Hey all,
Advice needed, I have opened an MT 4 demo account on Thursday evening (Australia) and acheived the following by market close which was I think midnight Sunday morning, confusing with timezones but a period of 30hrs trading, (not in one sitting lol)
Profitable short term trades 66
Profitable long term trades 45
Losing Trades 4
96.4% Winners and 3.6% Losers
Starting with a $10000 demo account and by markets close (30hrs) was up by $7585.70. A good three quarters were scalped trades, and the remainder long term was using the Forex Dominator Powerband system and a few were results of experiencing a “whip-saw” and riding it through. Ok can someone tell me, in reality roughly how much i’d lose through fees?
I found how to create a P/L statement which saves as a HTML doc, can someone advise how I can save a web page as something readable, I tried MS word, but works out to 5 pages and may have to experiment with excel, so I can post the actual P/L here…cheers
Happy Trading
what are you looking for that an html document wont provide?
Surely if you double click to open the file then your browser will display the details in a “readable” format.
and a few were results of experiencing a “whip-saw” and riding it through
You can get a high win percentage doing that… until one doesn’t come back and you blow a huge hole in your account.
Yep I can get the P/L statement as a HTML doc, (looks spiffy) but nothing I can post here unless I put the page online with a link.
Approx 4 trades were “whip-saw” as I was trading 1 min charts, and the trades were closed out when the market noise stopped, and things returned to normal. On the 4h and daily charts the trend was still moving in the direction of buy/sell according to what ever I was doing at the time.
The losing trades were manually closed as the over-all trend had changed direction, bollinger bands were heading away from where I wanted, and had I let them go would have taken decent sized hit, but chose to cut and run as other currency pairs were starting to make some decent moves. Overall losing trades cost $64…I can live with that.
The demo account is just that… to try a few different things, be it swing trading, scalping or just experimenting with different indicator settings, on this occasion it was scalping, trend trading and using an actual system and at no point using EA’s/robots etc. Sometimes the scalping was three or so trades a minute as price fluctuated within the 1 min bar, and profits averaged between $20 - $50, opened and closed to lock in profit.
I had thought about the effects of “whip-saw” but decided to ride it out,(to see what happens) I had the discussion with a friend and concluded if a major currency drops to zero, a loss in the currency market will be the least of our problems…as some country has gone down the gurgler, be it internal strife or start of a major war…in which point we’d all be conscripted…
Back on subject, I’ve traded options previously and am starting to get a grip on forex trading, but remembering that a stock can go to zero and thats that…but a currency pair’s fluctuation is similar… but different…
Happy Trading
You can also craftily supply a stop loss to prevent just that;)
True, but then he wouldn’t be “riding it through”. I am suggesting he should use a stop, and not “ride through”.
I had another question regarding that in another post, but has been sorted, just a pity the “demo” accounts couldn’t have demo margin calls too, I have no doubt i’d have been taken to the cleaners…