Hi traders. I started on my demo with FXCM in Sep.'12 with a 50$ initial sum.
There is a lot to learn: oscillators, trading approaches, chart patterns, averages,
Bollinger Bands… etc. etc. I have been doing a lot of reading and practising,
specialising in the EUR/USD pair. I am sure I am doing all the right things, e.g.
losing more money than earning it (typical learner mistakes, including getting to
grips with the trading station): about $11k lost in the first eight months, and $6k
regained in the last three weeks. I seem to have found a better approach in the last
month… I have a journal, and am becoming more organised with goals and strategies.
Knowing the best trading style that works for me is a journey that has taken nine months
and is finally starting to come into focus. I have a f/t day job and work extra hours some days,
so it has taken a while to find a way to balance my trading practice with the rest. I trade a lot
from my mobile ‘phone and that too takes a skill separate than accessing a full-screen computer.
My plan is to re-gain my initial quota ($50k) and then open a $1k demo account to practise nano-trading,
as that ($1k) is the amount I hope to invest if/when I decide to go live (no rush).
My main reason to use Forex would be to gain small but consistent profits over a period of time on
the initial deposit - it beats the meagre returns offered by most bank accounts.
I am very happy with putting the time into it, and Babypips’ “School” has helped a lot, and still does;
I am also on mailing lists from DailyFX.com, following mainly John Kicklighter and Ilya Spivak, followed
by all the others (David Song, Chris Vecchio, Michael Boutros, etc.)… My average daily study and trading
time is at least two hours - sometimes more - as that is the time I need to prepare, watch, open/close positions,
and take notes, including reading up on fundamentals and events commentary.
Thank you for listening.