is there any explanation behind these trades
have you been trading demo for 5 years or
Hi Trevpick001,
I don’t know about you, but I did not get into forex trading to play a game of monopoly. Enough said.
If you can take trading demo accts solely for 5 years, then you’re one of a kind.
Demo accounts are meant to be used for practice, as well as to test out strategies and also to show others how well signals are doing…etc
As I’ve said b/4 in other posts, demo accts are for demonstration purposes among other things, and by the way, a winning trade is a winning trade, whether it’s on a live account or a demo account and vice versa.
If you can generate winning and profitable signals, why not trade them on a live account and make yourself some real money instead of monopoly money? Go figure. I’m out.
I disagree, demo trading is nothing like playing with your own money, at the end of the day demo trading win or lose you have gained nothing apart from a insight of how real trading may go if you were trading live,
trust me when i say, its easy to sit there and win or lose trading playing in demo, but when it your hard earn�t cash its a different ball game, its only trading with real money then you begin to find out what kind of trader you really are.
There are plenty of people willing to show how much money they have made in there demo account, but when it comes to it most are not so confident to show there live account results,
demo testing is good to get to know all the functions of the platform you are using, but do not think for a second that results from that experience will be anything like trading in the real world.
Hi Trevpick001,
I am a hard-core LIVE forex trader, so save all that for newbies.
All I’ll say is that as a trader, it’s inevitable that ‘losing is a huge part of winning’, wanna know why?; because everytime you set a trade and set your stop loss, unless you’re prepared to lose that chunk of money (your risk for that trade), then you’re not going to be emotionally detached enough from the trade to see the trade through.
A trap that a lot of newbies fall in (and I’ve been there many a time) and indeed even some so-called traders, is that in not wanting to lose any money at all in a particular trade, they fail to set a stop loss and end up losing even more than they bargained for.
That’s why it’s imperative that each trader has a pre-determined percentage of their bank they intend to risk on each trade, and it had better be realistic for the account size (1% to 3% seems good to me).
In my previous post, all I meant was that a signal is just that, a signal - whether one sets up that trade as suggested by the signal on a LIVE account or indeed a DEMO account depends on one’s perception of the said signal - does the trader view the signal as a valid trade alert or not? In my opinion, that’s the major consideration; is this signal a high probability trade or isn’t it?
Keep on moving y’all.
Over and out!
A buy trade on gbp/usd…
gbp/usd buy, s/l 1.6410, t/p 1.6490 RESULT -20 pips
Happy trading.
Hi all, it’s been a quiet few days, and glad to report that all’s well.
Hope it’s same, wherever you are.
2 sell trades I’m looking at.
gbp/usd sell, s/l 1.6501, t/p 1.6210 RESULT +138 pips
eur/usd sell, s/l 1.4155, t/p 1.3800 - RESULT +108 pips
(t/p moved to 1.3903 on 06 July)
Happy trading and y’all have a good weekend.
Update:
gbp/usd sell trade, move t/p to 1.6230, ie close gbp/usd sell trade and bank profits.
eur/usd sell trade, move t/p to 1.3903 and move s/l to 1.4000.
Well, the two sell trades above set up on Friday, 03 July closed today with +230 pips profit.
More of these trades…
Hi Obaasima, may I know what’s your risk rewar ratio per trade?
Thanks!
When setting up trades, I would ideally look for a minimum of 1:1, and many times I get trades where the reward is greater than 1:1, but since we don’t live in an ideal world, I occasionally take trades where 1:1 isn’t the case. I tend to take each trade on a case by case basis.
More important than risk:reward ratio though, in my opinion, is what percentage of my bank I’m risking on each trade; 1% to 3% works for me, but it depends on one’s account size.
hey any new trades brewing?
Hi all, been away on holiday and managed to take a TOTAL break from everything. Back now and raring to go.
I’ve had some lovely trades yesterday and today on the cable(gbp/usd), collecting a total of +228 pips (see attachment below).
Will be posting trade signals as usual in the coming days.
Keep on pipping.
gbp/usd sell @ 1.6546, s/l 1/6596, 1st profit level @ 50 pips, 2nd profit level @ 100 pips.
Happy trading
The trades above closed with +150 pips profit.
I must say though that something interesting happened, which highlights the importance of what your broker’s spread is for each currency pair.
The trades placed on FXCM’s platform closed out @ 1.6596 with a loss, but trades placed on Alpari’s MT4 platform survived by 1 pip away from the stop loss and went on to gain the 150 pips mentioned.
Did anyone experience this?
gbp/usd sell @ 1.6530, stop loss @ 1.6605, 1st profit level is 50 pips, 2nd profit level is 100 pips.
Happy trading
[B][U]RESULT:[/U][/B] -75 pips
I am really starting to dislike the MT4 through FXCM. Its supposedly an MT4/ECN but why am I getting this freakin reqotes??? I thought going through ECN your broker does not have control of the execution???
Hi Futurevl, i use the fxcm trading station for spreadbetting, but i haven’t encountered any undesirables. I hope you get to the bottom of this. All the best; otherwise, give Alpari’s MT4 platform a go. Cheers.
gbp/usd sell @ 1.6505, stop loss (s/l) @ 1.6615, 1st profit level is 50 pips, 2nd profit level is 100 pips. All the best.
Could you please explain what you mean by 1st and 2nd profit level? Do you open two trades, then close one at +50 and the second one at +100?