I completed Pipsology and have been trading demo accounts for six months. I’ve gotten good at losing money by taking one step forward, two steps backward. I’m beginning to think I might do better by trading against myself using a 2nd demo account. Has anyone tried this?
I’ve tried several strategies. My most common one is rebounding off a sudden spike (37/75 trades). At 830 EST I’m profitable doing that (8/37, but at other times I’m way in the hole. I’m using 100/pip amt on a $50k demo account to mimic leverage of a lower live account.
Limit: (abs(-300*2)=$600. I rarely reach this and if I’m watching and approaching I’ll let it ride.
After a sudden drop/rise of 5+ pips, wait for resistance then buy for rebound.
Strategy seems to work for small pip gain (1-300) but not enough to justify the risk (target of 200% capital).
I clearly need a new strategy - so I’m thinking about betting against myself? Is that stupid? It seems like it but so far I’m getting pretty good at gaining $100-200 pips then losing $300.
Thoughts are appreciated.