Hello all this is my first post here.
Just looking for some advice really as I’m no pro
I have been self teaching about 4 months
And running a strategy on a demo account for the
Last month. It was working sufficiently until late last week
I have ended the month kind of frustrated
Being a newbie I don’t know if these results are good or not.
Any advice welcome
4 week is just a very short period of time you need to practice more at least 6 month or more.
Leave or continue is your decision to make anyone else can decide it.
hi which software do you use that provides you with such detail report?
Hey, pirana!
I think it’s “myfxbook”. You can get very detailed reports on all your trades and on your account. You can also get very useful info about your account by downloading your “Account Statemenjt” from your account history in mt4.
Hope this helps!
-Sam
You’re up 15% for the month and you’re [I]frustrated?[/I] You should be standing on your front lawn, naked, doing a happy dance.
Rule of Thumb - Don’t go live until you have 6 months in a row of profitable demo trading.
And seriously, if you’re just fishing for attaboys then that’s classless.
tx. i check it out. btw i am not with fxcm coz they don’t guarantee the stop loss
You’ve been trading for four months on a demo account. Usually it takes a lot longer to learn. In my opinion, you should give it another chance. I would also add a third option to the poll - “Continue trading on demo”.
Thank you all very much. I will keep going.
Yes only 4 months I have a very high iq. My brain is about
The only thing that works properly haha.
I get my reports from mql5 it’s so easy to setup up through mt4.
If anyone is interested i follow trends on the 1h entering after a correction on an engulfing candle only
With no wick or shadow with a rr of 2.1 I also only risk 0.5% per trade
Providing you keep your core template nice & clean & resist contaminating it with any more irrelevant junk & perhaps consider introducing one or two more entry set ups based around your trending preference, then you shouldn’t come to too much harm.
Don’t whatever you do get dragged into loading anything onto your chart station.
Start as you mean to go on.
The round numbers/big figures & the ability to decipher a clear, obvious trending cycle of higher highs/higher lows & lower highs/lower lows will serve you well going forward, especially on that timeframe, which offers you at least 6-8 weeks of price history allowing you sufficient time to spot developing & continuation trending momentum.
Compass set, eyes forward, boots laced!
15%is gd some don’t even hit 10%
Looks like your off to a good start. Keep up the good work and never give up.
Best of luck to you
Wow OK thanks for the advice I have another account with a different strategy the is +45% in 4 weeks
Thanks for all the advice guys and gals you have given me faith in my strategies.
I just didn’t know if the gain was good compared to win rate.
I have pulled apart my results. With big headache I might add it seems to me
The best reward to risk here is 2.1
Thanks again
At first it’s hard. Try switching your trading strategy, change the indicators and things like that.
4 weeks is not enough to judge your trading result! Practice more and more! Just one thing, I see you opened 37 trades in the last week of your trading! It’s a huge number, please concentrate on your entry’s quality!
It’s OK I have been testing in total of 4 months. I have had nothing but success on multiple demos. With set and forget. Opened a live account followed plan to the letter and lost it all so now I’m mega poor lol. Hey 32 years without a holiday why break a habit hahahaha
I did everything I was doing on my demo then after every trade lost I looked further into the broker and it’s a dealing desk operation which I don’t trust at all…
Always look to optimize your ttrading. myfxbook has great tools for these - eg. do you make heavy losses on Mondays? If you do, don’t trade then. Do you make most of your losses during the morning when you’re in a rush? If you do, then don’t trade in the morning. This goes for everything including the symbols you trade, whether you’re buying or selling, etc.
So keep optimizing your approach and don’t give up!
and personally, i would recommend opening a small live account instead of a demo account. You will learn a lot more from the emotional intensity of a $1,000 account compared to a $1,000,000 demo account.
I agree with the previous posts. You should not give up. Keep practicing on demo, 4 months is a quite short period, 6 months is the minimum, year, year and a half is more acceptable as you need to make it a routine. You will see that the more time passes, the better you’ll become and things will get much clearer in your head. Remember - less is more. Focus on the quality of your trades and not the quantity, keep it simple and try to find a broker with no dealing desk and good regulations. Otherwise, you will not have any success if you are using market maker, we all know what these guys do.
It’s interesting that it worked on Demo and not on a live account.
What sort of margins are you working with, for example does the slippage of one or two pips make a world of difference, which of course can be the case with a tight margin approach?
I’m just curious what the main difference was, in your opinion, and how a potential dealing desk operation caused these discrepancies?
