I’m pretty new to this so if I ask a stupid question please don’t jump on me. I downloaded MetaTrader 4 last night and opened up a 10.000 demo account, but I’m not sure if I know what I am doing.
I was really just messing about clicking on random pairs of currency, buying/selling them. what I did was then look in the ‘Trade’ section at the bottom, and as soon as it showed profit I then ‘Closed’ the trade. I left some open overnight and woke up this morning to find that a lot of the trades I had done where showing profit, so I closed those ones. Now it says that my balance is 11,553.49, making a profit of 1,553.49. It might be a stupid question but is this good?
You can probably tell I don’t have much of an idea what I’m doing, and I will be giving that ‘School of Pipsology’ a read, (that’s a lot to read).
believe me… i´ve double a lot of demo accounts in 2-3 days… and that is a 50000$ profit in 2-3 days…
now don´t think this is a reflection of what really happens in trading forex… don´t get me wrong this kind of profits are possible, but it will take time… lots of time and lots of patience.
now the first step in forex is what you´re doing: get familiarized with the platform. play around with demo accounts, blow them, double them, find every tricks avaiable in metatrader.
2º is found a good system, here in this forum there´s lots of them and in others foruns too… look for one that you like and them practice it in demo.
3º open a small real account with a couple bucks, just to make you familiarized with the trade money emotions
4º become a consistent profit trader
most important is: don´t ever believe you know how to trade until you can explain to other people why you take a trade. if you take a trade and you can explain why them the result of that trade is luck… and luck is for casinos.
any question just post… you´re starting a long hard road… don´t give up, and most important don´t try to find shortcuts
OK that’s cool, I’m not looking for the get-rich-quick option, I’d like to know what I’m doing before I start messing with real money so I don’t blow it all and I can build up my money over time. Thanks again.
What you need to remember is that what you bought and sold could have just as well gone the other direction, leaving you -$1500 in the hole. Shooting blindly will make you lose money over the long term (because of spread and sometimes neg carry).
It is a great thing that you found this site and it’s wonderful training program. Use the school section thoroughly to get your knowledge level up and continue to get on the demo account as much as you possibly can. I don’t mean trade as much as you can (ex. Overtrading) but immerse yourself in the market and get to know it like a woman (because she can be a ***** at times;-) I had the same story when I started my demo 2 months ago, then after about $500k in demo losses, I learned many wonderful lessons. You are in the right place, good luck and God bless.
Thanks a lot, and youre right about the woman thing! Im just gonna keep readin the school section, its a lot to get my head around though, so i will read, re-read, and then read it again!
My first time every trading with a demo account, I made 1300 dollars in one night. And boy did I feel good. Ofcourse, I was losing as well, smaller amounts over time. But psychologically, I was still upbeat from my big win, even though I was losing it slowly over time.
Demo is like a video game. It’s fun money. It’s for leaning the platform, and trying out strategies, forward testing etc. But live is very different. Everyone has beginners luck, because we’re so focused on the wins, we don’t worry about the loses.
But if you work and study hard, you will get the to point where you can make profits consistently, smaller profits but consistent over time.
