I don’t have a myfxbook, nor any profitable live Forex track record to speak of. I never claimed to.
I’ve been practicing trading in real-time using historical data on a simulator. I keep a record of all of my “trades” in a spreadsheet and I am slightly (but steadily) profitable over time. I will admit that I cannot outperform the risk-adjusted returns of an S&P 500 index fund.
I don’t expect you to believe that and I don’t really care if you do. I have no agenda, unlike the clowns who started this thread who are trying to sell you their course. I am already what most would consider “rich” and I set out to see if trading profitably was possible purely out of academic curiosity. I have satisfied my curiosity and I am sure that someone who is willing to invest more time into this than I am could outperform a major market index on a RAR basis.
Interesting, I do see now that your equity curve is diverging from the balance back towards the correct direction. I wasn’t aware you had changed approaches so many times. Hopefully you will continue to keep it up. I think you have the right mindset to potentially make this work for you.
[QUOTE=“Jolly Roger;676511”] Sorry. Feel free to add me to your ignore list and move on if you think I’m spouting rubbish.[/QUOTE] Nope. Just got my hopes up that’s all.
It can be really amazing what big changes a very little nuance can make sometimes.
On paper trading (demo trading): I know that is a debated topic and I am sure there are some who benefit from it and others who don’t. Why? Because the difference between the two options is in the psychology of the person choosing the option. I paper traded stocks in the 1990’s and then ultimately went live and found out that live trading was psychologically so different from paper trading for me that I felt like my paper trading had hurt me more than it had helped. I ultimately worked things out in trading stocks, but I only did so in live trading.
That is why I never paper traded forex beyond simply learning how to run the platform. Once I understood the platform (or thought I did), I went live. I did do some live screw-ups in the beginning wherein I had fumbled the controls on the platform. But that was only slight and early on.
My very first trade in forex felt like it was an enormous position and it was a single micro (ha!) My total open risk on that trade was just a basis point or two (psshhh). I benefit from the emotional practice of live trading such that I don’t paper trade. I am sure you have heard plenty of others who were critical of demo trading. “Paper Trading: Why It’s More Worthless Than an Iraqi Dinar”: that was a chapter in John Carter’s book: [I]Mastering the Trade[/I]. It is on page 30 : MASTERING THE TRADE. You can follow that link to read his chapter.
I certainly have found myself to be the same as he describes the traders in that chapter. I benefit from practice using smaller live positions rather than paper positions.
Let’s draw analogy between teacher of piano or teacher of different language and forex teacher.
Before I choose given teacher I would like to see what he/she can do, that’s all. I accept I may be unable to achieve his/her level, but at least I want to know he/she has some level.
Therefore any hard proof of high level of forex trading by 3rd party reporting tools like myfxbook is mandatory for any mentor. Without this, I would not pay him/her anything.