I have been trading about 6 months on a demo account. During this time, I have tried numerous trading tactics, finally landing on one that works for me. I also tried some very high-risk trades that I both won and lost big money, albeit play money. Even though it’s play money, I act as if it’s real. I have landed on a system that has resulted in 98% profit. Here’s what I’m doing:
Trade no more than 1% of my balance daily. Getting 1% daily is compounding. I like the ‘base hit’ mindset rather than ‘swinging for the fence’.
Trust the indicators and oscillators. I have 3 oscillators I use and if used correctly, have given me 98% ratio. The other 2% loss was me second guessing. Unless the pair is going somewhere weird, the tools will be correct.
DO NOT GET EMOTIONAL!!! If I’ve had 3-4 losses in a row, I can become desperate and chase bad trades with a worse trade. I shut down for the day and backtest to figure out what happened. I was an Electrical Engineer for 35 years so troubleshooting is in my nature.
Get one chart laid out exactly how you like it. Oscillators with parameters, color scheme, etc and save it as a template. Anytime I open a new chart, I open the template and all my charts look the same.
Don’t sit and watch the chart. It will drive you nuts.
I’m going to start live trading next week, so we’ll see how all these great ideas work.
“The best-laid schemes o’ mice an’ men gang aft agley”