Beginners Luck???

Hi All
I'm new to trading, but trying to learn as much as I can, I'm using a demo account from World Spreads which has a £10,000 balance, so far i seem to be able to make about £100 a day, spending about an hour or so trading Forex, is this what I could expect if I went live with this amount of capital or have I just been lucky?

ukmartin said:

Hi All
I'm new to trading, but trying to learn as much as I can, I'm using a demo account from World Spreads which has a £10,000 balance, so far i seem to be able to make about £100 a day, spending about an hour or so trading Forex, is this what I could expect if I went live with this amount of capital or have I just been lucky?

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You'd need to give more information, but as a general rule demo is totally different to live. It is INCREDIBLY common for people to make millions on demo then crap out when they go live.

That being said, it's just a part of the process and if it does happen, don't let it get you down. If you can do what you say, that's great, you're on your way. Now, if it falls apart when you go live, you just know that you need to do more work.

I don't know if an analogy is helpful, but maybe something like a shooter game vs paint ball vs battle. Someone who did well in the game might not cut it in paint ball, although certain skills are transferable. Someone who is great at paint ball might not last 10 seconds on a battlefield, although again there might be certain aspects that he's learned that might still help him. Probably a crap analogy, but hopefully you get the picture.

By the way, computer - paint ball - battle is supposed to correspond to demo - small live - trading for a living.

Cannot agree with Pazienza more!

Answer me this : Are you using stops on your trades?

Yes I have been using stops

Is this something you would recommend?

ukmartin said:

Yes I have been using stops

Is this something you would recommend?

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yes.

Reason I ask is because pretty much everyone i've known who has absolutely killed it in demo are people who played with a huge account with no stops, never taking losses because the account could always handle the drawdown. Its more unsual to do really well in demo when you are using realistic stops.
If you are using stops and are doing well, then that's great. If you can keep it up for 6 weeks, report back with a statement or something showing you stats for people to look at, and then think about going live with very small stakes.

In a real account, you are going to lose £100 a day if that's how much you are willing to risk. For a real account, there are people on the other side of your trade waiting to collect your dough. They know your name, age, sex, how many offsprings you have, what brand of toothpaste you use, and account balance. They know precisely at what point you will panic and cough up what they are after.

joshuabelanger said:

Since that you are new in trading, there are so many things that you must learn in order to be successful on this field.

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Yes.He will soon learn he can't make money from trading at all. Instead he will find he needs to earn $10 every 3 months by advertising this:

"Discover How Savvy Investors Are Using Weekly Stock Options To make 32%, 112% and even 231% RETURNS click here."

BeginnerJoe said:

Yes.He will soon learn he can't make money from trading at all. Instead he will find he needs to earn $10 every 3 months by advertising this:

"Discover How Savvy Investors Are Using Weekly Stock Options To make 32%, 112% and even 231% RETURNS click here."

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Did you get a request too? And I thought I was the only one!

Think of demo accounts as being a version of blow up doll. Just blow her up, do the biz, spaff yer daff and feel jolly pleased with yerself. She'll never get knocked up, never spend the rest of her life trying to get cash out of you, never knee yer in the goolies, and most importantly never wipe out yer account after a promise not to..
My broker is my BITCH, she would do all of the above in real life trading.