ok the actual figure is not important because it would be more or less depending on how many lots one trades, so as a more objective criterion I shall take the percentage of winnings relative to the money invested in the trading account. Also this is only a [B]practice trading[/B] so no real money involved.
Ok if you really want the figures, the money I started with was 50.000 dollars and now I have 63.304 dollars which is an almost 27 % increase after one week.
So here is my question and please try to be as objective as possible: I know that one week is not enough to form a final opinion on my trading skills, but would you say this is good ? very good ? amazing ? average ? not bad but no big deal ? etc …
That’s a very good start, but let’s see if you can keep it going.
My personal experience… I started with $10,000 with my first demo account on a Sunday night and I was up nearly $1,000 by the next morning. That’s a 20% return in about 12 hours!
Does this mean I had found a great trading strategy? No… I just got lucky. Soon I was also losing $800 per trade or more. What was my problem? I was trading lot sizes that were too large for my account’s value.
I’m not saying you aren’t a natural forex prodigy, but statistically I would say it’s very hard for someone to get that consistently good, that fast. I will be very interested to know how you are doing at the end of your first month. If you are still up, excellent… maybe you are on to something after all. If you are down, that’s not necessarily a bad thing either.
If you can consistently make 10% per month you will be doing better than the vast majority of forex traders.
How dare you not worship me like I was a god … LOL just kidding, thank you for being honest.
Well you are right, the real treat would be to keep this up over a longer period of time and only time will tell … plus this being only a practice account, I wonder how much the emotional factor would influence actual money trading.
but in the meantime, I am glad to have kept a 27% winning over a week. the downside being that I manage to do this and I don’t even have real money grr :mad:
The good news is that if you are consistently successful, you can start trading real money and it can really be yours :).
BUT you don’t want to be too hasty. One week is nothing in the grand scheme of things… there is a reason why the babypips school recommends 2 MONTHS minimum for using a demo account… the tides can turn very quickly.
Better to be sure of yourself and take your time than be hasty and lose all of your investment. Trust me, losing real money feels a lot worse than not actually getting your pretend winnings
If you want to try and rule out the emotion, open a very small demo account with the settings as if you were actually trading your real money. This should be your next step up before you start trading for real. Use a reasonable amount that you would actually invest to begin with, whether that is $100 or $5,000 or whatever.
Trade as if you were using real money, and all of a sudden you will find yourself making much fewer, and much more cautious trades…
PS: If the trend continues and you are up 100% by the end of the month, I want to know your secret
I used big amounts on very short periods after seeing patterns in the charts. Patterns which I could see day after day which is what is interesting. Of course I still need more time to put those patterns to the test …
but the amount is not important as I said, the percentage is.
I could have made 10 times more money or ten times less using different leverages. The only difference being that the bigger the money used, the greater the danger to lose everything. Again with real money I would be more careful
