Opened my first demo account yesterday, $50k of Monopoly Money to play with
So, 1st trade.
EUR/USD, short at $1.23084 on basis that EUR/USD is dropping like a stone on all time frames and no reason to think it likely to reverse. Managed to catch a small reversal before shorting, every pip counts.
Try to focus on the process (risk management, sound technical analysis, psychology), rather than the results (“every pip counts”).
Pips are absolutely meaningless in terms of measure a system’s success.
Good luck though- don’t forget to journal!
Got them covered, the ‘every pip counts’ was just light hearted comment but thanks all the same 
My basic trading plan is…
Max risk per trade 2%
Max total risk at any one time 10%
EUR/USD only for now
Mainly day trading, 1 day, 4 hour, 1 hour, and 15 min timeframes to get overall picture
Following trends but using retracements for entry opportunities
1:2 risk/reward ratio, no point being greedy
Dont trade around news
Fairly clean charts with PSAR and RSI indicators as confirmation
Using S and R levels as stop loss guidance
Well, disappointing 1st trade thanks to Mr Draghi.
Closed well before the announcement but with a small loss of -17.6 pips in what looked like a ‘sure thing’, thanks mate.
Shorted 5 lots @ $1.24412
trailing SL at 30 pips, just below the days high
TP at 100 pips would give $50 profit if I dont close first
Indicators suggest extremely overbought and looks like sellers coming back in
For some reason I dont know, this closed exactly 1hour after I entered it!
At least I made +49.3 pips profit:), but would like to know why it closed on me.
Spotted opportunity to make a short on possible drop in EUR/USD, in and out in a minute for +$119.00 profit
Ive opened a 2nd demo account with another broker.
Partly so I can compare them both, partly so I can try different strategy and trading plans on each to see if I have a preference.
So, one account day trading on eur/usd and the other trading eur/usd and gbp/usd on shorter time frames (4 hour and below) looking for 3 or 4 opportunities a day. Reward/risk ratio on this account min. 3:1 as I am probably going to get stopped out more often due to sudden spikes on the shorter timeframes
EUR/USD today at 12.30.
D1 suggested downtrend to continue, H4, H1 and M15 all suggested price range between 1.23650 and 1.23950.
Waited for price to bounce off 1.23650 ish and went LONG at 1.23735, 10 pip sl and 20 pip tp, later revised to 19 pip for a RR of roughly 1:2.
Closed at 13:15 for 1.23935 to give a $192.57 profit after commission.
Just taken another trade on the same chart, this time SHORT @ 1.23945.
Again a 10 pip trailing SL. Only put 15 pip TP as the downward pressure earlier was weaker than the prior drop. Still a RR of 1:1.5
Yesterdays trade (SHORT @1.23945) has been a real rollercoaster.
At one point yesterday it was down over $300 and I was sweating a bit!
Left it to run, as one should, and is currently over $100 up. Have moved TP out to 25 pips and trailing SL has reduced my risk.
Lets see how it goes!
Well, big bounce back took out my stop loss but still closed @ 1.23818 for $122.57 profit after comm.
Seeing as the downtrend is so strong, Ive taken out another SHORT on Eur/Usd @ 1.23807.
Dont plan running this for long, will be happy with a quickish 7 or 8 pips
Closed 22 mins later @ 1.23717 for $82.58 profit after comm
Despite the feeling a quick profit brings, I think I am better overall on longer time trades.
Partly because I have a full time job so cant sit in front of my screen all day, can really only trade early evenings (UK time) so finding a trade then leaving it a day or more to get to where I want it suits me fine.
Okay, so waited until after PPI results before trading.
EUR has had a bit of a rise today but S&R levels suggest it will struggle to break 1.24600, currently ranging between 1.24550 and 1.24400 against USD.
Taken 10k SHORT @ 1.24541, sl at 10 pips, tp at 14 pips (just above 1.24400.
Hoping for small profit but not over confident, hence only 10k position this time.
Lets see how it rolls
Well, glad I was cautious about this.
After dropping a few pips there was a 1 minute spike which took out my stop loss.
Only a -$10.24 loss but Im glad I only took 10k instead of 100k as I usually do.
Hello again.
Eur/Usd still looking to drop on D! and H4.
Currently trading c 1.24360 but could go as low as 1.24200 today and 1.21000 during US session or tomorrow a.m.
SHORT 100k @ 1.24312, trailing SL at 12 pips, TP at 25 pips for R/R of 1:2
Closing chart down now, will let it run