My first week of trading went something like this;
$3,000 DEMO account with 100:1 leverage
Day 1) Learning how to buy and sell in Meta Trader 4. +$300 (Pure luck)
Day 2) Bought almost every trade to see how they perform with no stop loss! -$1550 (Oops!)
Day 3) Learnt stop loos, kinda looked at charts to see a pattern, read news. +$125
Day 4) Started drawing trend lines on graphs. +$1310 (Falling AUD/JPY and USA/JPY!)
Day 5) More trend lines, only traded 4 pairs, much more planning. +$1020
Profit for the week $1,252.39
I did this part time before and after work, but caught some deals during lunch on the iPhone that I would have otherwise missed!
Question:
Is it possible to gain this profit through a broker, are there hidden cost, like interest? I did’t hold the trades for more than 24 hours but some were over night
Cheers guys look forward to meeting you all, I will post next weeks trades to see if it was beginners luck!!!
I made plenty with demo money(1 week - 1200%). My live balance is 7,750 there abouts - I have made $700 in 20 odd days. If I was to cease trading now - the taxman will tax 50% of it. Spreads will vary on live. If your strategy has been backtested and you can stick with it for 6 months forward trading on demo, you might have a better idea if it is realistic. You can sign up for a live account and run the feeds side by side to help.
Excluding being on this forum - 6 months - 3-4 hours a day. I have done buy and hold with Australian Stocks(I am an Aussie) - I work a standard employed job (30c in the dollar I earn goes towards tax) - any income outside this is taxed at 47.5%(interest on bank accounts, forex etc… etc…).
Don’t regard my results as average(some of the people on here will lead you to believe you can make 50% in one month every month). I am still learning. Money management is the key along with risk exposure.
Sorry I didn’t mean to be harsh. I don’t mean it’s average for forex trading just looking at it from an hourly rate, but obviously this can double,triple etc over time.
If I am happy with my system after a few months I can scale it up. My situation, I am roughly returning just under 10% a month each month for 3 months of trading forex.
Signed up for myfxbook (Cool graphs can’t believe the quality of forex sites and they are free!)
Opened Oanda demo account with $1,000
[B]Mon: +0.54%[/B]
Started money management only risking 2% of bank roll and trying to stick to 3:1 risk ratio. Learning about candlestick trends, SMA’s, EMA’s ,fibonacci tool and money management.
[B]Tue: +2.4%[/B]
Gained 150 pips, didn’t make much money because I was using 2% of available funds but combined with stop losses was only risking a very small amount. Changed to spending half of account with stop losses at $10 and take profit at $30 (is this right?). Still gambling trades with not enough research put in.
[B]Wed: +3.92%[/B]
Fib graphs working surprisingly well, started to use SMA 10 & SMA 20, also working well. Trying to stick to 3:1 risk ratio, but haven’t been on all trades, only when I’m already up for the day then I stick to it
[B]Thurs: +9.2%[/B]
Set up first swing trade - short EUR/GBP @ 0.8408, [email protected], [email protected], TS@30pips. Have stopped reading about different indicators, going to concentrate on fundamentals fib, support and resistance lines , SMA’s, candle formations and money management.
[B]Fri: +15.03%[/B]
Trading well, but spending too much time in front of computer, I need to allocate one hour in the morning and one hour at the night if I’m going to take this serious. Loving GBP/JPY and Fib Retracement. Time to log off and enjoy the weekend! Glad we can’t trade on weekends! (I know technically we can, but yeah) Peace out
