I tried trading Forex a few years ago but I got frustrated and didn’t think I would be successful. Even seeing my demo account lose pips was upsetting. But this time I really want to make it work. I’ve been reading some books on technical analysis that focuses on pure price action and a lot of psychology books. I still have a lot to learn but I started keeping a trade journal and gave myself the goal of making 50 pips a day in my demo account. Since I’m still pretty new, I’ve been watching only the EURUSD for the past few weeks… but I’m in the US so at night time, after work, the charts would be pretty slow. I started watching the USDJPY as well and I saw that it was trending up and thought I should buy but didn’t. And when it kept going up, I started getting more confident.
At first, I was long the EURUSD because I saw that it had a strong bullish signal. But I set my take profit and stop loss too high. I was in the trade for all of this week and last and pips just kept going up and down. When I saw the pendant triangle forming, I closed out my first position and shorted it yesterday at 1.16229 using the 4 hour chart. I was going to let it run but when I looked at the daily chart, I saw that the last support was around 1.4953. I didn’t want to get greedy like I did in my first position so I set my take profit a little at 1.15865 and my stop loss at 1.16604. I saw that I got stopped out with a profit of 36.40 pips and the next two candlesticks after I got stopped out are bullish. I wish I could post some pics but since I’m a newbie, the forum isn’t allowing me to post links or pics.
I know 36.40 pips isn’t a big deal and it’s only in my demo account, but I have placed a few trades in my demo account and they were all losers. I’m still trying to figure out my system but I’m just really proud that I finally made some pips and that I got out right before the market turned around. I’m really enjoying this. Hope I can stay consistent as I keep learning. If you see anything in my trade that could be improved I’d appreciate any advice.
Hi g12863! My gameplan is to put up my trading journal here for some sort of accountability. Like I would be somehow forced to continue with my plan because I put it out there. Plus those who are willing to help out may do so easily because they could see what I was doing. Maybe you can try that route too. Though I haven’t done anything yet haha.
I didn’t know that you couldn’t post photos and links as a new member. Have you checked when you will be able to post those? Maybe you’re just missing a couple of posts to meet the forum’s minimum.
DO IT ! - you will get the dumbasses “heckiling” - but there will be some who will respect the intention, and help as much as they can - You will soon know the difference !
A good friend told me that “Green pips is still green pips” so I think that’s still an achievement! Good jooob!
I used to always just lose on my demo trades but I guess that’s really how we learn. There are really helpful people here so I’m sure that you’ll receive valuable input once you continue sharing your trade ideas with the community!
I used the same technique for USDJPY and the same thing happened… I took profit before the market changed directions. It freaked me out a little when I saw that. Like I saw a ghost or something from another realm lol
Well said @ria_rose. In my opinion if you are not losing or making mistakes you are not really learning anything new or significant. And you’re right Babypips community is always ready to help each other out! There’s plenty guidance here.
Good to read the thread. As a new baby, you should not give up and as you have said you are interested in continuing your learning, you should try to cover your lessons from Babypips forum. Best of luck.
Using a demo account before entering in the live market is a very best step you ever taken in your life. You should have to do a huge work on a demo account. This will helpful to you to get some knowledge and experience from it about the forex market. This is only reason behind why mostly people use demo account before entering to the real market.
Quick update, posting in case anyone’s interested. Here’s my progress so far:
-July – up 352 pips
-August – up 561 pips
-September – down 153 pips
I thought of going live in September and really glad I didn’t. Just goes to show I have more practicing to do. I suffered because I got out of the habit of diligent journaling and following my strategies. Now I’m going back to basics and trying to be good about journaling every trade and doing some more studying.
I’ve been using Naked Forex, which I highly recommend. I know trading psychology is important but it’s been frustrating trying to find something that has practical tips. I’m thinking of rereading it this weekend.
It is good you are keeping journal of your trading… It will tell how and when you get or loose money. Never be frustrated by bad trading no one is perfect in this world . Specially with risky business the chances of sudden loss are more. I also feel good even when get only some pips because I am a winner. One can do more good with this positive behaviour when he will see his good points.
-stick with it ! 
There are really helpful people here so I’m sure that you’ll receive valuable input once you continue sharing your trade ideas with the community! 
That’s what I did too and it’s probably one of my best decisions so far. 
Haha.