Been using the a demo for 4 days and here's how it's going

Helo everyone. I’m new here, but just want to share my “demo success” lol so far. Looking forward to learning a great deal from the rest of you :slight_smile:

I’ve been reading up on Forex for a good month or so and finally decided to open a demo account 4 days ago. So far I’m up $2546.00 in 4 days. I’ll let you know how the next round goes. Hoping to take a stab at this with a real account after a month or 4 of using a demo.

Gotta go…have a lot more reading and learning to do!

Great forum.

nice…whats your money management like?

It sounds simple, but here’s my strategy:

– Buy one lot at a time. :slight_smile:
– Buy low and sell high
– Don’t get greedy

I have years and years of learning to do, and even then some.

Like I said, we’ll see how the next 4 days of trading go. :slight_smile:

lol??? how can anyone get greedy trading a demo account?

He’s probably trying to be realistic in his trading practices, as opposed to most people who open a $100,000 account and buy every currency available. Then, when they go live with $2,000, they can’t figure out why they don’t make money. :rolleyes:

Here’s my other thread
http://forums.babypips.com/newbie-island/10123-update-newbie-testing-his-system.html

I started my demo account with $5,000 since I’ll be starting my real account with $5,000 to $10,000.

Today so far I’ve done 8 trades and all 8 were succcessful. I’ll do a few more trades before I go to bed.

lol, beagle…it’s pretty much pointless to get TOO excited over demo success…very very few people can jump from demo trading success to live trading success right out of the gate…in fact, I’ve heard of no stories where - if inexperienced in the markets - where one was able to make the transition smoothly.

In other words, your in for a bumpier ride then you are leading yourself NOT to believe. I wouldn’t even start with 5-10k even if I had the money…stick to micro and start with no more than a grand, perhaps 500$…play with that for a few months then gradually increase your account size as you allow yourself the time to become more and more confident in the markets.

This is where you want your drawdowns to happen…not on a 10k account, that I would imagine can be devasting and difficult to recoup back in a reasonable amount of time if your not commited to this whole-heartedly.

Cheers

Thanks for your input.

np, like deadalus said in a earlier posting of yours, we’re not being assholes about it, but this is a reality that you will need to eventually overcome. But you said you have other business and investments to keep you alive, so this should be no surprise to you

That’s the way to do it. Why people use the whole $100,000 (or whatever amount) in their demo account when they don’t have that for their live account is beyond me. The correct way to demo is by only using the amount that you will be putting into your live account.

As for success, it’s a good thing, but there are other factors involved when going live, as Josef mentioned.

A demo account is basically good for getting used to the platform and testing your system, but take the results with a grain of salt. Other things come into play in a live account that don’t happen in a demo, but at least you’ll know that your system works. Once you learn to deal with the “quirks” of a live account, you’ll be fine.

you know if you are trading with one lot and you are only going to have 5k-10k in your real account then you are trading with too much money. if you have 5k trade with 10k(one mini-lot) if you have 10k in your account you can trade 20k(2minis) especially when you are starting out.