NNFX = No Nonsense ForeX
I will stay on Demo for another couple of years. Sometimes people learn something for different reasons. I had a brain heomorhage. I used to be a good guitarist and forgot everything and my left hand is too weak to cut the strings off on the bars…poo. I was awake for half an hour a day. I always remembered chart patterns like bats and butterflies, sharks and other animals and decided to learn elliot wave where the animals all came from. great for brain power and now back to work and semi normal (no guitar though). I learned how fibbonacci tied in with it. bats and animals cant be backtested coz you can only see them once formed. Then I found this VP dude and he was bagging every known indicator out there including fibonnaci but never elliot wave and some of his examples followed elliot wave to the letter. I was interested and did what he says and start at the beginning.
He asked us to search for our own indicators but as i previously mentioned, he drops little gold nuggets every so often.
I use 7 indicators as he says to use and the ones I use he gave us. I didnt have to search. I did watch and listen to all the material though and they are all there.
Sometimes you’ve got to pull things to bits e.g. the ichimoku - but he says to do that too. aroon up and down I use but have modified it. he didnt say to do that but a little latteral thinking and backtesting will show things. he gave us the REX. brilliant for exiting and if in the right place, brilliant for confirming a trade. only work with things that can be backtested before forward testing. staying off the radar as he says is paramount for example i learned that the 61.8% retracement is self fulfilling and is closer to 66% coz you get hunted by the big boys. so you go to 66% retracement and 70% will become the new normal. My baseline formed from a deranged ichimoku is very similar to a 20 dma but not quite and no chance of being included in an expert adviser or trading robot.
And VP is not the golden goat to worship. example he sort of dislikes moving averages but i use a 200 dma and if i get a buy or sell signal anywhere close to that i opt out coz 9 out of 10 times its a loser. the 200 dma is a wrecker. It’s good to take a trade but your limit must be your side of it.
sorry for the big rant but hope you get something out of it.
deally brokers based in the UK and properly regulated. Of course I’ll be imitating my real deposits on demo accounts.
Any feedback would be awesome guys, and I’d like to share my feedback as well, once I’ve done my own scalping experience!
But the conditions on the demo mode are different from the main account, aren’t they?
No different. Only in your head. You can be a gun on a demo account but when you add your own money, your emotions go to new levels and you may get spooked by trades you wouldn’t worry about in demo. eg draw down. you could easily intervene if losing real money, only for it to come right once you take your loss.
Dude, sorry to hear about your unfortunate situation, but hopefully you manage to see the upside of it as I can see that it’s doing well for you with FX. Great to hear how far you’ve come from as it gives me (and I’m sure others, too) more hope with sticking to the education. I always thought I wouldn’t be using all the tools, here too but still good to know what they are, right?
I can’t and won’t give up on the school of pipsology as he mentions it as a starter point. I’m also enjoying it so no reason to stop now!
Powter - I’m with Vantage FX at the moment bud. They’re based in Australia with decent and fairly quick customer service. Spreads aren’t too bad. I know you can also get better ones but some do ask for a bigger deposit. One thing I’ve been trying to scalping with it Gold - where do you scalp?
Salaloyul - with Trading 212 their demo was ok. FX is only monday-friday but they also is the pairs going over the weekends as stimulations if it helps. I know some would also do the same though. Any other differences wouldn’t be too distant otherwise, there would be no point being on a demo if it didn’t reflect live accounts, right?
“I can’t and won’t give up on the school of pipsology”
Sound logic… By doing it you are also learning discipline and patience as well as what your competitors are doing. That’s a huge edge - Our national rugby team in Australia, The Wallabies went to England in the mid 1980’s and won every game. The final game was to be against the Bavarian’s, a collection of the best from Great Britain and France. Every TV frame of the Wallabies on that tour was studied and it was a given that the Bavarian’s were going to beat the Wallabies. Out of respect for his players, the coach Alan Jones played ALL of his bench & reserve players that hadn’t played a game over there. The Bavarian’s hadn’t and weren’t able to study their enemy and got thrashed. Knowledge is power.