I’ve decided to set my self a demo account challenge. I’m pretty new to trading and have just completed the School of Pipology so thought it would be nice to document my journey with this $10,000 account here. Hopefully the other traders on the forum can give me some feedback on my trades to confirm what they feel I’m doing wrong or hopefully right.
To give you some context. I can only trade part time as I do have a full time job, but I work hybrid so spend two days a week at home. These are the two days I can place trades. My initial goal is to grow my $10,000 demo account by just 10% and see where I can go from there.
My plan is to only trade EUR/USD on a day trade basis. My initial simple strategy is to check the 1D chart to find the current trend, confirm the trend on the 1H chart and find my entry, take profit and stop loss positions on the 5M chart. On the charts I’m currently just looking at trend following, and am using 3 different EMA’s set at 7, 14 and 50. I will be looking to only enter a trade when the 7 EMA is above (long) or below (short) both the 14 EMA and 50 EMA. I’m then using the RSI set at 8 to help me get confirmation to enter the trade. For a long trade my RSI needs to be over 50 but not oversold and short is visa versa.
Yes, I know this is a simple strategy, but remember I’m a beginner and the strategy will evolve, and I’m sure will be completely different by the end of the experiment!