1k to 10k in demo

[chengsta]

I lost faith in ivybot with a demo account, and decided to trade manually and see if I can beat it. I did, big time.

Is it normal for a complete nooby to go from 1k to 10k in a demo in under 3 weeks, then go from 1k to broke on live account? should I try my luck? I got a strategy devised that seemed to work really good in demo. and im posting here because it's swing trading, what complete newbs like to do.

[phil838]

Originally Posted by chengsta

I lost faith in ivybot with a demo account, and decided to trade manually and see if I can beat it. I did, big time.

Is it normal for a complete nooby to go from 1k to 10k in a demo in under 3 weeks, then go from 1k to broke on live account? should I try my luck? I got a strategy devised that seemed to work really good in demo. and im posting here because it's swing trading, what complete newbs like to do.

Yep, that's normal! We see it all the time.

Most likely it had nothing to do with your trading system, but was caused by your money management (or lack of it).

Tell us your system, and your money management plan, and we can tell you what went wrong.

[chengsta]

nothing went wrong yet because I have yet to go live

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.

suicide anyone?

[matlobien]

Very interesting.

Can you explain this on a chart ?

[phil838]

Originally Posted by chengsta

nothing went wrong yet because I have yet to go live

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.

suicide anyone?

That sounds more like gambling than trading to me... you used two of the most dangerous words in the forex world... "seems" and "hope."

Anytime you are "hoping" something is going to work because of the way it "seems" you're gonna lose!

If you like this system then you need to continue to demo it, and also do some backtesting so you know if the system is profitable or not.

[chengsta]

Originally Posted by phil838

That sounds more like gambling than trading to me... you used two of the most dangerous words in the forex world... "seems" and "hope."

Anytime you are "hoping" something is going to work because of the way it "seems" you're gonna lose!

If you like this system then you need to continue to demo it, and also do some backtesting so you know if the system is profitable or not.

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.

[phil838]

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.

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!

[chengsta]

my track record since I started 3 weeks ago is around 85% although it was more like 40% the first few days

[matlobien]

Phil is right

I've been trading now for 7 years and what I have seen is that if you cannot teach or explain the system exactly you are setting yourself up for trouble.

Again, we are not putting you down. We are merely saying that if you are right 85 % of the time, you must be able to teach or explain it to somebody. Otherwise you are not consistent in what you do : and that is dangerous in forex.

One the flip side I also saw newbies do brilliant with new ideas when they let the mature traders steer and guide them.

I am currently trading such a new system and doubled my account this month.

May the pips follow you and please do not try to outsmart this market. Let somebody help you and guide you even though you think you may have found the money. You will find that if you share it, chances are that somebody already tried something similar and can give you a few pointers.

[JACINTO]

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

Thank you,
best regards
Jacinto