Well a couple friends brought up forex and i just started learning some things last week… well this week I have got a grasp of fibonacci, MA’s, and the MACD histogram. Using all of them together this is my account history in 2 days of trading. I’m pretty sure I’m ready let me know what ya think. And I do absorb knowledge pretty quickly so I think things will just get better from here on out. Also I started with 3k so i made a 100%+ profit in 2 days
I’ll bite and tell ya right off the bat. Those look to be standard lots sizes that you were playing with… Before you go live, you might want to read a little about risk and reward and some money management. Or don’t and fall into 95% losers pit. Either way, have fun and good luck!
I will definately do that I never turn down free knowledge! I will also completethe babypips school before I start trading.
Anymore tips/pointers before I start?
EDIT: I also feel very confident that atleast 75% of my trades are profitable. I have came to the point where just yesterday I was trading 6 different pairs all profiting. Even if it took a couple hours to go positive I just stayed in
Well, I noticed that you have not been putting in stop loss points. Trading without those with very large amounts like you are would be very dangerous. Consider this, You are going about your daily trading business and all of the sudden your power goes out and you just so happen to have say three very large trades going on. AND the trades start to go bad very quickly!! What do you do?
This isn’t my only demo account though I just started this one 2 days ago. I have 3 others with different brokers and they’re in the positives as well. I do plan to demo for another month I would just like to cut down on my losses. But I believe that I do make a good amount of trades that are profitable throughout the day. I will be doing this full time so I will be near my computer while in a trade to limit my losses. I find that when I leave my trade in overnight I lose money since I can’t monitor the market
EDIT: I think you’re all jealous that i have 18 + trades and only 5 - Lol… Look at the different currency pairs that I used. I think I’m just a fast learner… I do sit in front of my computer with a chart up when I’m trading so I will be my own stop loss
I don’t think you are following me here. Here is a simple little example for ya. I was at home last week and I had a trade going on. All of the sudden a power transformer on my block blew up! I have no electricity and no internet. Now, given that example, do you act as your own stop loss? Simple answer, you cant and you now have a trade out of control.
I don´t wanna throw another ball at you saying that you shouldn´t do it. But it´s not really important how many winners you got. There are systems out there that have a higher win % as yours and there are systems out there that have less than 40%. Every system used by a skilled trader is good if he understands his system and understands why he trades this system the way he trades it. I know kinda rambling right now.
My point is that it´s not really important how high your % is. If you don´t understand that I´m pretty sure your account will not survive this very long.
I have an iPhone with mobile trading so I don’t worry about electricity
EDIT: isildur, thanks i appreciate the positive support I combine 4 different trading systems and I do trade with confidence. I don’t trade on instinct I trade on the market. And I feel that my system doesn’t need much improvement except for my own knowledge on the market
I’m not sure if you’re pulling our legs or serious, but I’ll offer my own humble opinion. It’s good you have a backup plan in case of loss of power or internet. Everyone should have that. You may be a natural at trading. Such things exist. But even if you are, I see no problem with getting a bit more experience under your belt before plunging in with real cash. Now, if you show me a demo account with three months in a row of positive results, my hat’s off to you! My advice is when you have accomplished that amazing result, open a nano account where you can see if you can reproduce those results with real cash, even a very small amount like 5 cents a pip. If you can, increase position size very slowly. The rule is, if you think you are increasing it just about right, that’s too fast. If you think it’s too slow, that’s about right, it means your mind is having no trouble adapting to trading real cash, a hurdle for some. As far as stops go, my advice is, instead of trading with no stop, exposing your entire account balance to possible loss, think of a point where you would exit, no mater what. An OMG stop, and place one there, just for safety. One seasoned trader I spoke to uses that sort of stop on every trade. He told me he only hit the stop twice last year. Well, just my own humble opinion. Enjoy the journey.
When you lose that $3000.00, come talk to me, we can game together. =)
But seriously, if you are so confident, there’s no point in asking us whether you are okay or not. You should be able to tell yourself. But $3000.00 is a lot to lose when you first start, I’d start with a couple hundred just to get the hang of things, then if you are still in the green, pop the remainder of the $3000 into it.
thanks…I’m doing this full time right now and I’ve already learned so much. I am going to see if my system can withhold another week of profits. then I’ll most likely begin a micro account before jumping into standard
so wait, you found out about forex last week, studied for a few days, opened several accounts, told us to check out your demo account gains, then said you have a few live accounts , then said you have oh so many profitable trades that we should be jealous of, then said your full time trader, then said you are going to start trading micro lots soon,then said you want to see if your system will last at least one more week, then say you will instantly move to standard lots ?
