Hi all, I have been trading a demo account since the beginning of March. I feel good about my progress and maybe a little too confident but am planning on going live by the end of this month.
Managed to make almost 20% this month so far but my target was only 0.25% a day. Trades just kept showing up. The first couple of days I went in too hard and made big gains but was too risky so scaled back. I also made some silly mistakes on a couple of days so did see some red.
I have not been using any stoploss on initial entries and really dont want to use one but will probably start setting one 2% away from my entry just so I am protected against large unexpected moves.
Am I able to share Myfxbook details so that you can comment on my progress?
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So have you started your live trading?
No not yet, I am getting funds in place and plan to start in a week or two.
Welcome to live trading. It is good to know that you have been doing well. However, I am a bit concerned that you do not use stop loss. Not using stop loss may hurt you badly. Consider using stop loss, take profit and have a good risk-reward with every single entry. I am wishing you all the luck.
Welcome to the forex. If you want to learn the basic of forex, you can visit the educational section of babypips.
Thanks. I have done a couple of courses before on FX and Crypto but plan to do the BabyPips one over the next 6 months. I really want to get to the point of being able to have a 200-600k account, placing really low £/pip entries and be happy to make 0.2% a day. If the price goes down at such low entries the stress would be really small etc. I have about 80% winners at the moment and 99% of the loosers are me messing about!
Are you following any systematic trading approach or just random trade opening out of mere assumption. If it’s a systematic, well defined approach, you are good to for live trading.
Hi. Yes I’m following a strategy.
I have alerts set up… takes 5 minutes to review when I get an alert and then enter under certain criteria.
Hopefully works as well with real money!
I have been using myfxbook which I like. Are there any others worth looking at?
Hi, it took me 8 months demo to eradicate most of my mistakes, greed and fear, while becoming profitable after four months. IMO, the bigger the initial capital the more breathing space you can give your S/L - which is imperative unless you’re scalping the 1-15 minute time frames, because an internet (electricity) cut out or a rare black swan event could cost you…
Lot size 0.02 - 0.08. leverage not exceeding 100:1, risk not exceeding 1.5% per trade, set a daily risk limit and stick to it like glue. Also, no more than two open correlated pairs, an excess of which could be very costly.
I also refer to MarketMilk on this site - which is excellent, and two good apps, Myfx helper, and a newly revamped Currency Strength Meter - I like this one as a quick glance at one app screen…
best of luck.
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Thanks for reply. Great help.
I must find a way to add a stop to my trades just incase of a power cut etc.
I’ve only had one trade bugger off in the wrong direction which was the Nikkei. An aleft came up just before I was going to bed so placed a trade. Ended up coming back to break even by the middle of the next day though.
Thanks for the help
Went live on Wednesday. Had loads of mishaps that I didn’t seem to have when using the demo. Several trades didn’t go as expected but on the other hand a lot has been learnt and will be learnt when reviewing the trades.
However for the first three days trading I am up 3.84% or £384 which I can’t complain about.