- Thread starter
- #27
AlwaysCurious
Contributor
Ok, time for an update and sorry that it is such a late one.
I started live trading effectively on Sept 22 and didn't perform well at all. The first week was a disaster with 10% loss, then I was able to stabilize until yesterday's crash helped me to climb nearly to break even again. This is how it looks in my dashboard (which by itself is a side project of mine and still in alpha status):
I trade with as little indicators as possible. 200SMA, 50SMA and RSI 14 for divergences. The rest is price action and support/resistance levels, sometimes fibonacci retracements. That's it. If the graphs looks too cluttered, I delete all lines and start from scratch again. Simplifying is the key.
Lessons learned so far:
Trading with real money - and even though it is just 1000€ - is a huge difference compared to trading in a demo account. The emotions of fear and greed are much much stronger, in my case to the negative. Without going live I would have never been able to learn about this, and maybe I can eventually be consistently profitable, soon. Luckily I was riding the latest wave of financial crisis. Without that it would have looked really bad. So I'm not too enthusiastic about further proceedings. But still my goals stay the same as you can see in the dashboard.
It seems, that nothing beats experience. You can learn as much as you want, read all the books you can get a grip on, but in the end you need to experience the trading live with lots and lots of screen time. I wish there was a better and less time consuming way.
Another thing, all statistics from my demo account are not valid for the live one, so I have to start from zero there. Which is a pity, because my demo account grew by 10% in the same timeframe...
Edit: Talking about things to learn - Forget todays wins, those are gone again.
I started live trading effectively on Sept 22 and didn't perform well at all. The first week was a disaster with 10% loss, then I was able to stabilize until yesterday's crash helped me to climb nearly to break even again. This is how it looks in my dashboard (which by itself is a side project of mine and still in alpha status):
I trade with as little indicators as possible. 200SMA, 50SMA and RSI 14 for divergences. The rest is price action and support/resistance levels, sometimes fibonacci retracements. That's it. If the graphs looks too cluttered, I delete all lines and start from scratch again. Simplifying is the key.
Lessons learned so far:
Trading with real money - and even though it is just 1000€ - is a huge difference compared to trading in a demo account. The emotions of fear and greed are much much stronger, in my case to the negative. Without going live I would have never been able to learn about this, and maybe I can eventually be consistently profitable, soon. Luckily I was riding the latest wave of financial crisis. Without that it would have looked really bad. So I'm not too enthusiastic about further proceedings. But still my goals stay the same as you can see in the dashboard.
It seems, that nothing beats experience. You can learn as much as you want, read all the books you can get a grip on, but in the end you need to experience the trading live with lots and lots of screen time. I wish there was a better and less time consuming way.
Another thing, all statistics from my demo account are not valid for the live one, so I have to start from zero there. Which is a pity, because my demo account grew by 10% in the same timeframe...
Edit: Talking about things to learn - Forget todays wins, those are gone again.
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