Just started a account of 2,000 us dollars . Before I did I played on the practice account and made a 50k account to 100k in 13 days. I was confident in winning if I started a real(live) account. My first day I made a 220 dollars roughly and 130 pips . Second day I lost 80 dollars . And today which is my third day isn’t going well . I need advice in what to look at and how to come to a good conclusion . What I look at is low and high of the day and news feeds then I buy according to info I gather .
First thing I’d say in the strongest possible way is REDUCE YOUR TRADING SIZE! You should not be seeing 10%+ swings in your account equity on a daily basis. That screams trading too big and strongly suggests the probability of a major account drawdown.
Second, I’d say that as you’re no doubt finding out, live trading isn’t the same as demo trading. Thirteen days of the latter isnt enough to prepare you, especially since I doubt you actually learned all that much. It’s a tiny sample and almost definitely reflects a combination of luck and very large position sizes.
Third, if you’re already asking for help on what to look at in the market then you don’t actually have a trading system defined. You’re basically trading at random based on an intution you have not yet developed. Back down. Take some time to learn. Create a good trading plan.
I think actually the past few weeks, the market conditions have just been really ripe, atleast for my system. But now have become highly volatile. You haven’t traded long enough to see every cycle of a market. Also that sample size is so small, you have to have a record of a couple hundred trades before you can really have a good idea. I back tested over 15 years of data when i first went live. And I only lost 5% of my account and realized i had no idea what the heck i was doing. Now I am slowly getting more confidant and now face new and entirely different challenges. Its like saying that you can become a concert pianist after listening to a TIME LIFE collection of classical songs.
Go back to demo trading, or trade 10 cents per pip and not more than that.
First thing you have to learn is money management and compounding.
Those two things are much more important for a beginner than a trading system.
What ever it is, dont think its easy to make a buck from the market, regardless how how good your demo trading was.
Think so and you are going to loose all your money.
Yes you two are completely right. What is the average pips a day won if you don’t mind me asking.
LOL.
I like to say 30 a day, conservatively. Some days are bumper days. Some days no trade at all.
Personally I don’t even think in terms of pips, I prefer to think in terms of a percentage return. I will take trades with a R:R of at least 1:1, but I don’t mind about the pip values attached to that. So on one trade I might risk 25 pips, hoping to make 25 or more, on another trade I might risk 150 pips and target 150 pips or more. On each occasion, my risk will be the same (1% of my account), and the pips targeted will equate to 1% of my balance for each increment of the number of pips risked.
So to take those two examples, if on the first trade I risked 25 pips but made 50 pips, that would represent a 2% gain on my account.
On the second trade, where I risked 150 pips, if I made 300 pips that would still give me a 2% increase on my account.
So for me, the 50 pip day is just as good as the 300 pip day!
ST
I’d say you are up 140 dollars which ain’t bad.
At what time Do people enter the USD/EUR trade. Any strategies on trading?
Time of entry is not really that important if you ask me.
The most important thing is price and S@R levels.
S & R levels are what allows you to “read” price. To judge if its going to be a buy or sell, where to put SL and finally where to put a TP.
Market times offer volatility, but direction is not governed by it.