Interesting method But what am I doing?

LOL

Well I have always been interested in Forex, and finally took the plunge and got Vt trader and am working a demo account with 50k.

Prob my first wrong step because I will probably trade with 5 or 10k.

Now I have read a bit and it all seems very very complicated to me, I understand some very LIGHT basics… but since it was play money and I wanted to get my feet wte I just started trading right away.

I like the synergy between the USD and JPY…

And all I have done is look at the trends on the charts for the last couple of weeks and notice it’s always always within a certain range… so even if you buy and it goes down there’s a VERY good chance it WILL go back up and beyond…

It kind of seems like if you can be pateint you can’t really loose too bad.

What i have done is look at the up trend or down trend on a daily basis… if it’s up i buy that one if it’s down i reverse my position

Sometimes Ihave bought and sold 3-5 mins later making 2-3k.

Not sure EXACTLY how it works but i am up to 65k after about a week doing this.

I buy 50 units (amount per account?) at a time or so… not sure really how much money that equtes to, or if that could be done with 5-10k?

Am I missing something here, or being very stupid or dilusional or is trading like this without ture knowledge based on trends or having time to sit there and trend trade really possible?

And what about the gains I am making unrealisitic?

Would love some feedback thank you so much!

I’m not sure what you are doing. I get the idea of you following the trends but what is your entry criteria? Are you using any indicators, candlestick patterns, etc.?

I am a newbie to and believe me you need a good foundation if your gonna make any money in this market in the long run. Baby pips school is a great place everything your gonna need to make money. Do you know anything about leverage, margin, money management and how the news can affect a currency, if you don’t your gonna be in a lot of trouble. Demo trading is different from real money. Due to the fact that you will be more watchful because its your own money on the line, right now you don’t care because the money isn’t real. Take your time and learn everything you can, and believe me if you don’t know what leverage and margin means find out because you will regret it. Happy trading

Good points Kent.

Also, people tend to focus on their system when that’s probably the least important part of trading. Money management, psychology and discipline are very, very important. Demo is different than real trading. When real money is on the line most people lose control of their emotions, make stupid mistakes and lose money. Make sure to read everything you can on this website.

Your method is sound, do not lose the idea of following the trend.

I am afraid that is where my compliments stop. If you have VT Trader
I presume you are with CMS, their platform starts at 400:1 leverage
unless you ask them to drop to 100:1, so your 50 units are in fact
50 lots, that would explain why you can make $3000 in a couple of
minutes but you can also lose a lot more in the next 10 mins.

Step away from the demo now!!

Have a read through babypips school, then you may get a little
more understanding of where you have gone wrong.

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