I made … 66.9% on my demo account over 168 trades over just over a months time.
Am I just getting lucky? Should I trade with real money?
I feel like I know what i am doing. Its not like I made 66.9% on 5 trades overleveraging.
Can someone please knock some sense into me, am I delusional?
No, not yet, my friend. You need to give it a try again on different times. Just make sure your trading system is ready (several attempts tested on demo account).
That looks pretty good considering your gains are actually distributed over a number of trades and not a few lucky wins. If you’re pretty confident with your strategy then you could open a live account, as long as you are aware of the psychological differences of trading demo vs. real money and you stick to your strategy. Best of luck!
Without knowing how you trade it’s not really possible for us to comment too much. Chances are that after one month you don’t really know what you’re doing - the forex market is pretty complex and getting enough of a grasp on it in just a month to consistently make those kind of profits (or any profits even) isn’t too feasible. I know I certainly didn’t. If you have the cash to spare and don’t mind losing it open up a small live account with something like $100 with a broker that lets you trade very small position sizes. It’s far more likely that you’ll lose it than not lose it but it’ll be an education if nothing else. And if it works out and you keep making money then great - always nicer to make money in a real account than a demo while you continue your education.
Ok so I have a few different responses, one says no I need more experience, the other says do it but be aware of the psychological differences between real and fake money, and other says do it but with a micro amount. To be clear I haven’t only been demoing for a month. I started demoing in 2012 for about 6 months, then returned to demoing again in April 2015 while at the time I fully immersed myself in technical and fundamental education which included Elliotwave, fibonacci, and classic Technical Analysis complemented with education on global macroeconomics and their effects on the currency market. However even with this education from April 2015 to about August 2015 my demo accounts would either just stay above break even or just under break even, until I would get “bored” and start gambling away.
Come September 2015 I said to myself ok this is it buddy, you are going into the markets with confidence and a detailed trading plan. Since the end of September 2015 I have turned a 10,000 demo account into just over 16,900 over 169 trades.
I like the idea of starting with a small micro account, proving myself I can stay disciplined even though the profits wont be anything crazy, then if successful add more to the account.
I will keep you guys posted with my progress.
Thanks!
The only good thing from your trading trial period on demo account is that you have learned how to use the trading platform. When it comes to making profits demo trading has nothing with live trading.
I would recommend you to open a small live account, make a small deposit and test your strategy for some time (9-12 months). The final result will show you if your strategy is good or not.
Demo results don’t prove that you are a good trader. A driver practicing on a simulator won’t be as good as driving a real car with real traffic on road. So you can imagine the difference between a demo and a real account by this example.
Its a common pitfall among newbies - demo performance simply gives no advantage when it comes to trading on real account. Demo account has instant execution, there is no price gaps, spread widenings, etc. Though You can use demo account that mirrors live account trading conditions (like Hotforex have) its still to naive to take it as a token of your future success. I’d advice you to go with small amount of capital on live account, for example 100-200 bucks, to get feel how hard to earn money on live account.
Done ill report back!
What’s your R:R ratio, win rate and average position size?
Hi Kevin,
My risk is a maximum of 5 % ( I use wide stop losses, and I’m not afraid to bet big when I have multiple factors of confleunce)
Reward anywhere from 5% to 10%
My win rate is 72% and my average position size is 1.5 standard lots give or take.
I have a Profit factor of 1.66
Ive provided a link to my myfxbook. I hope a more seasoned trader and statistician can make sense of the numbers and let me know which numbers need to be improved upon.
https://www.myfxbook.com/members/Fxyogi/entrepreneur/1409271
Great job. Are you trading using technical or fundamental analysis?
Making any kind of gain or profit in a demo account only shows that the strategy you are using is working in the market. It does not mean by any means that you will get the same results in your real account while trading with the same strategy practised. You still need a lot of practice in real account trading.
I dont have fixed numbers, but recently gold trading got me good as soon as they break through the 1079 mark, it was a painful lose (i was hardheaded LOL) but everything else seems fine, my main concern is simply to exit the month with a positive number of pips, worst case scenario is break even, but loses are not avoidable.
Steady, trading in gold is good. You must be careful to avoid being trapped, the current gold towards 1000. So that you can sell again.
I trade off technicals, but being aware of some fundamentals either adds confluence to my technicals or takes away confluence from my technicals.
Yes that point has been made very clear to me. I just deposited 500 euros into an account. Ill report back with the details.
Your equity line looks like you’re trading with a good EA. Well done.
well done buddy. good start 
yup, exactly, thanks for the heads up buddy 