No if you read I said I have a few demo accounts with different brokers. And I do still live at home I’m not even 21 yet so I can afford to do this full time with no bills to pay. My mother passed away and left me a good amount of money for school and other things so I’m going to start small and work my way up to a standard account
I plan on going back to school but my dad can’t afford to send me so I’m trying to earn a living and pay for school independently
I do believe in my trading system and I feel very confident that I can consistantly profit daily. So why am I even responding to this thread. I know I’m ready and that’s all that matters.
thanks for the responses though I feed off of these kinds of conversations
Do us, at least me, a favor and come back in 3 months and let us know how you did. I wish you all the best, but, to be honest, it is hard to believe that someone with as little experience as you claim to have can be so successful, at least over the long term.
Hey really, best of luck. You have youth on your side…
Thank you for the positive response. I am a very quick learner and can do a lot of research on my own especially when I put my mind to something… Even my friends that have been doing this for months have been asking me for advice on trades and currency pairs.
Maybe I’m just a natural… I will see if I can return the same results with real money. I will definately be trading 1 lot or less when I do get my account funded
ok, here’s a test :)… its not really fair because the answer is already known, but be honest, what would you have done this morning with a Yen trade given the disaster in Japan? Would you have shorted the yen or gone long? And, more importantly, what was the reasoning?
Not to put you on the spot, but these are some of the basic issues at the core of the currency trading world.
i would have went short… it did happen sporatically and quickly but I do stay in front of my computer when I trade. I do not like trading overnight so I have stopped doing so but my system which includes : fibonacci levels, custom macd histogram, custom moving averages, and candlestick formations would have caught the downtrend right in time to make any money back that I just lost in the “predetermined” uptrend…
in which case you can’t rely on fib levels to determine the market… which is why I rely more on moving averages/candlestick formations/ and a MACD histrogram to follow trend. also what is the point of trading if you are not interacting with the market at the same time. That’s like asking a stranger to take care of your house and they rob you blind
I do also tend to stay away from the more volitile currency pairs… such as the eurusd usdjpy etc.
The aud and cad are pretty stable but move pretty far in the long trend so It’s easier for me to decide whether the market is going through a correction and what-not.
just wanted to add this as well… One of friends that got us into this forex business said not to put stop/loss because the market makers know where these indications are and the market willl in fact go in the opposite direction…
Which is why I dont trade while I’m away and it seems very successful that I act as my own stop/loss and have profited with “hypethetical” money thus far.
Now I don’t believe that any of you have the right to say that I haven’t learned alot in just a week…especially to the point where my friends come to me for consulting, and my knowledge will only continue to grow as I further push myself to learn this market
and I am in the US…currently waiting to be verified with an offshore broker just need to scan my documents
And please understand I have no wish to belittle you in any way. Everthing I am going to say is on the up and up to hopefully save you some heartache.
You have some serious flaws in your understanding of the way the market works.
Haven’t you noticed it usually goes in the opposite direction anyway for a bit?
Don’t tell me every trade you entered went your way right off the bat.
Having a metal stop is okay as long as you are sized properly for the market.
You my freind are not.
Looking through your trades, you have had six full sized positions open at once on a 3k account.
Your leverage has to be in the 400:1 range to even open 6 positions on an account that size.
Should something happen to your connection, your account would be toast in less than 50 pips.
I think you did learn a lot. Unfortunately, it’s rather misplaced knowledge.
The key to this entire gig is knowing how to live to play another day. To learn that, you need to focus more on money management, and learning how and when to apply your capital in a non-destructive way.
Better do some research on your broker.
Small pips, large leverage, it’s more likely the broker will steal you blind right in front of your eyes.
Many of your trades are 10 pips or less, and market orders.
You’ll more likely get requoted as you try to close a scalp, until it’s eventually an upside down trade, at which time it will close without incident.
I did open a good amount of accounts so it’s possible that this one is running at a 500:1 ratio. i will not surpass 200:1 when trading with a live account
And i also appreciate the knowledge… I am for a fact almost 80% certain when I trade and no I am not always positive at first…but I have enough knowledge from my trading system that it’s just a correction and will continue to trend the way I predict…
and I was tought to understand that 1 pip is the 4th decimal place in a price?.. if so then my last trade would have to be 17 pips… which was traded at 10 dollars per pip?
also I’m going with forex fs so it’s likely that I will start with a 100:1 leverage… This demo was just used to see if I can still operate under such conditions where i drop -400+ and yet I stay in and come up + ( ). Trying to get my emotional state right with dealing such numbers.
I’m going to start another account next week using a 100:1 leverage and see what I can do with that… Its safe to say that i know no matter what volume or leverage I am using… I have enough knowledge to open at a position and close at a profitable position.
and I feel that the only reason I’ve had negative trades on this account atleast… is because I didn’t take the time to find the best position or look at the trend over the 1h timeframe. After all it is fake money… i will be extra precautious with real money
EDIT: within that demo account I managed to pull in 233 pips in two days… I was in front of my computer all day both days so I know that seems reasonable considering the different pairs I used.
i did have -41 pips but I do believe that even with those losses I came away pretty good considering i just started last week and have really seen my trading system grow and I believe is almost ready to test on a live account.
It’s good knowing that on any given pair I can get a positive amount of pips and not lose them in another trade. I am going to start a micro account at $500 and probably trade 2-3 micro lots per trade at a 200:1 ratio.
Do you know how many times I was a Monopoly money millionaire before I even had ONE successful WEEK of live trading?
If you’re so confident, just go do it.
Why waste time asking for a bunch of random opinions from internet strangers?
2 days, 192 pips… Yay.
I’ll alert the media.
Do you honestly think you are unique?
You should spend some time going through the forum here.
There is page after page after page of natural born trading geniuses that open live accounts, and then mysteriously disappear after a month or so.
I wish you all the best, but know the reality of it.
I’m just gonna flat out say what everyone I presume is thinking. If you are actually genuine in your postings, then this is a disaster waiting to happen.
so u mean to tell me every single successful person in this market plays it safe?
“scared money doesn’t make money”
what is life without a little risk… money is just material. Every loss is a lesson… you just have to learn from your mistakes… you can never lose knowledge.
Playing it safe, is quite different than being scared.
You go for it. Dump as MUCH into an account as you can, and put on the biggest lot sizes you’re able to.
Let me tell you what will happen.
You will probably win for a bit.
That will success will lead to a feeling of invincibility.
Then you’ll start holding on a bit too long, trying to make more out of your trades.
What was working, will now lead to a string of losses.
By now, you’ve lost the edge you had early on mentally, and fear will creep in.
Why? Losing hurts.
You’ll add more crap to an already overloaded chart, and then you’ll wait longer to enter trades, just to make [I]sure[/I] you’re getting in right.
You’ll start putting on stop losses, and choking them up tight. Your losses will slow, but it’s death by a thousand cuts now. The account will continue to dwindle.
Now, you decide what you are doing is all wrong. You’ll go on a wild goose chase search for the mythical grail.
You’ll go through a thousand methods, and try to figure it out.
I’ll leave the rest up to you, because that is where the quest truly begins.