Um...thinking about going live; help before I lose my arse

Hello all,
Great forum, btw. Newbie here and have a few questions as I read some of the topics. First of all my background is in the Student Loan industry - which for the most part is completely DEAD. Anyway, I’ve had some interest in Forex and opened up a demo account through ACM. A little background, I’m a 42 yr old widower with two kids, 4 and 10. I have enough income coming in to pay the mortgage and keep the wolves at bay…however a few more bones would be nice, along with the ability to work from home. No pie in the sky attitude - $70-$100 a day would be sufficient.

Okay this post is getting boring.

Questions are: (1) How similar is the real market to the demo I use at ACM - does anyone use ACM or know about ACM? I’m consistently making $150 to $200 a day with the demo and have been doing it for a good couple of weeks or so. Will this type of figure hold up as I go live?

(2) I’m learning Fibonacci; doji, kangaroo tails, tweezers, etc…is that important?

(3) Are there any GURU’S that post their buy/sell live, as the market goes?

Thus far my success seems to come from just following a certain pair or two and trying to buy low/sell high, and constantly watching the market.

So anyway before I lose my arse off - how realistic is it for a newbie to make the $70-$100 a day?

Thank you for your time - I’ll be here awhile.

Moose

Here’s a sample of today’s events. Please take a peak and let me know what u think. Thanks.


Hi Moose and welcome

I have no knowledge of ACM but most demo accounts work similar to live accounts, the difference is you. When trading live the psychology is very different

have you completed the school of pipsology ? learning as much as you can is important but for novice traders a simple method is usually best as you gain in experience and develope your own strategy

there are many methods available here ( and at FF ) for free that have active trading threads, be wary of "guru’s " that post live trades , if it seems to good to be true then it probably has a sting in its tail

depending on your bank, mm and r/r with time and patience it is possible to reach and surpass your objective.

Thank you for the reply Knocknee. Yes, I’ve been going through the school of “pip”…very informational. It seems pretty logical but then at times it’s like describing the color blue to someone that’s never seen it. Baby steps, right?

sure :slight_smile: always come and ask questions, there are some great traders here that are willing to help

You wanna make $100 a day but how much are you going to deposit? It sounds modest but you’d need an account at least $20,000 big to make those returns consistently. This is your INCOME as well, so you are going to have no margin for error. If you want a comfortable bankroll to make $100 a day, I’d recommend $50,000+

Wow, 50k+…is way out of my league. So to be honest - my $1000 demo account that I’ve consistently done well with means nothing in the real world? Thanks for the eye opener, Ake. Would a $25 to $50 profit with a 5K account be more reasonable?

In the real world it is possible to start small and grow your account through the magic of compounding. Use strict MM and concentrate on trading consistently. Avoid overtrading to meet “targets”, keep to the rules of your system

Well you should be always thinking in % of your account balance. When I say you need a $50,000 account to make $100/day thats about $2200/month.

That is a 4.4% gain on your capital in one month. Now it’s impossible to tell you how much you can make (it depends on your trading method and of course your experience level), but it is in my opinion that with some years of experience, an amount under 5% would be comfortably achievable for a full-time pro trader.

So first off, I’d expect $0 (or less) a day for the few years as you learn what you’re doing. Then if you can deposit $5k, you could have a shot at $250-$500 per month. That’s about $10-20 a day.

Takes money to make money, FX ain’t no exception to that rule :smiley:

a couple weeks isn’t long enough to know if you are good or not. Odds are youre not, not yet. Your results so far could be more luck than skill.
To get the feel for real money trading, open a small account say $100 with a broker that allow nano sized lots. I use Oanda and there are probably others as well.

Thanks for the replies, everyone. You’re probably right, Talon - it’s more than likely just dumb luck. The software I’m using has a java script that allows me to use the fibonacci method (I’m sure every software/demo has this) Anyway, I’ve been focusing on: EURUSD, USDJPY and GBPUSD. First I take a look at the previous day to see if I can predict where the candlesticks will end up. Then I look at the hour, and then I set up in 5 min intervals. So far the candlesticks that I can easily identify are the Tweezers (which for me seem to always show a reversal), the outside candlestick (which I’ve noticed a continuation), and kangaroo tails (which also seem to plot another reversal). Having said that; it seems to be working fine. But again, it’s probably just dumb luck so far. I think I’ll wait and see how the week turns out and then try your suggestion with Oanda.

