My first day of demoing - and how the story went

Thx to all for all the answers in my first thread about how to start:

http://forums.babypips.com/newbie-island/8932-new-forex-what-best-start.html

Y’day I got my demo platform and executed my first ever trade :). I was looking at the charts like crazy, set up MAE and then searched betwen EUR/USD, GBP/USD and the kamikaze EUR/JPY. We’ll I know to go away from JPY but there was a good moment in charts so I used it.

I set the demo account ballance to 300 - that’s what I’ll start with, and used 1 pip = 1 EUR - thats the minimum I can use.

I looked at EUR/USD and found a good situation - basically what I did was spend time in charts and saw I could snatch few pips and then went for it. It payed & I got my first ever trade @ 20 pip profit :D. I could really feel the grip of… “oh, man… I can make some more pips… just let it be”, but then remembered that better safe then sory so I closed the trade and just smiled.

Did 4 trades from 23.00 to 01.00 - CET. Had to leave 3 trades open and went to sleep. Spent much time in charts to see where to set the exit points (man, need to learn the lingo…). Woke up at 4.00 am went to my PC and YEA!!! all the trades were closed exactly as I predicted and my limits worked great since if they would be higher they would still be open - checked that in the morning. Greed is not good… Better 5 pips (this was 1 limit) then -x pips.

Tried to do:

  • look at charts before trading
  • look for a good trade
  • do not be greedy
  • set up exit points that look realistic

Found out:

  • I have no idea what I’m doing
  • Saw that I can “force” a trade instead of waiting for a good one

Learned:

  • If a trade looks that I can loose a pip see if I can leave it open until the “trend” changes so in the end I could make a profit or break even. I was at one point -30 pips but the charts “spoke” that the trade is good so I left them open and in the end it was the right decision.
  • I have to read more and study more & stuff

So, this was my first day of trading & I have taken 69 PIP profit :D. My live account will wait before I push the button 4 quite some time still.

Thanks to babypips and all of you here for all the help. I think I’ll write more in this thread about how things are going, maybe somebody could find this info usefull :slight_smile:

If anybody has any idea that could help, please do so.

Happy PIPing

Congratulations and welcome to babypips. Have you gone through babypips school yet? If not, I highly recommend you do it!

As far as your trading is concerned, did you trade on the weekend? Many a trader will tell you, as does the school, that trading on the weekend is looking for trouble! Another thing I noticed is that you are trading �1 per pip on a �300 account. This can be very dangerous as you stated that you were 30 pips down i.e. �30 down at one stage. This equates to 10% of your account, once again as per good money management, you shouldn’t wager more than 2% of your account on any one trade.

All the best.

Am going through BP School and some other stuff as we speak & am also learning live from people who trade for some time now & are making profit. Started trading tonight when the market opened - demoing. I can’t make smaller trade than 1 pip = 1 € - platform limit. That is the only reason I went above 1-2%. But I also don’t want to invest 1-2k € as to stay within 1-2% (I could invest that but prefer to start small). That is why I limited my demo account to 300 as this is the amount I’ll put on account when I start - only after I know much more and can grow my demo account from 300 to maybe 600 a couple of times & have a system that works for me.