First off thank you so much to the founders and upkeepers of this spectacular site. I am a long time lurker and first time poster. I have learned a great deal from every regular and some irregular posters. Hats off to TopChess and James especially. Maybe it is the same thinking disorders or great minds thinking alike but I have taken systems from each of you and modified them to my personality and been wildly successful.
As the title of my post indicates: is it time? for me to start using real money? using various methods and modifications from this site I have been trading VERY successfully on an Oanda demo account. I started my new (based in favorable interest trades) method on the 30th April 2007, and up 120% as of last check a few hours ago. Based on an interest basket as well a couple other (modified) methods my question is: should I give it a go with real money now? or is this beginner’s luck? (or no way you’re out of your mind, develop a real strategy n00b?). I’ll discuss my method more in depth later. But is this a good time to try real cash?
Thanks so much in advance!!!
WhyNot
P.S. I’ve tried other methods in the past and gained about 10% month for what it is worth.
BabyPips.com - Thanks for the oppurtunity to give the dream a go!
First, I wanted to say thanks from all of us for the wonderful comments!
Going live is a big step, but if you feel ready to do it (meaning you have a tested system and risk management skills), then go for it!
My one bit of advice is to start off with a really small account. Even trading microlots with real money can have an emotional affect on you. Take note of what you feel when trading live and from that point you will know what position sizes you can handle psychologically. I hope this helps and good luck to ya!
You’ve tested your system. It works for you. Trust your system. Do not deviate from it one bit.
If you are starting out and you have a system that allows deviation (like a vairable exit), then try to nail it down so that you have firm entries and exits (like capturing 10-20 pips) when you start. This greatly helped me build confidence with real money. It is to make sure you have the right direction to start out with. After a week, month, or so, you can try to allow for greater gains.
If you get the mindset that it is all just numbers, it does work very well. I also worked at this for myself so I was numb to the money aspect and focused entirely on the numbers - what are the numbers doing?
Oh! Start trading with one lot - one lot only please! For at least a month.
or great minds thinking alike but I have taken systems from each of you and modified them to my personality and been wildly successful.