My first month in Forex review

Beginner Questions
1

Hi to everyone!

I have finished my first month on a real account, and I felt like starting a thread here to comment my results. February gave me a 25% profit over my initial balance, and even after what I consider some big mistakes (beginner mistakes I guess hehehe)

March is resulting on another 25% so far, I had a really good starting week.

Forex gurus, experts over the forum, what do you think about these first results? Are they too good, are they average? Before starting my real account I’ve been trading demo for 6 months until I finally raised several accounts to a 100% Return on Investment, and then I decided to go real.

Have a nice day!

6 Likes
2

You’re doing great. just keep it up. well if you can make more why not?

3

@tralaritralara

LOL
what do i think… ?? ok
PREPARE YOURSELF

re this…

MY FIRST THOUGHT
"Oh my god… Not another one", Here we go

then we see this…

SECOND THOUGHT
Oh my god… it’s all coming to fruition

MATE, … QUESTION (Important question … ok)
i don’t care if you mate 100% or 1,000% or 1%
but MY QUESTION IS THIS…
in the 6 months (FOR THE ENTIRE 6 MONTHS) OK… be clear on this
WERE YOU CONSISTANT
Consistant in Lot sizes
Consistant in Growth
Consistant in profit
Consistant in Risk

WERE YOU CONSISTANT ? that’s my question
now before you answer… Keep in mind that i might actually ask you to email me the detailed report
now, lets say you refuse
well, that’s ok, but ONLY YOU WILL REALLY KNOW WHAT HAPPENED
my purpose is to get this across to you

if you were not consistant you will very likely blow your account in the near future, i see this as you jumping the gun.
as you getting excited , as a pretty dangerous move to honest.

then we have this…

No mate , this is not something to laugh at.
let’s look at facts

You spent 6 Months on a demo,
you got it to a point where YOU FELT YOU WERE READY
then… 1 Month in or less, YOU MADE BIG MISTAKES (something is not right here)
based on this, i do not feel that you are ready to go live (i’ve trained a lot of people in forex and this is my educated opinion)

I also think you need to slow down a bit
but, i don’t know the whole picture yet

but my first question needs to be answered
Were you profitable for the entire 6 months and consistant ?
the answer to this will tell me a lot

these are my thoughts

1 Like
4

I have been consistently profitable for the last 4 months, the first two months were more like a learning stage. Even though I am going real now, I still consider this part of my learning stage, since I know that many factors change when you switch from demo to real, so I am doing this with a small account, I would not go for real with a 100k EUR account for the first time.

Those mistakes I mention were, first, not to cover some of my gains after a large rally, which turned a winner into a loser. The other mistake was trading a major news announcement, which I have already added to my trading plan as a rule, not trading news.

If you want more information, I am trading mainly in the D1 charts, and I make my decisions from there. I also take into account long term forecasts from financial institutions, like EURUSD going 1.28-1.30 this year. That creates a solid bias that can be turned into profit when I spot the right price action signal in the right area of interest. My risk profile is 2%, and I am covering my earnings to breakeven. I am not trading exotic, not trading news, as I said, and I look for at least a 2:1 R:R ratio.

Is this explanatory enough?

5

ok mate

i still think 4 Months is too early, but hey… up to you

i’ll give you some figures to consider ok.
i tell my students that they have to trade on demo for 1 year before going live and they MUST SHOW CONSISTANT PROFIT FOR A MIN OF 6 MONTHS

now… out of all of them some get it quicker , some are slower

SOME FACTS…

  • THE AVERAGE TIME TAKEN TO “GET IT” and Start being profitable is around 7 Months, You somehow pulled it off in 2 Months (i doubt that) but hey, Prove me wrong

  • After the GETTING IT period , they have to show 6 months min consistancy, so let’s say someone gets it in 5 Months. now add another 6 months to that, actually let’s be generous and say … ithought the person was SO BLOODY GOOD that i was happy with 4 Months consistancy
    THIS STILL GIVES US 9 MONTHS OF TRADING ON DEMO
    you somehow are going live after 6

to do this (in my opinion) You’d have to be a bloody genius
you would have had to GET IT in like 2 weeks
then 6 Months consistancy

i highly doubt that
Now… what i’m saying and all these rules, are designed to keep newbies safe and all my students did stay safe.
so AS FRIENDLY ADVICE i’m asking you to consider this.

