12 thoughts on “Becoming captain sensible

  1. Chris

    Hi Robert,

    Feel for you mate, remember no one was born a trader, no pain no gain I’m afraid. If you have Cap Spreads trading platform try out paper trading FTSE on 10min chart, using indicators MACD,RSI and Bollinger Bands, have a go at scalping initially using the Bollinger Bands as a guide for entry and exits long and short, not foolproof but will give you a good guide initially.

    Reply
  2. Dom

    The one thing I’ve found with demo trading (and trading smaller amounts) is it lacks The Fear. I’ve found I can make a small return with FX using a demo account, a small return with FX using tiny spread bets and a mahoosive loss when using amounts that can sting if a trade goes south. It seems that once you hit a certain threshold The Fear kicks in, the logic goes out the window and you’re making rookie mistakes all over again.

    Reply
    1. robertsweetman Post author

      Hi Dom, completely appreciate this and I totally agree with your point.

      However, based on my s**te results I have to recognise that I’m lacking even the basics as far as a strategy goes and it would be simply foolish to plough on at this stage.

      The Fear (what I call lizard brain) definitely kicks in big-time when you’re risking amounts outside of your comfort zone. Another reason for me to leave FX the hell alone so I can address this lack of financial safety net in general. Necessity is forcing me to build a stronger foundation before I again start climbing. Gunslinging like a loon is sadly not the basis for any sort of ongoing success really 😉

      I guess if I can eliminate most execution errors then I’ve at least got a fighting chance of dealing with emotional errors when I come back to using real money. At the moment I can’t even seem to get it right with tiny amounts 😦 Need to sort that first!

      Thanks for the comment

      Reply
  3. pb8856

    It takes some people a lot longer and a lot more money, this sounds like a relatively cheap lesson from the market thanks to your good record keeping and trade reviews.

    Reply
  4. Millbrook

    Robert, Whilst I agree with the comments about trade size and fear I would not let this stop you using the demo account or real cash at very low stakes.
    My advice would be to have a goal of 10 pips a day, and concentrate on a single currency pair. The 10 pips element is because I believe it’s easier to increase your stake and therefore return than it is to increase the average gain in pips per day.

    Try to develop an edge which reflects your emotionally preferred style of trading.

    For me it’s momentum based, price action and support and resistance.
    The pair I prefer is eur/£ because there is enough volatility to make it worthwhile. Take yesterday – 5th July it ranged all day. Between 8.00am and 4.00 it was in a 50 pip range with 8 opportunities to take 10 pips or more. This morning it trended down from 7.00ish and using the same approach as I would from the ranging day took 52 pips before 9.00am.

    I offer this as an example because there is no holy grail and one persons edge will not suit another. So I think you are correct to step back and take time to develop a strategy which suits you. Once you have the basics of how you prefer to trade you can refine it and the psychological pressures may reduce.

    Good Luck.

    Reply

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