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Thread: Comeback Kid

  1. #1
    Specialist Member marc's Avatar

    Comeback Kid !!!

    After about seven weeks demo-trading I felt save enough for the real thing ... and so I founded an account with 2000$ three weeks ago ...

    Well, It took me just 2 days to burn that down to around 300$ ... in a desperate (and silly) move I played 'all in' ... and luckily that trade was in the money ... however, I had already decided to put another 1500$ into my account ...

    In the last two weeks I was more cautious and worked on my strategy ... I made lots of 5$ trades to try out every idea I had (my demo account is already closed) ... but I was still losing money and on Wednesday last week I was at 2300$ again

    BUT ... now I seem to have found a way around ... the last days were all positive and today I hit 3500$ again ... pheeew! ... at least no losses ...

    And now, straightforward to the million!!!

  2. #2
    Rookie Member potato123's Avatar
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    Good job mate keep it up 1 quick question tho , are you trading binary or forex?

  3. #3
    Specialist Member TAllen1429's Avatar
    Hi Marc,

    I am pleased to hear about your recovery.

    I understand that you spent some time just risking $5 per trade in order to perfect your skills.

    However, in general you seem to be overtrading. If so, here are some figures that may be of help to you.

    There is a big difference between risking 10% of your account per trade as opposed to 2%. Consider a difficult situation whereby you endured 10 consecutive losses.

    In the former case, you would be left with with just about 34% of your initial balance whereby in the latter you will still have about 82%.

    Clearly, the second case will provide you with extra time to perfect your skills at mastering binary options trading.

    Your main objective is to safeguard your equity as your top priority. In particular. you must attempt to trade as long as possible without replenishing your account balance.

    That is a habit you must avoid at all costs. Do not get carry away by a series of quick wins as such a process could rebound on you very rapidly.

    Hope the above is of help.

  4. #4
    Specialist Member marc's Avatar
    @potato123: Thanks, I am trading binary only ... nice cartoon!

    @TAllen1429: Yes, you are right. In the first days I was overtrading heavily ... it was a bad habit from demo trading, where I tried everything out ... and impatience ... now I can control that better ... I learned that a missed trade is a lot better than a lost trade

    And you are right with the 2% risk ... actually that was my plan from the beginning ... but in the beginning I had "a strategy" to regain losses, too ... and that was a big mistake! ... the above mentioned 'all-in'-moment was simply out of desparation and the thoughts of giving the whole thing up, anyway

    However, since I stick to 2% risk I am improving

  5. #5
    Solid Member
    Good to hear. I wish you can do better. By the way, I don't know what are you trading stock or currency. That's why I have just one suggestion to you that you should trade foreign currency trade cause now a days it is more popular and profitable than any others.

  6. #6
    Senior Member raymond09's Avatar
    Wow it is very good news for traders and you. Anyone can trade but they must have to follow money management system otherwise they will only lose money. And you must not want to lose money at all. Also you have to practice a lot in demo account in order to be a gainer or succeeded in the cruel world.

  7. #7
    Specialist Member RCox's Avatar
    Quote Originally Posted by marc View Post
    After about seven weeks demo-trading I felt save enough for the real thing ... and so I founded an account with 2000$ three weeks ago ...

    Well, It took me just 2 days to burn that down to around 300$ ... in a desperate (and silly) move I played 'all in' ... and luckily that trade was in the money ... however, I had already decided to put another 1500$ into my account ...

    In the last two weeks I was more cautious and worked on my strategy ... I made lots of 5$ trades to try out every idea I had (my demo account is already closed) ... but I was still losing money and on Wednesday last week I was at 2300$ again

    BUT ... now I seem to have found a way around ... the last days were all positive and today I hit 3500$ again ... pheeew! ... at least no losses ...

    And now, straightforward to the million!!!
    Marc, your experience here is a lot more common than you might think. Anyone that says they didn't lose their first trading account is either lying or has never actually traded the markets (which, I suppose, would also mean they are lying). To your credit you did trade with a demo account for seven weeks, which I would consider to be a good level of patience given that I demo traded probably 4 or 5 days before opening my first real account. I do like your strategy to drill down your position sizes to the $5 mark. There are a few different reasons for this. Even though its obviously impossible to make any real money with trades of that size, it would put you back in the psychological comfort zone you had when you were demo trading because your fear of loss is mostly eliminated. At this stage in my trading, I am basically always trading at negative leverage (meaning my position sizes are never as large as my account size). The decision to do this led to massive changes in my ability to generate gains.

    A lot of the experts in the online trading community argue that it takes about 2 years to become consistently profitable. If anything, I would just keep this number in mind so that you remember losses are normal, and inevitable, especially in the early stages. Just keep your expectations in check, do your homework, and you should be fine if you trade with patience.

  8. #8
    Junior Member anderson's Avatar
    Great comment Richard! Your thoughts are so true. There is nobody who has never lost his trading account, never. Me too, I lost my first account for about a month which was a real success, the second one I lost for three months and than I switched to very conservative tactic with negative leverage just like you and I am still trading that way for several consecutive months. Some of them in profit some in lose but never lose my account. That is the best psychologically possible way to move from demo to real trading without problems with big risks and excessive position sizes.

  9. #9
    Veteran Member hchandra's Avatar
    Really nice to hear another people turn into real trader,
    I think the progress is nice, path of success is not created from easy things.
    all traders will follow the path to the bottom of pit early in their trading days and slowly climbing up patiently after learning how to deal with risk, emotions, lack of knowledge, and experience that needed to become pro. I have experienced it too, and I cannot say about consistent demo trading using demo account, because I use live account (Small size) to demo trade until I found consistent pattern, whatever method used is good as long as its profitable. My problem is greed and hardworking hand which lead me to overleverage also trade before I think about the risk, and I keep it at bay by recording logically what will happen if I use X position, calculate it first at paper, writing my plan for entry and keep the writing available to see while I trade.

    keep learning, have journal for trading to record pattern and emotions, stick to one system, learning from experts here, and I believe you'll be more successful.

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