Newbie in the house guys,
well what can i say,i just had the most intense two days in learning anything ever.
I literally devour everything i could find on babypips and other related sites heck i was so excited that i’ve even started dreaming of breaking away from current job and starting pulling my own ropes. boy i’m glad i had this quick wake up call.
well,I learned everything pretty quick,created 4 new demos accounts with AVAFX,DBFX,CollectiveFX and ACM
First day of trading with DBFX, i made numerous trades and even made 500+ profits
then i entered 4 positions that quickly moved against me, i didn’t set any SL and i don’t wanna close them in the hope that they may come up ( they will right?, well they have to)
i’m a combined 200 pips down and counting and i can’t even sleep as i’m so desperate to close these positions it’s been more than 24 hours now.
I went long with EUR/USD, GBP/USD,EUR/JPY and EUR/CHF and boy am i taking a beating.
i have no particular question at all but if anyone has any comment at all then fire away.
By the way love babypips. keep up the good work guys
Remember that in this market you are competing for profits, they aren’t there to be had for everybody. The profits will flow from inexperienced traders to experienced traders over time, and so if you are not experienced, don’t expect any money to be flowing IN! Do your best to keep it from flowing out over the next few years and then, just maybe, you will be able to quit your day job.
If you’re sweating it this much demo trading, I worry how you’ll be when you actually have real money at risk. It’s probably only going to be more intense.
Secondly, if you’re long EUR/USD, GBP/USD,EUR/JPY and EUR/CHF that basically means you have a triple long EUR position, and a double short USD position. That’s going to mean exacerbated impacts on your account when those currencies move.
Don’t trade without a stop loss
You are going to have loosing trades, everyone does. You are going to have winning trades, everyone does. Use a stop loss to cut your losses short. Find a decent strategy, there a some on babypips (personally I like breakout strategies) follow the rules of the strategy and don’t try to change them till you get good at it. Practice a LOT on demo. If you cant make money on demo you won’t make it with real money.
If you have some money you don’t mind throwing away then open a small real money account and learn on that, it’s a little different than demo and if you have some cash burning a hole in your pocket, I think it’s better to do it for real.
oh yeah, and don’t risk the rent money
I think you should take a step back and breathe, it’s going to be a long road to profitability but if you stick with it you can make it. There is going to be a lot of learning ahead.
When you open real account i guarantee that you will almost get cardiac arrest when you go long and then the RED candle pop in !
Should you close it or keep going ?
Unless you can control your emotions, it would be no good to go live. Demo account is not the same as live money.
Play the longer time frames, H4 and Daily. Study pin candles and how to play them. Look for pin candles on all the major currency pairs. Have won my biggest number of pips on daily pin candles.
Put a 100 Simple Moving average on your charts. When price is above it, bias is long, price below it, bias is short.
Never play without a stop loss. If your position hits the stoploss, maybe you were trading the wrong direction and should turn your position the other way.
Be aware of major news events and consider closing your position(s) before they occur. Wait about an hour afterwards to reopen your positions. The extreme volatility has a tendency to knock out some of your profit.
Trailing stops guarentee you will loose the size of the stop in profit. Set your targets and lock in your profit when it gets to it.
You need to learn that losers are part of trading, you need to shrug them off and carry-on; and by that I don’t mean blindly heading off in the wrong direction constantly throwing money away.
I lost two trades this week, down $600, they didn’t phase me - you MUST adopt this psychology or reduce your risk to the point where you are genuinely nonchalant and indifferent about the loss.
Without the mental edge you will struggle to succeed.
