Demo pips training

Nothing special, but would like to share my experience with my demo account and my progress so far.
Most of my experience come from this side and i have to thank everyone here where posts and comments helping me to gain experience.
I am planning to continue for another 5 - 6 months (as per piping school suggestion/recommendation.
It would be nice if it has been for real :smiley:

Beginning Balance 0.00
Comm Trading Commission 0.00
Rollover Rollover Fee -22.80
PnL Profit/Loss of Trade 4,799.08 (as for today 22/07/2009
Depos Deposit 50,000.00
Withd Withdrawal 0.00
Option Options Payout 0.00
Comm Options Commission 0.00
AdminFee Administrative fee 0.00
MngFee Management Fee 0.00
PerfFee Performance Fee 0.00
Void Deposit Rollback 0.00
ASPComm ASP Commission 0.00
MargInterest Interest on Usable Margin 0.00
Ending Balance 54,776.28
Floating P/L 0.00
Equity 54,776.28
Necessary Margin 0.00
Usable Margin 54,776.28

Hi PippingTom,

First off, good job coming up with a funny “pip pun” name that wasn’t already taken. I thought all the good ones were gone! :slight_smile:

Secondly, unless you really do have $50,000 to open up a live account I’d lower your demo account balance down to what you actually have.

Sometime a bad system or money management plan will work for a while with a high dollar account, but will fail immediately with a smaller account because it can’t handle the drawdowns.

I’m not saying your system or MM is bad, I don’t even know what it is, I’m just saying if you want to get accurate results you should demo with a balance closer to what your real live account would be.

Or even better, get a small live account and trade a few pennies per pip! Even small money can help you learn to handle trader emotions better than a demo account.

Of course you didn’t ask for advice at all, so feel free to ignore me! :slight_smile:

hi phil

Yep, i can understand. The demo account has been given to me when i downloaded the program. Possibly i will open micro account later on if my trading training progress little further.
I am not using any special method, i just observe the market and different time periods, from 5 m to 30 m and sometimes 4 hrs to get the market trend direction.
I use RSI BB and MA as helping indicators (just as per piping school advice), i also look at the candle stick formation and when the time is right i go long or short. After making profit i close my position.

(i was lucky with Pipping Tom - did not think that will be available :smiley: )

If you are demoing because you havn’t found a method that you want to stick with then demoing 6 months is fine. IMO, if you have method and it works 6 months of demo is HUUUUUGE waste of time.

Lots of things happen live that don’t on demo. IMO, you’d learn more starting a micro account and at least trading cents per pip. Demo isn’t experience or training. It’s only useful for learning to use the platform and hacking out a new method.

Going live will cut down on some of the learning curve. Demo will not.

Hi ThePhoenix

Totally agree with you. At the moment i am learning FXCM platform and have to admit that i am also learning FX. Unfortunately my time is limited to only afternoon hrs when i come back from work, this is why i am giving my self long time.
As for the method ? Well…i have read Nick B e-book, study the candlestick and have to admit that i have not yet develop final “system” to trade FX.
All my trade “income” come from - spot - trading (candlestick provide signal - i jump in make some pips and i get out). Unfortunately this is not the best way to trade, and i know this.
Have to admit that it is not easy for noob to decide which final “system” can be accepted. Hopefully i may arrive to some decision after further practice :slight_smile: