I am new to this board. So, hello everybody! I really like BabyPips and find it very useful and helpful community.
I’m not so new to Forex. I’ve been interested in Forex for couple of years. I’ve have had several fairly positive test runs with demo accounts. I usually do active trading like month or two and then, facing a decision weather to go live, I chicken out. Basically I’ve never had negative months on my monthly test runs and generated between 5-15% ROI each month.
So, now I am at that point again. I created new FXCM micro demo account on June 1st and traded almost every day. By today I have generated decent 17,3% ROI of my starting balance of $5,000. I planned for 10-15% but now it seems I can achieve 20% ROI by the end of month — we’ll see. Now I am thinking why the hell am I still trading with play-money when I could have been doing this live.
You can have a look at my report here: drp.ly/1gaX5S]report.html
So, now I am thinking again of going live, but I still have some doubts. My current plan is to go live next month and deposit $5,000 on my FXCM Micro account and replicate what I did this month with my demo account. I do not plan to make millions. My plan is to reinvest all my earnings. By maintaining modest 10-15% average ROI each month, my $5,000 seed should compound nicely in couple of years. And if I am doing well I will further finance my account. What do you think abut this?
I feel confident, but at the same time I feel like it’s too good to be true. Only seven losses this month so far — it can’t be real? My past experiences with demo accounts have been similar. There are so many people talking of “beginners luck” etc. What’s your take on my results?
Personally, my major concern is my trading system. I do not have trading system written down point by point. Some might say that I don’t have one, but in my mind there are certain rules that have to be met before I even consider opening position. I am quite frustrated about this, because most people say that you must have firm rules written down. Of course I do technical analysis, but its not like I’m a robot who follows some never changing algorithm. I look at my indicators different timeframe charts and if I see an opportunity I open a position. I mainly use Bollinger Bands, RSI, MCAD and SAR and that’s about it. And there is some degree of gut-feeling involved. If anybody’s read Blink by Malcolm Gladwell you know what I mean. I mean, is this real? Maybe I should just backwards engineer my brain? But for me, every time I try to get overly technical about my analysis, I tend to make mistakes. It’s as if I get “forex yips”. Also, whenever I try to borrow something from somebody’s super-mega-million-strategy, add or use other indicators I start making mistakes. The fact that I do not have firm system, defined point by point, in place scares me, but numbers show that what I’m doing is good. Why change something that works? Can you please share your opinion and experience on this?
