Brand new to forex, but have been studing it for about a year.
Have had some experience in the stock market with very little success.
Opened a practice account on 3/14. $50,000
I have earned so far $12.894. Account balance is at $62,894.
Basically a scalper, held a few positions over night with limits in place. Have traded both long and short.
Mostly only trade M,T,W,T
Could I get some input as to how well or poorly I am doing?
Your doing real well if you haven’t lottery traded your demo (ie. all in with high leverage hoping for a pop)
If not, congratulations and see if you can keep it up for another month or so. If you can, kill the demo and make a small deposit(willing to lose) and try to grow it.
Scale back on leverage, those gains are a little to good.
Scalping with high leverage can be fun until just one goes against you and it’s not coming back.
I beg to differ, max out your leverage if you like, it doesn’t really matter, but DO NOT deviate from your stop loss, that will kill your account.
What stop loss would you advise when the wiggle room is so tight that just a few pips or so past the spread will margin call your account?
Do this if you want to make a lot of money the first week trading live. By the second week you will be running from this market never looking back to go join the other 95%.
So far have never been in deeper than 50% of 50k account. Have bought as many as 16 100k lots on one shot. I am sometimes in 3 currencies at one time. Normally 1 or 2.
This week spent about 2 hrs a day.
Profit for each day this week:
3/24 $1865
3/25 $2405
3/26 $950
3/27 $894
For the record, I am using 100:1 leverage on every trade.
50 percent margined and 50 still able to use as margin. This is pretty risky but if you can stomach it, go for it.
Would you be trading live with 50,000 to start with?
No. Probably $10,000.
Then an more realistic assessment would be to demo with the amount you would actually start with because it will make a difference in how many lots you can use per trade…in other words, you will need to make “more” trades successfully to match the results of the “few” trades it took you by having a larger account to work with. A few successful trades could be lucky…but “many” is something you can measure. 
Thanks for that input.
That makes a lot of sense. I had came to that same conclusion, and have signed up for a practice mini-account ($2,000) to see how it works.
Hi,
Another potential problem with scalping on live accounts is most dealers have a person in between you and your trade being accepted, rather than dealing direct with the server as in demo accounts. If you’re scalping for a few pips this delay can make the difference between the great profits you’re getting on the demo and some pretty nasty losses.
I think the first trick with a live account is not to lose money and then go for bigger profits later (I’m still working on the first part!)
All the best.