1k to 10k in demo

[Braylon0208]

These guys are absolutely right. If you're not really trading with good money management and a system then you are gambling.

I know first hand. I've had similar experiences as the OP. I opened a live account earlier this year and put $2000 in it. I turned 2k into 18k in less than 3 weeks but I lost all of it in less than 24 hours...how stupid could I be? I should have taken the money and run. I'm happy I blew out my account because I learned that I didn't really understand the market and that I was just taking chances instead of trading.

You may make money for a little while trading the way you are but eventually it will catch up with you.

[matlobien]

Originally Posted by JACINTO

Hi Mat,
would you main sharing your new system with us?

Thank you,
best regards
Jacinto

Hi Jac

It is a variant of a breakout system.

It is on another big forex forum, so I cannot post the link here.

I did not start the thread or system.

We trade the GU around the London open.

Hope you find it.

[boyfx]

Originally Posted by phil838

Speculation yes, hope no.

I might speculate that a trade is going to win, but I know my odds of winning are greater than 50% or I don't enter the trade.

Because I know I'll win more than I lose over time I could care less if any individual trade wins. I know, through experience and testing, that a large number of the trades over a long period of time will be profitable. Any one trade doesn't need to win for me to make money, so I have zero emotional interest in any single trade.

By the way, I'm not trying to be hard on you... I just want you to stop gambling and start trading!

I second that hard out to the days Phil. Just like the casinos, they know that the odds of each one of their games are in their favour, so all they have to do is open the doors, spin the wheel, roll the dice and deal the cards and at the end of the day with enough wheels spun, dice rolled, cards delt they will make profit. They don't care about each and every singel hand of blackjack, as long as there is enough games being played, and with the %'s in their favour they know they will make money. Sounds like my bible... Trading in the zone, dead set i'm loosing count of how many times i've read that.

So who do you wanna be? The casino? or the person that goes to play at the casino? I know which one i want to be.......THE CASINO!!!!!!

Boyfx

[gustofusion]

Originally Posted by matlobien

Very interesting.

Can you explain this on a chart ?

I would like to see this as well

[MattW2009]

Originally Posted by chengsta

nothing went wrong yet because I have yet to go live

Developing bad habits before going live is wrong. You'll need to unlearn that gungho attitude to trading.

Originally Posted by chengsta

but the system that I'm going with is comparing eur/usd usd/jpy (they have smallest spreads and seem to be most volatile) h1 and d1 charts and anticipate reversals because they always seem to happen. I use the "momentum" template on the mt4 platform. aka, when d1 seems overbought, along with h1, then I would short a position even though it's in a trend and hope that I have enough $$ to survive the trend before it reverses in my favor and grab 5-10 pips. I don't long any positions because those seem to be extremely wacky, it just seems wrong, kinda like writing with your left hand even though you're a righty. seems to work great so far.

Sounds to me like you're picking an arbitrary point where you think the trend will reverse, entering the market against the trend and waiting for the market to turn, come back to your entry point and provide some pips.

So - what's your stop loss? How far against you does it have to go? You say, enough $$ to survive, suggesting you have no stop loss and are risking your entire account balance.

Trust me when I say, one day a trade wont come back. Look at charts for late summer last year - imagine opening a long on that! Your MM sounds to me like all you need is one losing trade for it to be game over.

Originally Posted by chengsta

suicide anyone?

Account suicide, yes!


Although there are no rules in this game, a good guideline for newbies to live by is to risk no more than your reward (otherwise known as a 1:1 risk reward ratio), so that would mean placing your stop 5 to 10 pips above your entry point.

If you did that, what would your win ratio be now? Still more wins than losses? Excellent - you've got yourself a winning strategy. If not, then you'd best find another strategy.

[forexsmith]

ye i noticed that aswell, i made $30,000 in 2-3 weeks but i knmow if i was to do the same on a live account i will get screwed over, if you got a staturgey and feel confident and know you will not get carried away go for it, but you g2 to be patient.

[MrSpreadBetting]

Hi,

My name is David Robertson and you may have heard of me from amazon or other forums!

I used to trade in South Africa for a private investment firm, but now trade full-time from home via the forex markets & also spread betting, and also run a pretty big forum & site and also a live trading room everday. (no advert intended, just saying who I'm! ! !)

With your option to trade demo accounts its not so much the system or money management, well it does have a fair bit to do with money management (lets call it MM from now on).

You see every new trader always starts out with a small account or a demo account, this is total marketing options from the brokers.

They offer new traders/newbies all sorts of deals such as a free £100 when you join our site, or try our demo account for 30 days!

This only does one purpose and that is to hook you to the so called " fast, profits " and fun market situations.

You see when A new trader opens one of these free money accounts or demo accounts they have no emotion attatched to that "money" as its not theres or is simply fake!

This is just one, and I mean "one" of the reasons why new traders fail when they start trading for real with there own money.

Okay how about money management ?

Well MM is very very very vital but there is a LOT more to MM than just risking 0.5% - 1% or 1.5% of your account on 1 trade!

How about the most viatl part ? what do you aim to do once in a trade, what options are there for you ? what is your 1st goal after entering a trade ?

I trade Price Action intraday and also do a bit of low time frame scalping to accumulate pips during slow days, or high impact news days.

But the viatal part to my trading is my MM, not only the risk attached to the trade at open but how I manage the trade after open!

Its all to easy to open a demo account or an account that offers you a free £100+ to play with and turn it into £000000's in less than 3 weeks or whatever!!

But try doing that with your own hard earned money when you have emotion attacthed to it and also having to apply MM! not as easy as you thought is it ?

Guys I will help as much as I can here outside of my live room.

I will give you my view and opinion as best I can and will try to offer you my experiance in the markets if alowed !


Davie

[Mudar]

Originally Posted by chengsta

Touche, good point.
but on the flip side, I'm sure there is some degree of speculation or hope that things turn out your way even with professionals, unless they have 100% accuracy.

So still trading Forex ?