Im new to the forum new to forex and new to everything
I have been reading and researching about the FOREX market for the past 6-7 months. I have also been playing around with quite a few demo account from different platforms.
My question is am I ready to get into the “real world” and spend some money? I have brought 3 demo accounts from $3000 up to above $50 000. My problem is such that i do not have a clearly defined strategy. I dont mean to say im a total random player but still i do not feel confident enough.
I plan to enter with micro account and take it very slowly in the beginning to see where it goes?
You have answered your own question, even by asking it. Well done with your demo successes but Success in forex is about discipline, with out a clearly defined strategy luck will run out.
Perhaps you should start by going back to your demo accounts and defining what is was that brought you success. A little reverse engineering. Apply some studies and see if you were actually seeing something that created the profits.
Or maybe get another demo account and start recording your trading decisions to see if you can find a rhyme in the perceived madness. For my money, recording what I am thinking and planning my trades in advance is the best thing a new trader can do! Here’s a snap shot of part of this weeks entries from my records.
things look easy on demo. I also gained 5% on 1 month demo trading, despite getting 2 margin calls.
Knowing that it is just play money, makes you play aggressively. But not the same on real money. When your stop loss gets hit, and have some drawdowns, you will get frustrated and doubly scared.
I would open the real account. you can still play with demo accounts to nut out your strategy but the reality of a live account can be a sobering moment.
if push comes to shove you can lose a chunk of your capital in the real account and then go back and play on demo with a fresh perspective. Don’t kid yourself a lot of traders lose most of their account early but see it as the opportunity to learn lessons as opposed to having a defeatist attitude and use it to make you stronger and more disciplined.
I just believe that practise is important but there is just no substitute for experience… My 2 pips… :o
