Skipper's demo trading notes - How it went and what was learned?

Demo trading is no easy business. You have to be disciplined even no real money is at risk - playing it for the real is the hard part. It's the only way to see progress and see who you really are - are you up for it?

 

Re: Skippers demo trading notes - How it went and what was learned?

Dont know where is my target, but only looking for 100p.



Target MAX Could be retracement down, so thats about it.


Hoping to see second wave up here... even there was a 100p for me


Are we looking a bit lower? I have a expectation for higer price.. yet again.


Market structure broken down? This is the hard part, you just have to wait and see what's going to happen.



Hmmm..maybe i have to get bigger picture and wait it to unfold. It just dont feal right. I'm going to wait this one going down and see from there.


Is it possible?




So, how it went and what did I learn this day?

I started my day still looking for higher prices according ICT's - MA (moving average) concept (video 4) as my leading guide. MA was looking good to me for the day so I was in a buy mode. Well, in time I did notice the market structure breaking down (picture 5) and in the end price was coming way down so I was just waiting what's coming. I did not find a decent buys I could lean on and was fighting the need to be a seller – Just wanted to see where my moving average buy mode would take me and was kind of hoping that last run up before coming this far down.

Well, I was not so surprised that my buy model would not payoff. Why? Well because if we look for that bigger picture (higher time frames) for past days, we have moved a long way up and had that big resistant level met early on at 1.3630. So it make's sense to have bounce down and maybe some down days. So been in a buy mode was like swimming against a tide. There was a moment in New York but could not see it lifting up, so my day was that little day at London where I did get some pips, and that only because I was reacting fast to close my deal. Well, after all, I was there for that “maybe 100p” Now, for coming days ahead: If you are using MA as your leading guide for the day, you still have to consider those big R/S lines in there.

 

I have a hard time seeing but I would guess these decisions are displayed on a 15min chart?

 

Yes, mostly are 15min captures, but I use hourly chart's and for the start a daily. I just made a closing for the day so my toughs for the day are all there. Maybe it clears some of my decisions. I'm trying to do these updates while I'm at work so it's not a best place to be and concentrate, but i try to have some intraday screen time experience for learning.

 

Thanks for stopping by Jack

 

Market structure was particularly broken at the 3590~ but that's just Short term low

It could be the 2nd half of the market maker buy profile in which price will move back down. Also keep in mind if you can spot it that early it's great you know which rally to leave upon but, if your late there's no shame in taking the Market Maker Buy profile on the down side.

I mean it makes sense right? It's like following a trend you get in on the trend early if you can if you can't you wait for the pull back to get in line with the trend.


Also for the most part general market structure isn't broken yet, 3559-3535 if you look @ the fib from the hourly down from 1.3645 down to 1.3504ish this is the "area" for a potential long if things are in line still because you can't confirm via 1 thing.

If we break below 1.3504 then we can have some awesome downside

 

Hi Skipper. On the 15min you had three sisters giving you a warning sign.

 

Wow guys! You are giving me so mush to think about that i cant keep up ??? Thank you all for your comments & advises. Alpha-Bet those "Three sisters" is a totally new one for me. Could you explain it a more deeper what's going on there and why it is a warning sing? I see those 3 very sharp moves up, so should I note them as a rush to known resistance levels before going down? Thanks!

 

After several years of not so good real trading,. I hit demo for a while. Then kept demo alongside real trading. Helped a lot to stay in trades longer.

Plenty of naysayers for demo out there. I think it has its value… Follow what you feal is right for you.

Cheers!

 

Yes. It's all about confluence.
In this case the third sister tapped the 5.76 Fib.
It's another chart pattern. Three drives to a top. Three drives to a bottom.

 

Hi Ramy3!

Yep, there is lot of good things to learn while demoing, but I have noticed it feeds those bad behaviors you would not want when going live. I'm talking about those over trades and moments when you are playing just for your luck. It's so easy to get involve and kind of innocently playing trades until you have learned nothing more than just "need to be there". No real understanding about the markets and so on..heck, some might have a need be there so often they dont have the time to learn So it's one thing beginners like me would not want learn, so I just try to refuse those things right from the the start. Well, lucky for me I have some inner controls (mostly because of my life experience and age, I think?) and did noticed those risks quickly + ICT showed up just in time So I have kind of long term learning plan ahead.

 

Thanks. I think I don't have all those fib levels set.. you are talking about extension, sorry so much yet to learn?

 

I've been studying those levels Alpha-Bet informed me this weekend :nerd: Those figures made me think I was to close to the market action and did not give enough attentions to higher level objectives. It was my lack of keeping those higher time frames in mind when was all busy interacting with market. It's funny how you just forget things when you are making plans for the coming week. This is where I just don't have a good habits and routines yet, so that's a one thing I have to keep concentrating.

 

My plan for the day is to look this order block for possible buying opportunities



Nice reaction.. let's see


Interesting...


How it went?

 

I would advise caution since the week started with a gap,so the data is kind of incomplete.

 

Hey, you are right on that, it' might try to close it.

 

I was curious are you looking for scalps primarily or long term swing?

 

Well, at the moment I'm looking about 50-100 points, but really my goal for the moment is just to understand how price moves and build some confident. So screen time, price observation and intraday action is my goal for the moment. Well, I did get the reaction I was waiting for and could harvest near that 50p, even it was less what I was waiting.. Maybe it was that gap after all that was causing so mild reaction?

Anyhow, trying to shape my self to those intraday moves.

 

If you think you won’t be doing the same when going live, (all though not nearly as much),you are in for an unpleasant surprise.

Many times over, I cannot believe how stupid I am, (boredom, greed, just plain stupidness…). :/

The good thing is that you are aware of it.

Cheers!