$10,000 Demo Account Challenge

Trading Discussion Trade Journals
#21

Trade no. 3

It’s 8:40am in the UK and I’ve just placed my third trade.

The trend on and my indicators on the 1D and 1H charts all fit within my strategy, and after checking the 5M chart I notice my preferred entry point happened around 4 hours ago before the London market opened. But the all indicators point that I could still jump on to the end of the trade a scalp a small profit.

As before my risk to reward ratio is out of whack, but I need my stop loss to give me enough breathing room to grab a few pips profit. I’m worrying that I’ve jumped just straight into the trade without letting the original move finish and wait for a new set up. Too late, I’m already in so fingers crossed.

Account balance $10,043.80

Trade EUR/USD long, volume 0.3

Entry price 1.10213
Stop Loss 1.09613
Take Profit 1.10253

#22

I’ve changed my mind, I’m gonna continue to ‘Boom! :boom:’

2 Likes
#23

Boom! :boom: yep I’m still booming!

My third trade hit my take profit for a profit of $13.80. So with my third trade complete I’ve still got a 100% success rate! Don’t worry I’m not going to get cocky and reckless.

This also means I’m now over 5% to my target of $1,000. Not bad for three trades, however I feel if I had more time to keep my eye on the charts I would be able to jump in trades at a better entry and would have made a lot more pips per trade.

New account balance $10,057.60

I think I’m now going to sit back and let the current market move to finish is full momentum and reset.

#24

Trade no. 4

It’s 9:45am in the UK and I’ve just placed my forth trade.

The trend on the charts still look good, EMA 7 is still riding high above the EMA 14 and the EMA 50 doesn’t appear to be closing up. The RSI just went back in my sweet spot so I jump into another trade.

Account balance $10,057.60

Trade EUR/USD long, volume 0.3

Entry price 1.10329
Stop Loss 1.09629
Take Profit 1.10384

#25

Boom! :boom:

My forth trade hit my take profit for a profit of $16.80.

I’m wondering if I need to be more confident as I could have let my third trade run rather than take profit and open a forth. Also, do I need to increase my risk as I’m only risking just under 2% of my account each trade. If I increase my risk I will increase my profit, but will also open myself up for larger losses.

New account balance $10,074.40

2 Likes
#27

Trade no. 5

It’s 11:00am in the UK and I’ve just placed my fifth trade.

After the market doing a small correction the RSI just went back in my sweet spot so I jump into another trade.

Account balance $10,074.40

Trade EUR/USD long, volume 0.3

Entry price 1.10467
Stop Loss 1.109617
Take Profit 1.10550

#28

Boom! :boom:

My fifth trade hit my take profit for a profit of $24.90. That’s five trades and a 100% success rate. Not bad for a beginner. Also means that I’m already 10% to my goal of $1,000 profit in only five trades. However, I would be further ahead if I had a bit more confidence I was to let my trades run a little longer. But as it is, I’m setting my take profit and stop loss levels and letting it hit that level, so my trades are running as I wanted.

New account balance $10,099.30

1 Like
#29

Trade no. 6

It’s 14:00pm in the UK and I’ve just placed my sixth trade.

This is my riskiest trade yet. The market as started to range a little on the 5M charts, but a reverse head and shoulders pattern appears to have emerged. So I’ve put in a order to take profit near the current resistance level, but this could go massively wrong and swing back to my stop loss. If this happens my account is going to take a huge hit. I’ve also increased my exposure by buying 0.4 rather than the normal 0.3. I tried to buy 0.5 but the brokers software said I didn’t have enough funds, which I don’t understand as it’s only 3-4% of the account.

Account balance $10,099.30

Trade EUR/USD long, volume 0.4

Entry price 1.10552
Stop Loss 1.109702
Take Profit 1.10608

#30

Boom! :boom:

My sixth trade hit my take profit for a profit of $24. That’s now six trades and a 100% success rate. I think that’s gonna be my last trade today as my luck is bound to run out. I already feel four trades in one day is over trading and pushing my luck.

New account balance $10,123.30

3 Likes
#31

It’s 8:45am on the UK and I’ve just checked the EURUSD charts.

On the 1D chart and the 1H chart , the 7 EMA is still above the 14 EMA and both are above the 50 EMA. This tells me that the market is still trending bullish.

However, on checking the 5M chart I see that the complete reverse, the 7 EMA is below the 14 EMA which is below the 50 EMA. It does look like the market is trying to correct back into a bullish trend on the 5M chart but until it does I won’t be placing any trades.

Now I wait…

#32

Trade no. 7

It’s 09:55am in the UK and I’ve just placed my seventh trade.

A double bottom chart formation just occurred and the EMA’s on the 5M chart have corrected and are back in the right areas for my strategy and the RSI is has moved into my sweat spot. If this trade goes against me it’ll wipe out a large chunk of my gains to date. Fingers crossed.

