Need guidance and encouragement

[Milos]

Of course! I was trying to show a great pathway to succeed… but you have to go step by step.
Backtest-demo-live… and backtest again for adjustments or major changes in your strategy… see the cycle, right?
The point is that a huge percentage of people ignore the backtesting and even the demo operations! and then they’re blaming when the account blown away… sure it’s blown away, why not? are you surprised?

[Hogarste]

[QUOTE=“Milos;622047”]Of course! I was trying to show a great pathway to succeed… but you have to go step by step. Backtest-demo-live… and backtest again for adjustments or major changes in your strategy… see the cycle, right? The point is that a huge percentage of people ignore the backtesting and even the demo operations! and then they’re blaming when the account blown away… sure it’s blown away, why not? are you surprised?[/QUOTE]

I totally agree with the purchase of a forex tester. Great for teaching self discipline, trade management and being able to reinforce positive things at your convenience. In addition to this site, also check Forex Factory. Youtube videos are also a great free resource. A forex tester (and a few books) is the best money I’ve spent.

[MerryTrader]

A forex tester, in the way that you can trade through days of charts a in a few hours, sounds like a great idea. All those hours I’ve spent in the past staring at screen all day, and none the wiser, fortunately those days have passed, but could be time very well spent.

It might bot be real trading but surely it would help me find the basis of a strategy that I could make to work, it’s Ok learning and having an idea, but it takes so much time to try it out properly.

[Milos]

Forex Tester is not free but worth every penny. If you don’t want to spend the money you can backtest your strategy also with MT4. It’s also very convenient for the task.
Think about this scheme:

Backtesting: is this strategy profitable statistically and historically?
Demo: is profitable under real conditions? am I capable of win with it?
Live: in the heat of the battle can I profit consistently with this strategy?

[MerryTrader]

Is Forex Tester one of the best one’s?

[Milos]

I think is the only specific one… the rest are trading platforms with backtesting capabilities.

[Hogarste]

[QUOTE=“MerryTrader;622127”]Is Forex Tester one of the best one’s?[/QUOTE]

I like it a lot and think its a value. It also can teach self discipline, managing live trades, and you can simulate a week or month of activity in a short time. I think it’s as crucial to good trading as the driving range and putting/chipping green is to elevating ones golf game. Personally I like Forex Tester 2, but there are other products.

[MerryTrader]

I like it a lot and think its a value. It also can teach self discipline, managing live trades, and you can simulate a week or month of activity in a short time. I think it’s as crucial to good trading as the driving range and putting/chipping green is to elevating ones golf game. Personally I like Forex Tester 2, but there are other products.

Cool, thanks I will have a good research day I think, I’ve had enough of the bank holiday now, I’m getting bored

[Fxmall]

Yup, that answered my question perfectly…and wish all new traders approached it from this POV…never mind, thanks for the details, appreciate it.

[Milos]

You’re welcome. My pleasure…

[maxiipriestt]

You’ll need to formulate a trading plan while demo trading based on what styles of trading speak to you naturally.
By now, you should have an idea of what methodologies peaked your interest while going through the educational material on this site.

Work out a strategy and try your best to stick to it via demo…you’ll have nothing to lose.

The three things I’d recommend most if you do decide to go live eventually are:

1. Keep your leverage under 10:1
2. Journal every single day
3. Set reasonable goals

Focus on the process not the monetary results.
Your trading plan will need to cater to your time and capital restraints - not everyone trades the same exact methods.

Jake

thanks jake, i have actually started the Demo trading, i set up the account with the amount i want to invest in and put my leverage to 1:10 and surely i am making modest and reasonable gains in both rewards and in experience. but i find it difficult setting up a trading journal because i’m not consistent in my program. please how may i achieve consistency?

[maxiipriestt]

In my experience Demo accounts can help you understand the platform if you are new to it but the feeds are very different and you have to bear in mind that this is the brokers window shop so it is perfect, I know of no one who had an issue with a demo. This also echoed by Anna Coulling one of the most successful retail traders in London.

I think you must open a micro account trading 1k lots and smaller is a great way to experience live trader and of course loosing is part of trading so I won’t fear the loss. Besides if you can’t afford to loose 100 quid you shouldn’t be trading at all. This will allow you to experience the broker and most importantly meet yourself and your emotions. I assure you all those demo decisions you took will look insanely fearful on a live trade.

hello emeraldorc, i get your drift. of course i can afford to lose a 100 quid but i wouldn’t just throw it away because i can afford it. i am also gonna open a micro account with the 1k lot because it’s a sure way to get the true feeling of what i intend to get into. thanks once again

[maxiipriestt]

This is one article from PaxForex who I think will help you to make your decision.

hello rambo, read the article from Paxforex and it made a compelling read. i am trying out my hands on the Demo software and when i have acquired enough skill from the Demo software, i will translate it to the micro account which i intend to open real soon. thank you

[maxiipriestt]

Do you have backtested your strategy before going demo? it speeds up the process and gives you a pathway to create/probe a winning strategy. Forex tester is the best sw IMHO and I use it even today to refine and retest my trading ideas a lot.

please milos, what is this forex tester you just spoke of? i would like to know