Tagged: demo trading
February 17, 2019 at 22:21 #9728
Good afternoon Everybody, hope you’re all doing well! Haven’t posted in a minute so I figured I’d share some lessons I’ve learned to hopefully help new traders out. I’ve been live testing now for a little over a month. Has been both very exciting and very frustrating at the same time Haha. HERE WE GO!!
Lesson 1: Trade with Stops! Having a ton of EA’s on demo you don’t get “the honor” of experiencing nail biting moments of having to endure 200+ pip drawdowns for indicator based exits. Having an “oh shit” stop is the way I’ll be developing my EA’s moving forward.
Lesson 2: Don’t be in a rush! I’m American so I suffer from “I want it now syndrome” (Willy Wonka reference). Wait until your predefined rules have been met on demo before going live! I wish I had listened to Petko! I saw a few “Super Strats” in their early trades and decided to sling them to my live account. If I had waited for them to complete the 10 trades rule I would have saved myself precious capital.
Lesson 3: Risk Management is King! Don’t trade larger than your account’s can properly handle with good risk management. By excitement/mistake (was half asleep coming back from work) I’ve thrown EA’s onto the account using my demo size and instantly went into 50% DD. Use micro lots if your account isn’t super funded AND until the live P/L match what was shown on demo after 10 trades before considering sizing up.
That’s all peeps, happy trading! Will report back in 30 days hopefully with better news on live trading. Currently working my way out of 40% account DD.February 17, 2019 at 23:38 #9740
very nice of you to share your experience, even it was quite emotional I can see(just what we try to avoid in trading) 🙂
It is great that you put down your mistakes, this way you will have them in mind for a longer time, and just make sure not to repeat any.
No worries, most of the pieces of advice I give in the courses are from mistakes I have done in the past. 🙂 But I did not repeat any of them, so make sure you do it too.
Anyway, ones again, great of you sharing this, I am sure it will be useful to many beginner traders here!February 18, 2019 at 1:08 #9742
Thank you Petko, I believe the next 30 days will be much better knowing what I know now. Even though you did warn us in your trainings haha. Sometimes I let my customers run into walls themselves before they turn around and listen to me as well. Lessons learned for sure!February 18, 2019 at 11:21 #9745
Glad to hear that, Roman! Cheers,February 18, 2019 at 11:45 #9748
I know what you are talking about! 🙂
I burned one small account at the beginning after I saw some great EAs in the statistics. From this time, I listen to Petko in 100% 🙂February 18, 2019 at 14:24 #9751
Haha Andi agreed!February 18, 2019 at 22:32 #9753DesitaParticipant
I can share some lesson I learned from the live account.
After the first profitable month I felt the greed which is typical for manual trading. Than I increased the lot traded 3 times and lost in the first week half of the account. I believed that after having one profitable month I can not lose and I will have the same profits next month. Well, it did not happen. I needed another three months to recover.
Money management is all about it, and patience…I believe Guns and Roses wrote the song Patience for the traders 🙂February 19, 2019 at 2:44 #9759February 19, 2019 at 17:32 #9768
I wish Petko makes a course only for risk management, I think it will be very useful.February 20, 2019 at 3:10 #9778
@Andi – Don’t give him any ideas! LOL the man makes enough money already!
I’ve actually decided to change my approach a little starting today. What I’ve been doing is running a scan on one market per day, and changing it up per all the markets I’m interested in. But looking at the results from my Demo today netting $520 today, turning my attention to getting my numbers up per asset before moving to the next one. I think if I can get around 5 strats or more on the live account before moving to the next will help keep my trades that are in limbo down. Today was a good day for GBPJPY.February 20, 2019 at 9:38 #9786
Hey man, Petko deserves it! What we are doing now he started it a long time ago 🙂
What do you mean by getting the numbers up per asset? Do you mean increasing the lots or getting better results?February 20, 2019 at 10:23 #9794HaliffaParticipant
I have said it a couple of times in the Forum, that the courses of Petko are ridiculously cheeped. All he does here should be much appreciated.
I took trading education some time ago which was above 1800 pounds, and it was complete crap. I can not compare it even to a single course from Petko.February 20, 2019 at 10:25 #9795HaliffaParticipant
O one more thing…he teaches how to avoid the scam brokers in his courses. I Was scammed and I really appreciate that his videos helped me realize the mistake.February 20, 2019 at 21:16 #9812
@Haliffa – I only utilize regulated brokers for that reason. I’m here in the US so unfortunately I’m pretty limited on options. Currently I don’t use a US broker due to the crap leverage, and FIFO/ No hedging rules. So far I like what I’m seeing with my current broker and have started to make regular deposits to beef up my account faster.
@Andi- I meant what I’ve noticed on Demo is when you have a larger number of EA’s per asset 5+ you get way more traction than having 1-2 on maybe 3 assets. My account isn’t decreasing now that I’ve learned my lessons, but its veryyyyyy slooooooooow. The last two trades to close where what I closed after they were in limbo since 01/30/19. These were the two I mentioned that I was in over negative 200 pips on. Finally pulled the plug when they got back to neg 100 when I posted this chat.February 21, 2019 at 17:33 #9830
did you use EAs without SL? If you did, you need to keep in mind that those trades might last for longer. If you want to have faster trading, look for strategies with smaller TP and SL.
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