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Its not unusual to make that scalping which you are Im looking at the time you hold your trades. Its been times I doubled my account in 2 days but its rare. Keep discipline and dont let your emotions get in on the trades. Avery I thinks averages 13% a day on his account. I average about 4-11% a day I trade. Avery makes more than me but I still live off my earnings.
I note alot of your trades do not have a set S/L, so how are you managing your risk?
What happens when the power goes out? or your PC dies for some reason? or your internet service drops out?
Other that that, yes it is possible to make 5%+ in a day whether you can do it everyday is another matter.
Hello. I like forex, and I want to be better every day. I�ll keep my fears so far�I�m nervous, but I expect learn to make my money grow up. I�m starting with the metatrader, pretty easy to handle and of course taking my classes in your school. But despite I read about it I didn�t realize about the S/L, thanks for the advice though it wasn�t for me.
Hi there, well I’m not as experienced as one would wish, but I think that the Stop Loss and Gain Profit which Cdawg talked about it’s very important. When I first started to demo trade I earned around 700 dollars, I was so excited I thought I was ready to open a real account, but think about this, even though you’re thinking about real cash when you demo, if you lose money you’re not going to get frustrated, I guess what most traders think is that we just have to learn from it. But what would happen if, when you open your real account, you get to lose a lot, are you really prepared for something like that. This is not to discourage you in any way, just think about it. Plus are you already familiarized with any indicators? From what I’ve read so far, it is good to at least know how to handle some of them.
Hope it works for you.
The last time I wrote I was afraid because of fear, but with the demo account I can try all the times I want. One question, are there specific strategies to manage the risk, where can I put the S/L?
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Everyone here has given your great advice! The only thing I’d like to add is that you shouldn’t start live with the entire 100k. I’d move from a demo account to an account with a couple thousand for a few weeks just to make sure nothing goes wrong during the transition.
Good luck to you!
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100k i think if you are profitable than what you are doing is worth it. Definatly keep your emotions in check. You coulkd read Mark Douglas’ book trading in the zone Im just reading it now, and I want to tell you I read alot of books and alot of material. I mean alot!!! this is by far the best most relevant book on trading. It shows why so many fail. A demo is one thing a hundred thousand dollars is quite another you will have to learn to be emotionless and never look at the markets as against you or responsible for your dreams. You are responsible for your dreams, You are responsible for any losing trades, You are responsible for your money management. Never lose sight of that.
Phil838 is right dont put all 100k in an account keep it somewhere safe and know it is for trading but open your account with say 25k or even less and figure what you will risk per trade and total exposure and just make sure you have enough to cover that.
good luck, john
Johnnykanoo brought up a good point. Even if you have 100k you want to trade don’t actually put all of it in an account with your broker. Even though it’s rare broker’s can go bankrupt and you’ve lost your whole account.
Only send your broker enough to cover about 5 losing trades in a row. Put the rest in the bank where it’s safe and draws interest then trade the account like there was 100k in it. Then if the worst happens you’re protected.
I didn�t realize some brokers have for example in the EURUSD (which is the most used) 4 decimals and others 5. That means, if I�m not wrong, you can save in the spread, so for each trade is better. I don�t have 100K to put in, maybe 2k in the future or 3k and with that amount you need to choose the best broker. Do you know anything about this?
Only send your broker enough to cover about 5 losing trades in a row. Put the rest in the bank where it’s safe and draws interest then trade the account like there was 100k in it. Then if the worst happens you’re protected.
If you are going to do that, you had better be sure to be well aware of the time factor invloved in getting your money from your bank into your account. You wouldnt want to get margin called because you were 1 hr late with the money transfer or something.
I think as long as your with a reputable broker, your money should be pretty safe, and with the way that banks are failing, you might be better off.
I didn�t realize some brokers have for example in the EURUSD (which is the most used) 4 decimals and others 5. That means, if I�m not wrong, you can save in the spread, so for each trade is better.
You can be sure while it appears to be in our favour, It surely isnt.
I think as long as your with a reputable broker, your money should be pretty safe, and with the way that banks are failing, you might be better off.
I disagree. Refco went backrupt in 2005. Here’s an except from Wikipedia’s entry on them, google them if you want to know more.
“Refco was a New York-based financial services company, primarily known as a broker of commodities and futures contracts. It was founded in 1969 as “Ray E. Friedman and Co.” Prior to its collapse in October, 2005, the firm had over $4 billion in approximately 200,000 customer accounts, and it was the largest broker on the Chicago Mercantile Exchange. The firm’s balance sheet at the time of the collapse showed about $75 billion in assets…”
If you are going to do that, you had better be sure to be well aware of the time factor invloved in getting your money from your bank into your account. You wouldnt want to get margin called because you were 1 hr late with the money transfer or something.
There’s no danger of margin calls. If you put enough in to cover 5 bad trades, and you have 5 bad trades, you transfer more in. You can only get a margin call if you make a 6th trade before you transfer more money into the account.
I went deep and found this:
��Fractional Pip Pricing� is an effort to reduce the bid-ask spreads it offers to the clients. The goal is to provide customers with very competitive transaction costs�tight bid/ask spreads on the most popular currency pairs.�
If it was a result of the competence would be good for us.
Thanks for answering anyway.
