Just started yesterday with a forex demo. It is a little bit fake becuase it is saying I have about 50k to invest when in reality I will probably only have about 2k when I go live. Here is the question when I’m trading on this demo I am buying 100k and selling them when I see the tiny jumps that but it up to a profit between $50 and $80. Is that seriously going too small or is that what everyone does? I really haven’t lost any money when I was trying.
I went wild a few times and bought a crazy # and lost a bunch of money.
I sort of have a plan but you are right it is not much of a plan.
All I do is look at the charts. First the weekly to get a feel for how much the pair is moving then I go down to the 30 then to the 5 minute. Then I find the spot where the stock seems to cross on every peek and valley. I set that as my target sale point. Then I sort of ride the wave when it goes below my line I buy I sell on the way back across my spot then when it get a couple of click above my line I sell again. Seems too simple and it probably sounds too simple but hey I made about 150 bucks in the 2 hours I was serious about my chart reading. I guess I don’t follow the range and resistance strategy very well. How do I get a strategy though? Also is there a glossary the people on this board speak a different language than me.
Still I need to read more and your right about that demo account I have.