now this…

well. this is a mistake
You’re not supposed to be LEARNING on Live
that’s what demo is for

Demo is where you test and learn and come to a conclusion that something done in a certain way WORKS
LIVE is where you execute that plan without changing anything
if you want to test something again, you do it on demo

when you are trading live, you should have a live and demo account
if it takes you like 4 or 5 trades in the morning to GET IN THE SWING OF THINGS… do that on demo, Warm up on demo

Live is only when you are sure.

now this…

No they don’t
if they do, i would question your broker
there is only 1 thing that changes… You are not actually participating the market when on demo, you are not affecting it .
but really… what lot sizes are you trading
i mean… did you jump from Demo to live and jump in with 1.0 Standard lot, because even if you did … LOL… Mate, the affect that you feel is minimal … TRUST ME
if it’s not like this… Your broker is mucking you around, in which case, YOU WILL LOSE… ok

so … at the end of the day
it’s your life, it’s your trading

YOU ASKED FOR MY OPINION, i’m giving it to you
i wish you well, i hope you don’t blow up your account, but i’ll be honest, you are following the signs and traits that people who blow up their account follow
and i’ve seen a lot of people do it

I HOPE I’M WRONG… i really do
but i don’t think i am

Now also
are you starting Live with $100,000 Euro ?

so… those are my thoughts, i hope you consider them seriously.
be cool, i wish you well

6

Congratulations. Remember 3 things. 1. Save from Joy for the bad month 2. It’s not a picnic everyday 3. The secret is try to make the same mistake the least amount of times
Again Congrats
Gp

7

I really thank you your advice. I agree with all that you have said, but I want to make a remark about the average learning time that it takes.

I don’t say this to show off, just to you know me a bit better. I am PhD in Quantum Chemistry, so I am used to learn and keep on learning throughtout my life. The average time to take my BSc is 5-6 years, whereas I got it in the minimum time in my country, 4 years, so I am used to learn things faster than most of the people. Then I studied one of the most prestigious European MSc programs in this field, only available to 50-60 students from all the continent. Since then, I have been researching and keeping a sharp mind to engage any problem I find on my everyday job. I started on Forex as a way to improve my income, banks don’t offer anything, and I often find it better to do things by myself, so I decided to invest my own money. I know that it takes a lot of time (not even months, years) to perfectionate this business, so my goal is not really short term, I plan to do this for the next 4-5 years.

I appreciate your point of view, and I think that is always good to know other people ideas, but I think that I am confident to keep on improving my earnings, and stay well above my initial investment balance.

Have a good day

8

ok, then, you’ll understand me when i say this, I’m an Engineer (computer, Electronics and Electrical and Telecommunications)

Stats are stats… right
it’s not impossible for someone to prove them wrong but IT TAKES A LOT
you could say it takes a PhD in Quantum Chem :stuck_out_tongue:

so that explains that
now… did any of my students (who form this statistical database, so to speak) have PhD in Quantum Chem… NO
so that’s that

Like i said mate, Prove me wrong… by all means. good for you if you do
i was just concerned that’s all
i see a lot of people get confident after a short period of wins and they get this idea that they are ready, but they are not.
thats all it is.

hehe
Oh… BS… you know you are :stuck_out_tongue:
No it’s ok mate, I understand
I’m an engineer, and i don’t say it to show off either (speaking seriously now)
Your experience and credentials are your… and you’ve worked for it … YOU’VE EARNED IT , AS HAVE I. Be Proud of it.
Stuff anyone who says we are showing off
they have a choice, they can listen and learn , or go away and fail
so… i get it… No probs.

and… there you go
Facts are facts
Me, i’m a slow learner, but what i learn i learn in great depth, i’ve always been like that.

i agree, but hey HEADS UP
change this word to “Shyte” or the mods will delete the word and get angry and you’ll get a notification.
if you personally change the word it shows a respect for site rules.

that’s great and i wish you well, it’s a smart move

mate, you don’t have to perfect it
you just have to establish a plan that works
after it works , then refine it… .sure, but even that is not necessary to be profitable

well mate, i mean… after everything you have said… ok, I NOW AGREE WITH YOU and i change my initial opinion.
have a nice day
i wish you well.

