I’m back now to give you some report as to how i’m doing. I’m doing sooo greeeeaaat. This is my third week practicing what I’ve learnt from you through babypips.com. Opened a demo account with 50 grand capital. I skipped back testing coz I thought I have nothing to loose, it’s only fake money anyway. And alsooouuu I couldn’t wait i’m tooooo excited with this new experience i’ve been wanting to do with.
Alright now, pls let me tell you what happened in my demo.
First week I lost 4 k already…huh…I blamed the chart…that euro/usd was so out of shape I couldn’t interpret it, yet I opened a position on it ! Stupid ha? I’m a soo good student tried to do what you asked 'just KISS it! Keep it simple stupid. I also looked at USD/JPY, this one I liked, after some due deligent I went long with it, but the next day I was so panic when the price was falling down, those beautiful bright yellow candles turned all into ugly red things…:mad:, didn’t want to go bankcrupt any further I sold out all my pips on Morobuzu San. Did it over again the next day…I kept loosing my hard earned money…and at the end of the week… I calculate my prof…ups!..my lost, and it was over 4 k man!
Give up? No way! Go forward? Yesss! Two full weekend days I studied all the charts I worked on that week, and USD/JPY somewhat became my favorite, I don’t know why… may be it’s because I felt i could acknowlege the patterns on the charts. I stared at it, I drew lines, I spot the swing lows swing highs swing chariot, i got Mr Fibonacci involved, and heeee haaa, I felt so confident I couldn’t wait for the market to open.
Alright to make long story short, I profited once from yen of over 50 pips on one trade, and several small 4 to 10 pips on others. But I also lost of total about 30 pips. At the end of the week I pocketed some dollars into my account.
That was not easy money at all man! I sit on my computer day and night, and I had to go long and short, and short and long, and long and short again.
I didn’t put stop orders because I was afraid of stop hunting, and I didn’t set my profit limit beacause I was still not sure where to put them just at the right place to get max profit.
Now the best part so far is this week.
Here is the cronology :
Jan 5, Friday afternoon
Went long with 3 currency pairs which I considered as good trades. Then I printed out the charts to study on them on Saturday.
Jan 7, Sunday night
Closed 2 with 14 pips profit on one and 31 pips loss on the other.
The other one I closed on Monday morning with 57 pips (3lots) profit.
Opened 2 new lots which I closed the next morning with 13 pips profit on one and 4 pips profit on the other. Sounds like a good start for the week, isn’t it?
Jan 8, Monday, all day from 4 am to 11 pm
Opened 4 pairs of total 10 lots, closed them the same day with total profit of exactly 150 pips! So at the end of the night I booked $ 1,822.66 total gross profit, and charged interest fee by $ 35.15
There were 4 more opened position left.
Jan 9, Tuesday, today from 3 am till now
I have closed 8 positions of 5 pairs of 11 lots, with total pips gain 44, and lost 231pips. My account balance is $ 1,050.36 less now, plus interest fee of $ 17.35
AND I still have 8 open positions of 5 pairs of 18 lots, which pips balance is negative by 250 pips total., BUT I intend to hold them all since I feel confident after go through many many times of evaluations on the charts, that they finally are gonna make me profit sometimes later in this week.I will certainly let you know what the result will be.
Now a few lessons I have learnt in this 2 week practicing demo:
The best time to not miss any golden moment that will bring you profit you have expecting overnite is morning 8-9 am
Don’t get panic when seeing prices falling down. Just decide what you want to get from the trade, and how confident you are with the positions you have taken. If you don’t feel confident enough, then just close it and take whatever pips you can still get. But if you pretty sure you have made a good judgements and considerations, go through all the charts again and again and then decide whether you still want to hold it and wait till it brings big profit that you’re expecting or sell it for a loss if it turns out you have make mistakes, and learn something from that loss.
3 Going in and out the same trade that has an uptrend has cause me lots and lots of less profit that i should’ve gained.
By doing lots of demo trading I’ll find out my own’system’ that I try out over and over again during the process, and by the way, my favorite so far has been : Bollinger Band, SAR parabol, and last but not least cute Mr Fibonacci (Who)
Till now, I don’t care how many lots I’m buying because right now i’m the richest woman ever, with 50 grands money to start with ( I plan to double it soon any way… if everything goes allright…yeah baby…) But what i’m doing now is to get as much trading experience as I can with that grant money. Hopefully I don’t get bankcupt pretty soon… oh nooo…! I intend to start practice on money management, though. (in a week or two).
Lastly, Mr Pipdiddy or whoever friend that can give answer to my question:
It was mentioned in babypips’ fx school that there is a way to pocket the pips already gained in the middle of uptrend without cashing it out, but still can continue trading without closing it first. But I still don’t understand : How?
Enough for now I guess, talk to you guys later.