Hello fx community!!!i’m a beginner trader and I’ve been trading on a demo account for about two months now. I did do some trading before but it was all a mess because I didn’t know how to break even or close with half profits I was just going in and out of the markets. Anyway, I started with a 3000.00$ account with a 0.5 lot size, I’ve been backtesting with a consolidating range strategy based on candlestick patterns and trends in the market. I’ve had an excel sheet to record my trades, I’m taking notes. Sometimes I get frustrated but that’s normal to feel that way. The first month I had small profits but I was using a 0.1 lot size and not even breaking even. The second month when I started breaking even, closing with half profits, and really taking note of the trend and entering the market when the candles hit the area of support (especially with a long wick cause that was indicating seller strength) and collecting small profits when it came down. I don’t use stop losses on the one hour time frames I only use them on the 4hourly and daily time frames. I want to compound interest on my account over time, so I went from 3000.00 to 4131.00 during a months span. I know trading on a demo is way different to trading on a live account but I will continue to backtest this strategy I’m using. Is this small profit of a thousand mean that I’m on the right track??
Pls respond I’m looking for people to discuss trading with
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It’s difficult to assess consistency after just 1 month. Maybe give it a bit longer and that may give more of an indication of how well the strat works.
There’s nothing wrong with starting with a smaller lot size of 0.1 I think that would be more suited to the account balance
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I will continue testing but I’ll stick to the lot size I’m currently using. I always aim to use a lot size that is 3% of the account and 3% of 3000 is 90. So me using that size I’d say is suitable to the money in the account as a matter of fact its way under 3% it’s actually 0.16%
It is completely up to you how long you want to back test on a demo account. But when you feel you have a strategy that’s consistently profitable, and you are ready, I would advise to start small. I agree with Brad’s comment above .5 lot sizes are way too big for a $3000 account, especially if you are trading without SL’s. That’s a disaster waiting to happen. I wouldn’t even recommend .1 when you’re starting out.
I have been trading for almost 2 years and I still only trade with .01 or .02 lot sizes (1000-2000 units), but I learned that the hard way, so I play it safe to protect my capital. After all, no money = no trading.
What county are you in? Also, when you go live, how much money do you plan to start with? I would practice with that amount for awhile so that you are used to realistic numbers.
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Okay I agree with my lot size being too big for a 3000$ account and especially because I’m a new trader. I’ll scale down 1$ but I still don’t like to use stop losses in hourly time frames, id rather use them in the higher time frames. I found that my trades went better and I had more profits when I did not use them, I do use a take profit though. whenever I do use a stop loss it runs up to it, exits me out of the trade and goes back in the direction I predicted it would go in. So what I do is I trail my break even points. Say I entered a short in the market and it’s steadily going down, I always aim to get 25 pips from each of my 4-5 trades. After I’ve gotten 15 pips I’ll close with half of my profits, and put my entry point as break even by this time I already gained half so if the market decides to retrace and come back to my point I won’t lose anything. Then when it lasts half and goes down more I’ll put another breakeven point that’s further down so if it comes up again same thing nothing lost. But thank you so much for your input I really am trying to find a group of people I can talk to about my strategies even if I may be wrong I can take notes and improve. I live in the Caribbean on a small island called St.Martin. I know there are not a lot of Caribbean traders out here. Also when I start trading my live again I want to start small with 100$-200$ using 0.01 lot size. When I traded live with 200$ I made a mistake in using a lot of 5$ that was way too big and blew my account
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Ok, basically you’re scalping, trying to get in and out, with the most amount of money out of the least amount of pips.
I’m not a scalper, tried it, didn’t work out. I have been practicing with a break out strategy similar to scalping, except instead of trying to pick tops and bottoms, I look for patterns on the 1H chart where you start to see price consolidate, or squeeze, such as a channel or wedge pattern. I then place buy or sell orders on the other side of the pattern, in the direction of the longer term trend. I let price come to me. If it does and then turns back around again, then being with the trend you have a better chance of catching it again on the way back.
My main strategy is long term, based on the daily and weekly charts. Smaller position sizes but much wider stops.
Either way, you should consider only trading with the trend, cut your position sizes and increase your SL’s. Trust me, you will sleep much better at night.
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Ohhh so I’m a scalper ok I will continue to use my strategy I have also been looking into breakout strategies soo thank you for the advice 
Sure it does. Breaking even in such a short span is in itself a feat.
It’s difficult to assess consistency after just 1 month. Maybe give it a bit longer and just be patience with your trades and may i know which forex broker are you currently working with as i am also new to trading and would like to know some brokers.
I would suggest you backtest as far as the platform will take you and then trade for at least a year to see the ebb and flow of the market. Markets have seasons too.
I would also trade with a small account of real money so you have real fear and real greed entering your mind. Dominating your emotions and psyche is the most important part to becoming successful.
I would suggest you not revive 3 year old threads in a desperate to find idiots to scam.
Lol man your trading is going horrible or you’re just a peach in life.
Relax I don’t want anything from anyone and these are suggested topics in my list.
Pay it no mind it costs you nothing.
My trading is going awesome, thank you for asking. Stop replying to dead topics, you’re being a public nuisance.
Stop relying on*
Take a backseat to speaking English correctly newb.
You don’t even know the difference between reply and rely, lmao.
Lol sentence structure scammer. How have you existed this long on the platform?
Been around long enough to know you’re a scammer in the making. 