Account balance $10,123.30

Trade EUR/USD long, volume 0.4

Entry price 1.10555
Stop Loss 1.10305
Take Profit 1.10606

#33

It’s now 12:50pm in the UK and it’s becoming clear that my last trade was a mistake. The price has tested my stop lose twice already and the chart is showing lower highs and lower lows.

I think I need to deal with the fact I’m just about to wipe out almost all the profit I’ve made over my previous trades. DOH!

#34

Poop! :poop:

And there it is folks, my stop loss gets hit and my balance gets hit for -£100.80

Now I just need to evaluate what went wrong and I certainly won’t be placing any more trades today.

New account balance $10,022.50

#35

holy mackerel, nice little accountability post - thx for sharing. what kinda whacky risk-reward you been using though, what’s your method for setting your TP and SL?
seems like the strategy is giving some nice entry, identify the trend. also seems like you have been actually quite disciplined in waiting for entry (well done, I struggle with that)…but you are putting on trades geared to blow up your account quicker then you can grow it aiming for 5 pips, but risking 7 loss in some cases). risk management is key to forgiving some stupid entries, i’ve been doing demo and try not to take anything less than 1:1…e.g. 10 pips gain risking 10 pips loss, that’s the only reason I haven’t blown up my account…

#36

i saw your earlier post and was watching this one all the way through, with you … sorry about it

like yours (and like the price!), my hopes went down and then back up (from about 11.00) and then back down again

couple of observations, just in case they help (they may not!)

first, every system/method has some losing trades - don’t automatically assume that “something must have gone wrong” just because you had a loser, we all have them, and this may just have been one that your system/method couldn’t avoid, in other words, don’t expect your system to be winners only, as you may have done nothing wrong, and you haven’t yet made enough trades to achieve any statistical significance, so it’s too early to tell (you knew this already, i’m sure!)

secondly, a possible concern here may be that you’ve won 6 and lost 1, and your one loss has taken away $100 out of $123 profit from 6 trades - i don’t know enough about what you’re doing to know why, but that would worry me

you risked 0.4 lots with a SL of 25 on a $10,000 account, which looks like 1% risk, to me, and nobody can really criticise that, in itself, but it seems out of proportion with the previous winners and i’m not clear why

you had a target of 30 pips and a SL of 25, i think? nothing at all wrong with that - i hope you won’t be too influenced by anyone saying that your R should be higher (which some people here will say)

better luck next time!

flamingo

#37

Hi cryptoT, welcome to the forum

For these trades I’ve been setting my stop losses just below the last support level and t hen placing my take profits just below the last resistance levels.

Looking back I can easily pin point my mistake on this trade, and that mistakes lies directly with me. I chose to jump into the trade without taking into account what the charts were actually telling me. I did notice a double bottom on the 5M chart and with my basic knowledge assumed that would indicate the continuation of the trend. However, what I failed to notice was the 3 higher lows in a row and then at top of the end of the double bottom was the 4th higher low. Also the EMA’s did go back into my preferred pattern, but really I need the 50 EMA to be a lot future away from the 7 and 14 EMA. The tail candle I put the trade in on was also a sign of things to come. As soon as I put the trade in the charts s ranged for an hour and then started to go against me.

Totally my fault for not taking into account what the chart was telling me.

#38

Thanks flamingo for your feedback. It’s always good to get the insight of a real trader.

Honestly I could see this coming. My risk to reward ratio is not good, which I think I alluded to in previous trades but did nothing to correct it, but why would I, I was winning! Also, I wasn’t actually due to trade today as I was supposed to be going into the office but decided to work from home last minute. So I think my mind wasn’t ready for trading as it was expecting another 24 hours trading rest.

Now the EMA’s on the 5M and 1H charts don’t fit my strategy so I’m going to sit out the rest of the day and see where they’re at in the morning. No revenge trading for me.

1 Like
#39

cool, nicely done (post-trade analysis) - we live and learn and totally the point of demo accounts. i’m new to all the pip sizes as I was doing crypto, now switching to forex for the better liquidity. start slower (go backwards to go forwards), give yourself a week or so before you upsize the trades to compound the account I might suggest. just make sure a trade is worth taking, i get frustrated and jump into some silly trades too sometimes. keep it up, practice patience (like i’m always advising myself too!) and don’t quit da boom-boom haha

2 Likes
#40

Looks like we have a lot of European and US major news events today so I won’t be making any trades at all. It’s just not worth the risk, especially after I lost a huge chunk of my profit yesterday.

#41

Trade no. 8

It’s 10:20am in the UK and I’ve just placed my 8th trade.

The D1 and H1 charts both have the EMA7 above the EMA14 and EMA50. On the M5 chart the RSI is above 50 and moving upwards. So I’ve just placed my next trade. I’ve set my stop loss and take profit, but I will be monitoring the charts and to monitor how the trade progresses. I may experiment with moving my take profit if I feel it necessary, but will not change my stop loss.

Account balance $10,022.50

Trade EUR/USD long, volume 0.4

Entry price 1.1046
Stop Loss 1.10135
Take Profit 1.10623