A real-time holographic system is demonstrated for directing energy at a retroreflective target in the presence of atmospheric beam distortions and target motion. The system searches and tracks over a five-degree field of regard. The method relies upon optical phase conjugation using an off-axis holographic configuration to generate a precompensated beam using a reflective phase-only spatial light modulator. The system operates at a 147-Hz update rate and compensates for time-dependent effects in the beam path. The performance was demonstrated over a 22-m indoor range using a rotating glass wedge to simulate beam wander.