richard.ong.ooi.kee
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Pretty exciting journey I would say. Looking forward to more sharing in the days ahead.
When I first started i was making a killing on the demo platforms, so much so that i couldnt wait to go live, I was angry with myself that i had not found out earlier about trading stocks and shares. But, i managed with help from many members on here to understand about trading more and more over the coming months, I read countless books, demo traded different strategies and eventually went live.[/unquote]
Can I take from that statement then at least it is possible with some hard work to actually do this
What's the difference between making a killing on demo platforms and doing it in real life, is it simply that having a smaller trading account limits you more (obviously I guess) or is it a more psychological thing - that even with a £20K real account it would not be possible to replicate the killing you made on a £20K paper account?
Anyway before you feel I am ignoring advice :innocent:, I did say I would post my other previous trades on Nat Gas - the ones that worked and recovered most of my previous losses - so I will do so
OK I had four trades that gave profit and no bad ones - With all these trades i went back to my original strategy of only Trading Long, andf giving the trades a bit of 'breathing room' to work rather than closing them at a loss
Nat Gas (A-B on attached chart)
Long 35000 contracts approx £650 before leverage
Open $4.766 on 23/04 @ 13:46
Close $4.770 on 23/04 @15:11
Profit £83.34 (maunually closed with double that profit at $4.772 but jittery price slipped on me)
Looking at the chart I could not have made any more once I placed the trade so I'm happy with it
Nat Gas (C-E on attached chart)
Long 35000 contracts approx £650 before leverage
Open $4.764 on 23/04 @ 15:24
Close $4.775 on 24/04 @ 03:20 (profit call)
Profit £229.33
Happy enough with that one, I woke up to find I ha banked my hoped for profit
Nat Gas (D-E on attached chart)
Long 70000 contracts approx £1300 before leverage
Open $4.745 on 24/04 @ 00:58
Close $4.773 on 24/04 @ 03:20 (profit call)
Profit £1157.50
I was a bit bold on that one just before retiring to bed, but all the signals (suppor, resistance etc) looked sop good I placed twice my normal position size, but again woke up to a nice profit as my Profit Call was hit
Nat Gas (X-Y on attached chart)
Long 35000 contracts approx £650 before leverage
Open $4.764 on 24/04 @ 09:45
Close $4.790 on 24/04 @ 12:13 (profit call)
Profit £541.57
Now this last trade I am actually proud of - I feel I called this one spot on - with my profit call (based on the bottom end of the overnight highs range) being absolutely spot on - not even 0.001 cents out! I hope that is a justifiable feeling
OK so that is the last of the Nat Gas trades I placed beofe I went on hols - ther are also a few more Shares trades (All good) I haven't posted.
So far I made 29 trades of which only 6 were loss making - however I made some quite big losses as well as profits
Running total so far £2916 profit
Now like you say that is with £20000 paper accounts (not £25000 as I mistakenly said previously)
So if I was placing positions a quarter of that size on a £5000 real accountI would so far be about £730 up with 16 days of actual trading - so a good way ahead of my £200 a week target.
However I'm now going to go back and have a look at my maximum exposure on all my trades, as a percentage of my trading account, as I think probably I was hitting levels I would not be comfortable with
Oh one other thing you said Mike - I'm also going to have a good look at my six bad trades as something possibly interesting has occurred to me
Back laters
Rich
Can I take from that statement then at least it is possible with some hard work to actually do this.
Absolutely, just a lot harder than you imagine at the moment.
What's the difference between making a killing on demo platforms and doing it in real life, is it simply that having a smaller trading account limits you more (obviously I guess) or is it a more psychological thing - that even with a £20K real account it would not be possible to replicate the killing you made on a £20K paper account?
The psychological thing is the biggest barrier here, ill give you a example below of a demo trade i made that opened my eyes.
Rich
I made this demo trade over a year ago, to cut a long story short, I wanted to jump on the bandwagon of the facebook ipo due to all the hype that surrounded it, i had been very successful on many other trades over previous months trading from gut feeling with no strategy, so i saw this as a big earner.
My thought process was that:- facebook chose nasdaq to float on, I checked nasdaq on the daily and h4 charts and found it was in a noticeable uptrend, So, with one of the biggest ipo's going live at a certain time of day this baby is going to sky rocket. I went long on the nasdaq about 50-100 £/point, not sure which.
I often felt smug that i was choosing all these winners and making all this money with virtually no experience, a natural one might say, ha ha .
Anyway, price began to steadily fall leading up to the open time, I wasn't worried though because it was going to spike through the top of the screen very soon, I held in as it continued to drop, the open was delayed for whatever reason and price was still falling, I am about 3k down now with no stoploss, no money management and no strategy, destined to fail. As the ipo went live it tanked like a brick, so did the nasdaq.
So now im down about 7k, It then becomes damage limitation, I kept saying to myself once it rises back to "x level" im out, Price would come within a few points of this level then drop even further. I eventually closed out about minus 9k. The whole trade was wrong from the open, did it bother me ? No!, because its only demo cash, did i learn from it ? Absolutely.
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