been filled short there.
tycoonman,
I think it was best said by the guy who said that making money is not this easy, since you`re not making money
The real test will be when you go live and actually lose money for the first time. It is not even comparable to demo trading.
How will you react when you encounter your first losing streak? Will it lead to a streak of revenge trading, digging yourself even deeper into the hole?
What then? Maybe your confidence will take such a big hit that you are changed for a long time after?
It depends on your personality and what the cash represents to you. If it`s excessive risk money that will not mean much to you, you are much better off. But if it is money that would be VERY tough to lose, it WILL alter how you trade and view the markets.
As you have already experienced, there is an incredible amount of negativity on these boards, so it is a very tough place for a newbie to start out.
Lots of broken dreams here.
But despite the negativity, there is a lot of truth written in this thread. Trading is VERY hard to master and everyone entering this field, drastically underestimates what it takes to master this.
Just think about it. As daytraders we aim to take out profits of the market on a daily basis. Day in and day out. Year after year. That`s a whole shitload of trades. Add to that the ever changing market conditions and it is obvious that it`s not easy.
You seem to got a good thing going with your demo trading. It`s the place everyone should start, IMO. You can test your ideas, learn to execute through your software, etc. If you can`t make money demo, you will never make money live.
Have you written a trading plan detailing your approach? Including methodology? Money management? Risk management? Trading rules?
If not, do this first. Then test your plan on a demo account. Try and trade like you would have if it were live. For starters, this means actually honoring your stops, and not using wider stops than you would live.
If you can achieve a certain profit goal 4 weeks in a row, you can consider going live and give it a shot, provided that it is money that you CAN LOSE. Because honestly, it is very likely that you will lose them
I was also recommended to trade the SPY when I started, but I ignored it. Consider doing that.
There was something else I was going to say, but I forgot it.
Good luck and keep us posted on your progress!
I think it was best said by the guy who said that making money is not this easy, since you`re not making money
The real test will be when you go live and actually lose money for the first time. It is not even comparable to demo trading.
How will you react when you encounter your first losing streak? Will it lead to a streak of revenge trading, digging yourself even deeper into the hole?
What then? Maybe your confidence will take such a big hit that you are changed for a long time after?
It depends on your personality and what the cash represents to you. If it`s excessive risk money that will not mean much to you, you are much better off. But if it is money that would be VERY tough to lose, it WILL alter how you trade and view the markets.
As you have already experienced, there is an incredible amount of negativity on these boards, so it is a very tough place for a newbie to start out.
Lots of broken dreams here.
But despite the negativity, there is a lot of truth written in this thread. Trading is VERY hard to master and everyone entering this field, drastically underestimates what it takes to master this.
Just think about it. As daytraders we aim to take out profits of the market on a daily basis. Day in and day out. Year after year. That`s a whole shitload of trades. Add to that the ever changing market conditions and it is obvious that it`s not easy.
You seem to got a good thing going with your demo trading. It`s the place everyone should start, IMO. You can test your ideas, learn to execute through your software, etc. If you can`t make money demo, you will never make money live.
Have you written a trading plan detailing your approach? Including methodology? Money management? Risk management? Trading rules?
If not, do this first. Then test your plan on a demo account. Try and trade like you would have if it were live. For starters, this means actually honoring your stops, and not using wider stops than you would live.
If you can achieve a certain profit goal 4 weeks in a row, you can consider going live and give it a shot, provided that it is money that you CAN LOSE. Because honestly, it is very likely that you will lose them
I was also recommended to trade the SPY when I started, but I ignored it. Consider doing that.
There was something else I was going to say, but I forgot it.
Good luck and keep us posted on your progress!