Moving to live trading

[downtrend]

Moving to live trading is exciting especially when you are performing good in your demo account. But there will be a lot of hurdles that you need to face before you become a consistent winner in your real account.

 

[Whitesnake]

When doing our trades we need to come down to the Earth and only hope for some Realistic expectations as that way our Income earning potential will surely increase

True, but accepting the reality is not each and every traders cup of coffee. But one who accepts the reality and works for the betterment can certainly excel in the forex trading business to a greater extent.

 

[downtrend]

True, but accepting the reality is not each and every traders cup of coffee. But one who accepts the reality and works for the betterment can certainly excel in the forex trading business to a greater extent.

It is indeed a difficult time to adjust to live trading even after doing good performance on a demo account. But you can do it if you are serious in achieving success in forex market.

 

[iMusingKiMi]

It is indeed a difficult time to adjust to live trading even after doing good performance on a demo account. But you can do it if you are serious in achieving success in forex market.

I agree on this but actually it is no different no matter on demo or live account. The difference are between trader with and without emotion.

 

[ForexVerified]

Thanks for your replies, however I started this topic not to discuss the necessary knowledge, risk management, trading plan etc; I'm fully aware of those. What this topic is about is your personal "First day" trading emotions - how did you experience them and how did you deal with them.

First day is usually a bit of adrenaline, excitement, especially if you don't have any losses. If you do, then you have first signs of depression which will pass after a while.

 

[Bordux]

Here's an update on my first month. Only 3 days are left until full month of live trading and results of the month are quite obvious by now. First two weeks were terrible - a lot of losses in a row. Impatience tripped me over and I've done mistakes that I should not have. However, not even once have I threw my trading plan and risk management away even when it seemed that it would be natural for emotions to take over. I was about 8% in loss at one point. On the bright side of things, I was able to overcome any and all emotions and gain immunity by being reasonable with myself and follow the trading plan and risk management to the letter. Fortunately I was able to recover from losses in about a week by avoiding mistakes that I've done in the past and hopefully made it to the break even point this month. I believe that in order to learn to control your emotions you have to approach them face to face and do it the hard way.

I can sincerely say that this month has been purely educative and eye opening for me because I learned what I was doing wrong and I was able to learn how to hold emotions at bay which was one of the short term goals that I've achieved; after a month I no longer feel any emotional attachment. A good tip (if you use MT4) is to press CTRL + T to hide the open positions' floating P/L because this really helps to control emotions. Not knowing your floating P/L really helps because as the floating P/L fluctuates then so does your mindset. I hope my experience will help others starting to trade live. Looking forward to the next month.

 

[Whitesnake]

@Bordux, its really good if one carries the learning with them. Losses are common in any business and the same is true with forex trading business as well. Thus, we need to learn from our mistakes and try to avoid those to excel further.

 

[downtrend]

It is an excitement to move from demo to real account trading. But there are many obstacles which you need to overcome before you will actually start making consistent money.

 

[nahiyar]

Yes moving towards in very dreaming and exciting. We think our good future in live trading . Most of the time we not care of loss and see how to make profits. Move to live trading with less amount , you can do trading on micro accounts it will give you valuable experience of live trading and techniques of money management .

 

[iMusingKiMi]

It is an excitement to move from demo to real account trading. But there are many obstacles which you need to overcome before you will actually start making consistent money.

Yeah, you need to overcome a lot of obstacles when going to live especially the words "Excitement". I have seen a lot of trader fail just because they trade because of excitement instead of trying to profit. This create over trading environment.