What to do now?

hey everyone my name is Anthony and i am from mtl. ive been studying forex for the past 5 months and ive been using mt5 for the past 2 months trading on a demo account. One of my questions are why is it that most people say that they make 40-100 average pip a day when my average is 150-250 a day is that because of the extra decimal on mt5? The other thing is that i know that there is alot of anwsers to these question on this site but nothing really clear. i also would like to know if a honnest forex broker ndd really exist and wich forex broker has the best reputation? An other question would be that i took a demo account of 5000$ to make it more realistic and i wanted to see where i can get whit that. So after two months i am up to 15 ??? $ so my question is: is that not bad? to good to be true for a real account? or do i have a talent ? :stuck_out_tongue: lol anyway thank you in advance for the help and also hope to exchange ideas and tricks whit others out there. thank you.

The extra decimal in mt5 is a pipette. So really your making 15-25 full pips. I am glad your making money that’s the start of the journey but constancy is the key. I can’t say if 15/5000$ is good for you because I have no idea what your system is I may be great or bad no idea. Yes reputable brokers exist do your research and look at reviews there are tons of threads on it. Sorry to burst your bubble but that’s not too much or too good to be true. Just keep studying and working at it. Good luck and may the pips come your way.

Thank you I appreciate it :slight_smile:

Without knowing anything about what you are doing, I’d say the big question is, how bad of a drawdown might you suffer in a rare but eventually likely scenario.

For instance to take an extreme example, say your strategy might risk 25% of your total account balance to gain the 15 pips; e.g. a via rather large stoploss setting. Eventually such a strategy could hit four losses in a row and be knocked down to maybe 30% of what it was, prior.

That’s how I would look at how good or bad a strategy is, not the profit upsides. Depending what the market does the upside can vary a lot over time.

Thank you :slight_smile: and how much money would be the minimum to start whit? Some say 500$ and others say at least 2000$.

One question, do you use stop loss? Because you sound like me when i’ve started.

If you want better advice you are going need to post your strategy and system. i would say if you havent gone live. take 5% or less of your total budget to invest in forex and use that for your 1st account. Its a whole different game than demo. Trust me even 1 micro lot will make you get all shakey. This way you can blow you your account many times and not have a problem. Also if you are constantly successfull you can slowly deposit more money, helping you compound faster. Anyway thats my strategy

This depends on a few things. Will you take a small account serious. If so some brokers will allow you to trade at a penny a pip. I would suggest starting live with a tiny account as soon as you can. Not before you know how to figure pip value and the risk you are taking on each trade. Also get a demo and use the platform for a bit to learn how to place orders, stops and how to manually close an order.
Any real experience even at a penny a pip is going to be worth a lot more then demo trading fake money. Make your first account small enough that if you lose it all you can still pay the bills but big enough that its not just play money. Its very important that you have enough money in the account that you can use proper money management with the smallest lot size the broker offers. At some brokers that offer micro accounts this will be at least $500 at brokers that offer nano accounts this could be $50 or less. At Oanda you can enter a 1 unit trade thats 1 unit of base currency. You can “practice” with a $5 account.

First of all guys I really appreciate all these answers. Thank you :slight_smile: so ok… Look… All try to explain my strategy. First off the way I like to work is whit 10 analyst. 1: is macd 2: stochastic 3: applications on iPhone that is trend line, price breakouts and alerts on economic forecast that gives me the low med high forecast on the currency. Which that gives me 6 analyst. 7: is fibs 8: tunnels 9:position size and 10 is obviously my risk management which I try to stay between 2.5 to 3 % risk. So if after 8 analyst tells me to go the way I’m planning to well that is usually how I enter a trade. What do you guys think?