Update: Newbie testing his system

Well back a few days ago I posted how I was up over $2500 in 4 days.
http://forums.babypips.com/newbie-island/10065-been-using-demo-4-days-heres-how-its-going.html

Well since then I’ve done alot of reading, analyzing trends, and more reading. Today, Monday (January 21), I did 44 trades and profited on 33 of them. Of course I’m still using my demo account, but I think that’s pretty good.

The 11 trades that didn’t do well was mainly because I was ‘testing’ my so called system, which is really a hybrid of many systems on this forum and elsewhere. I guess they’re all kind of a hybrid of somebody elses system :slight_smile:

I was mainly testing my system on the 1M, 5M and 15M time frames. It works well on the 1M TF, but you have to take the pips when you can get 'em. Seems like if you wait to long you’ll go from 20 or 30 pips to -9 quick!

BTW on those 33 successful trades I did just over $600 (doing .10 lots) I did get in one full lot on USD/JPY. Most of them were executed in under 10 minutes some closer to 15 minutes.

Hi Sbeagle, Can I ask what leverage/margin your demo is set at and do you trade a 100k account demo or a 10k account demo, also what stop losses do you do on average as 44 trades is a lot of trade at the moment I have my stop losses on around 50 to 80 points depends on the volatile currenct pair. but if it works then that is great.

Since I plan on opening my “live account” with $5,000 to $10,000 in my demo I started at $5,000. I use stop losses only if I’m not going to be watching the trade and I usually set them between 20 and 50 pips. For the most part I haven’t been using stop losses. Even if the trade isn’t going my way sometimes I’ll cut my losses and get the heck out. I’ll use a TP if I step away from the trade too…just incase something crazy happens. I’m also not getting greedy and going for every pip…I’ll take a few guaranteed pips instead of holding out for the 100+. Just depends on how I interpret the charts. By no means am I some expert…infact I’m a total newb. Probably a little bit of luck. I’ll take that too when I can get it.

This demo account, although I’m learning and testing my strategy…I’m using it just as I would a live account (except for the testing part). :slight_smile:

Hope that answers your questions.

That sounds Good, So o you either follow charts or go on gut instinct on when to trade or not.

Probably a little lucky, I try to read the charts though. Going on gut instinct and I’d be gambling :slight_smile: