Trading is the most difficult business in the world, because it's like WAR but not SHOOTING practice. How good the sniper you have is important but not decisive(all kinds of analysis method). How good the general matters(strategy). As a general, you should know where the main battle field is and where the winning point is. When to get into fight? How many troops to send? When to retreat? When to chase? So complicated that I am still learning.
Maintaining Self Discipline
- Thread starter studentofthemarkets
- Start date
It's so much harder than I ever thought it would be.
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Live Account: No trading
Main Demo Account: 2 losses and 4 wins
Practice Demo Account (first 20 min after the open): Net P/L: $100 after fees. Took 16 trades, changed the 10SL 10TP to move to BE at 10 ticks and 40 TP (adjustable). 9 losses, 2 BE, 5 wins. Way too many losses. Only 1 trade made it to 40 ticks. For all the mistakes, it's nice to have ended up profitable in this account.
Main Demo Account: 2 losses and 4 wins
Practice Demo Account (first 20 min after the open): Net P/L: $100 after fees. Took 16 trades, changed the 10SL 10TP to move to BE at 10 ticks and 40 TP (adjustable). 9 losses, 2 BE, 5 wins. Way too many losses. Only 1 trade made it to 40 ticks. For all the mistakes, it's nice to have ended up profitable in this account.
Attachments
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Live Account: No trading
Main Demo Account: No trading
Practice Demo Account: Didn't do well at the open and never felt confident enough to take trade in the Main Demo Account so stayed in this account and practiced for the day. Tried using 4 ticks stop loss with a trail to BE +1 and TP of 6 ticks. The reasoning was to see if it would help to find the trades that would immediately go to profit when using 10 ticks SL and 10 ticks TP. The majority of the trades failed, but there were a few that worked. I think it helped a little, but not something I plan to continue to use.
I think the reason I never traded in the Main Demo Account today is that I'm just barely profitable in it and didn't want to mess up the statistics for this week and since November 19.
Main Demo Account: No trading
Practice Demo Account: Didn't do well at the open and never felt confident enough to take trade in the Main Demo Account so stayed in this account and practiced for the day. Tried using 4 ticks stop loss with a trail to BE +1 and TP of 6 ticks. The reasoning was to see if it would help to find the trades that would immediately go to profit when using 10 ticks SL and 10 ticks TP. The majority of the trades failed, but there were a few that worked. I think it helped a little, but not something I plan to continue to use.
I think the reason I never traded in the Main Demo Account today is that I'm just barely profitable in it and didn't want to mess up the statistics for this week and since November 19.
Attachments
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Live Account: No trades
Main Demo Account: 4 losing trades and 3 winning trades. I need more work on trading with the trend and recognizing the difference between a trend reversal and a pullback.
Practice Demo Account: Traded in this account for the first 30 min after the open and didn't do well.
Main Demo Account: 4 losing trades and 3 winning trades. I need more work on trading with the trend and recognizing the difference between a trend reversal and a pullback.
Practice Demo Account: Traded in this account for the first 30 min after the open and didn't do well.
Attachments
Just noticed that several of the trades in the Practice Demo Account (trading the open) had the direction right but would have needed a stop loss of between 11 and 14 ticks to have stayed in the trades and taken profit.
Just a little bit more carefulness with timing the entries and this account would have been profitable today.
Just a little bit more carefulness with timing the entries and this account would have been profitable today.
Main Demo Account: 3 winners and 1 losers
2 Contracts Demo Account: 10 ticks and 37 ticks
Practice Demo Account trading first 30 min after the open: Ended in losses
I began a new demo account today that I am trading to mirror the Main Demo Account. The Main Demo Account will only be 1 contract with 10 ticks SL and 10 ticks TP. The 2 Contracts account will take every entry the same as in the Main Demo Account, although there will be some slippage because I have to manually enter the trades in both accounts. The 2nd contract will be set at 10 ticks SL and 20 ticks TP, but I will manage it. Depending on how I think price is behaving with either leaving the stop loss at -10 ticks or moving it up to -5 ticks or BE+1 or trailing it. Today only has 1 trade taken in this account because I had to fiddle with the charts to set it up right. However, I will start taken all my trade entries at the same place in both and then it will be easier to track the difference between the 2 accounts. This will give me practice at letting a winner run and also track my statistics for 10 ticks SL/TP.
2 Contracts Demo Account: 10 ticks and 37 ticks
Practice Demo Account trading first 30 min after the open: Ended in losses
I began a new demo account today that I am trading to mirror the Main Demo Account. The Main Demo Account will only be 1 contract with 10 ticks SL and 10 ticks TP. The 2 Contracts account will take every entry the same as in the Main Demo Account, although there will be some slippage because I have to manually enter the trades in both accounts. The 2nd contract will be set at 10 ticks SL and 20 ticks TP, but I will manage it. Depending on how I think price is behaving with either leaving the stop loss at -10 ticks or moving it up to -5 ticks or BE+1 or trailing it. Today only has 1 trade taken in this account because I had to fiddle with the charts to set it up right. However, I will start taken all my trade entries at the same place in both and then it will be easier to track the difference between the 2 accounts. This will give me practice at letting a winner run and also track my statistics for 10 ticks SL/TP.