9

That’s why I say I appreciate your opinion, although it could be more dynamic depending on the individual. I don’t think the market destroys anyone, I think that you are the only one that can destroy yourself and blow your account by trading. It is a matter of patience and discipline.

Anyway, if you’re interested on my account progress and status, I can report a monthly or quarterly post right here, just to briefly sum up the general view about it and its outcome.

1 Like
10

Hey,
This is good to read and I think the results are great. Whatever your doing, keep doing it and stay consistent.

11

Is it demo or real? Since you mentioned, you’ll be go for live after making 100% profit.

12

No, it’s not average! It’s really too good! By the way, nice to see that you are not rushing.

13

i know and i respect that, thank you

this is true, but people are also largely dominated by habits, and weak willed people don’t have the drive to succeed.
SAD BUT TRUE :stuck_out_tongue:

2018-03-07 19_17_31-METALLICA SAD BUT TRUE - Google Search.png543×567 303 KB

Thanks for the offer, but i have a lot on my plate and if i was to follow your progress i would have to committ to it,
i don’t have the time unfortunately (no offense)

but i was happy to give an opinion and lend a helping hand regardless.
mate based on our conversation thus far, i think you might be ok
i won’t wish you luck, mainly because it doesn’t exist and it’s stupid to wish for something that doesn’t exist,
but i will wish you well.
be cool

2 Likes
14

Well done.

I only add that as you’re trading off the daily charts, as I am, I find that a month is not a realistic accounting period to weigh up the success of my trading strategy execution. I like to run winners with the trend and often have profitable positions open for 3 weeks. I find a quarter a more realistic period that smooths out the lumpy cash flow from trend–following and gives a better impression of how well I am doing.

I am happy to see you’re a new trader who is actually not day-trading.

1 Like
15

I know right ??
he’s like a diamond in the rough… GOOD TO SEE in my opinion

16

I’m not as kind as others bro. So hip hip hooray to you. Here’s a medal

You have said little and disclosed nothing. What are the instruments you trade. How do you manage your position size. What are your entry requirements. Where do you put your stops. How do you manage your trades. When do you exit. How do you manage market conditions. What research do you do to improve your system. How do you document your trades. Do I need to go on.

And you have an education. Good for you. I make things from milk and store shite. So it means nothing. Consider this a reality check.

Happy trading.

3 Likes
17

Nice return; what was about your leaning process?

18

I am answering any question, no problem.

  • I am trading only majors, no exotic currency. That is, G10 crosses with USD, and besides that I like to add EURJPY and GBPJPY because they offer very nice opportunities.
  • My entry requirements are mainly a pin-bar or any other combination of rejection pattern on the daily charts, most of the time with the trend, although I make some entries if a very strong level has been reached. I also follow my fundamental forecasts bias.
  • Stops are placed according to the entry signal (below the pin-bar for example, when I find one)
  • What do you mean by managing a trade? If I let it be, or I constantly check it?
  • Exits are placed on an average 2:1 R:R, I place them on the nearest and strongest supp/res level to this ratio over the stop
  • Market conditions, you mean ranging or trading?
  • I do my research on a daily basis, I read websites like this, and I am also subscribed to some financial institutions (Lloyds Bank, Banco Santander…) feeds.
  • I document my trades on a daily journal, besides own MT5 reports.
1 Like
19

I’ve been through basic concepts, use of indicators (which finally failed for me, although I can understand that many people use them as a filter), I have also programmed some mechanical systems in MQL5, but I didn’t achieve anything hahaha

Then the lasts months I have been using naked forex approach, and it has worked quite well for me

2 Likes
20

Again its not what you said but what you didnt.

Best we leave you to it. HeHeHe.

1 Like