I’ve been trying to practice forex trading on my demo account.
The problem is the current system I’m using, the cowabunga system, only gave me like 2 or 3 valid entries a day at the most. If I missed an entry I’ll have to wait for several hours before getting a valid one again. I understand trading require patience but there gotta be a better way to practice.
What I imagine would be super cool is the software (I’m using MT4) would let me replay the history data at a pace that I can control. I can fast forward to where a valid entry is approaching and then slow down to normal speed where I can place my order, control the stop loss and select a proper profit target.
Learn to crawl before you walk or even run, this is a marathon
not a sprint, if you are looking for a “get rich quick scheme” you
are in the wrong place.
If those 2 or 3 trades are winners, or if 1 out of the 3 are winners,
then you have a system to make a profit, what more do you want?
The best test for any system is the current market, demo until you
are confident with your system, then go live with a small amount of
money.
I fully understand what you are saying. But isn’t what I’m asking for a more efficient way to train myself?
If I practice the way like I am, I will probably get to place at the most 30 orders a month. And I believe the more orders I get to play with, the more experience I would gain before I get into the real money market. I understand there will be a difference between trading live and trading on history data. But for a newbie like me, I would learn so much more if I can just trade more, no matter what data I’m trading on.
Believe it or not, it’s your ability to wait that will have the most significant impact on your trading. If you can’t wait, you won’t be selective with your entries and exits and you will lose money. That waiting that you want to avoid is a good portion of the training that you seek.
After you learn to trade and have some experience, NOT trading will be far harder than trading. I still to this day have to pull my finger off the trigger in some instances because I know there’s better prices ahead if I just WAIT!
I know there are some programs for sale, maybe “forex tester” might be the name of one that lets you go back in time to test. I think you can adjust the speed. Hopefully someone with more knowledge of testing software can reply.
If you use MT4, here’s something a couple members of the Never Lose Again thread provided:
Originally Posted by Afro88
For everyone else, here’s a blank EA that you can load into the Strategy Tester. It won’t make any trades, but you can tick the “visual mode” box and watch price action in realtime from past data. Very very useful for me, as I don’t have time to watch the charts all day every day to learn to see how price moves. You can’t actually place trades, but you can place horizontal lines where you would place your stops/limits as well as stop losses and take profits and watch price fly through the lines in fast forward!
Originally Posted by xmess7
Guys try this EA and scripts. I modified the scripts so folks can place trades manually will running the EA in the strategy tester. I don’t have the source for the LH_TRADE_SIMULATOR. But if anyone wants the codes for the Buy and Sell scripts let me know.
Read the readme.txt for how to install the EA and scripts.
With this stuff just go into the strategy tester and select the EA, then you set the speed at which you want the candles to appear. Use the scripts to place SELL and BUY entries. You can indicate stoploss and takeprofit. If anyone wants PENDING orders let me know and I’ll provide them as well.
Make sure you use a black background. That way you can see the text that shows the PIP/amount status.
If you have any questions on how to setup/use it, then you’ll have to contact the members above.