Many pips to ya,
Moose

I don’t mean to sound discouraging. by all means stick with it. I keep ploding along and definately not the best trader around. Just saying a couple weeks isn’t all that long. I’ve been at it a year and still don’t know what I’m doing sometimes! :smiley:

The more you think you know the more you realize you know less than you think you know, you know?
lol

one of my nearly famous quotes! :smiley:

it’s more than likely just dumb luck

if you are consistently making profit even with a demo its not luck;). However when you go live you may find your method rather stressful with real money on the line. That can make a huge difference in how well you execute your plan. Keep it small at first and just keep doing what you are doing now see how it goes with real money. If it keeps working for a few months then add more capital.

EDIT >>> love the name :smiley:

No pie in the sky attitude - $70-$100 a day would be sufficient.

Have you archieved your target in demo consistenly over six month?

(1) How similar is the real market to the demo

Looks the same but [B]feels[/B] different.

The minute you put your real money on the line things starting to happen in your brain you could never imagine before.

That influences your psychology, trade execution & the way you trade.
If you aren’t prepared through practice, practice & more practice, & most importanly more practice you won’t know what hit you entering the market with your hard earned cash.

Do you have a plan?

Do you know how to trade your plan?

Can you trade your setups blindfolded & in your sleep?

If not?
You got some work to do.

(2) I’m learning Fibonacci; doji, kangaroo tails, tweezers, etc…is that important?

I don’t know.

Does your trading plan have above elements in it’s model?

(3) Are there any GURU’S that post their buy/sell live, as the market goes?

Signal services?
Is that what you are looking for?

So anyway before I lose my arse off - how realistic is it for a newbie to make the $70-$100 a day?

Without a trading plan & know how to trade your trading plan “stone drunk” :smiley: you can forget your pipedream.

I think you need to practice more on a demo account, until you know better about money management. If you open your account now you will blow it, and you won´t learn anything. You need to practice more, read more, buy some books, maybe for a couple of months, then you open a live account, maybe with US$ 500 if that you are comfortable with losing.

I think you gonna crash if you’re planning to make x money per day, trading is not like that, there are days that I don’t trade, and I make only 2 or 3 trades per week.

If you plan to make x money per day then there will come the day that you will be tempted to enter to the market for no reason at all, you must wait for your opportunity, even if you don’t see it for some days or even if you’re missing it right in front of you and didn’t catch it up earlier.

And I recommend you going live, but with a small amount, so you will start learning trading psychology

wow - I see you guys are a tight knit family here. Again, thanks for all the responses. They make a lot of sense. I knew going into this that there’d be a lot of hardwork ahead of me - it should be fun. I’ve been working on a ‘Trading Plan’ but it seems the ones I come up with have me consistently trading a lot/more frequently then I anticipated. I took a snaphot of the last 24 hours or so - any advice? Is there something I could post that would give you an idea of how I’m doing?

Again, thanks for the help -Moose


You should keep a journal, not to do it is a major mistake!

You can make that kind of money I have only been trading live for less than a month, after a little bit of a shakey start where I lost 25% of my deposit I settled down and recouperated that loss the following week since then I have almost 100 completed trades my account is currently at 73% profit. I expct to be at 100% profit in the next two weeks when my initial deposit is doubled.

I’m in the same position. Just today I had funds transfered into my micro account. I have been reading and learning, and recently became profitable in my trades on demo. I realize more and more every day how it’s all about money management. It’s also important to have a well defined system. I have selected and traded a few systems for a while now, I think i will trade those to begin with as I develop my own system.

I’m also going to try to increase the equity in my account as much as I can. It definitely takes money to make money. If I can fund my account up to around $10,000, I should be able to reach my minimum monthly goal, which is about $50 a month. That will pay the internet. I’d be happy with that. $100 would pay my cable and my cell phone. Even Better.

When I get a higher paying job, and can save more money, I will start aiming for higher profits, and by then I will have more experience and skill to allow me to do it.

It’s also about being patient. There’s this rush in me, now that my live account is funded to get trading. But I’m not. I will start this coming sunday with the Sunday BreakOut Strategy and go from there.