I made nearly 200 pts on my demo account but lost -50 on my live account today. Deary me.
I think one reason was I was too stingy with my stops and placed them too tight. On my demo account I could place the stops in the best strategic place and not care.
The other thing was around 2pm I lost confidence to trade live anymore so stayed on the demo account to place bother free trades, and I was bouncing those S&Rs like I was Pac Man hoovering up pips, especially on Dax.
Hi MA glad to see your thread is still going strong. I read your post & I am just replying with this thought as I am out of the markets for a few days.
For me the conditions for trades today were very very thin (Dax). I could see after approx 9.30am'ish' the PA was not for me, unless of course I was to go into scalp mode & as I hadn't taken a position before 9.45am'ish', I could see the potential for the inducement & the chase thereafter.....so in these conditions "I'm oot !!"
Something I am always wary of these days is Monday morning, often waking with the groggy feeling from the weekend late nights & sometimes not going to bed early enough on Sunday eve.
I am disappointed if no positions are taken (as I see this as potential lost opportunity to test my metal) & as always the hindsight shows the obvious points of entry, BUT, the slow PA always makes me very wary, as I think the speed of PA is a very important point for me to make a decision to be in the market or not. Maybe you have the same thought, but if not, then maybe something to consider.
I will usually look for the speed of the print (among all usual signals) if the actual DMA price is fast moving, then I'm interested, if not, I just think "slow chop"
The 8am obviously has the lunatic asylum entries & I used to place pre market orders, also retrace entries etc after the open, but now I prefer to look more at 8.15'ish-9am period for morning directional bias. It just suits me more seeing the 'in market hours' price quotes.
It's a fine line, missing the rush hour PA train or not, sometimes it comes back for more passengers, sometimes it steams on without a decent second chance to board without the risk of being run over, but now I never chase it.
I think I will always be of the opinion that stops should not be wide. If the pre determined price points are hit, then I'll consider entry, & if the entries are in the correct areas then a large stop should not be required.
Demos give such a very limited feel for live trades.
The moment you place your actual live order you are flagging yourself up to the world (or brokers algo if if on SB platform), so I anticipate the entry being tested, it is momentum that will carry my trade in the direction I positioned myself.
But I also have in mind that it is momentum that could possibly take my position to a very dark place with wide stops if it motors in the wrong direction.