Hi all.

Hi all,

Dom here, just to say hello I am an inexperienced trader and have only had a demo account for a few days. Saying that, however, I had done a lot... I mean... a lot of research before hand. Over the past 3 or 4 days I have managed to make just over £4000 on my practice account... but... yes there is always a but, I am not sure if these demo accounts show "real" data or if they just sort of let you win to make you think you're doing really well, and then you get a live account and lose everything? The platform I am using is the one from FOREX.com, It's called FOREXTrader PRO or something. Anywhos, there is my introduction / question.

Thanks

No, demo account are pretty accurate. So you did well to make £4k. But if you did make £4k in 4 days then I would suggest you are risking too much per trade, and if you had a bad run you could blow your whole account. Do you know how much you are risking per trade?

In most cases I risk 1% of my capital but where I made majority of the £4k was a huge risk to be honest... 10% of capital and it was on a great uptrend so I decided to leave it overnight and see what happened (I though what the heck, it wasn't my money). I guess it was more luck than strategy to be honest.

Then, Sir, there you go - Read the last line of you post, then read it again, and again, and again, until it sinks in. Luck won't be on your side forever. A run of bad luck could have seen you down £4k.

Good Luck!!!!!!!!

I couldn't agree with you more. If this was my personal money then I would not have gone for such a risk at all. I also would like to stress that I am in no way boasting about the amount that I have made, I am just simply stating that I found it very odd that the market went so heavily in my favour overnight.

Domcsore said:

In most cases I risk 1% of my capital but where I made majority of the £4k was a huge risk to be honest... 10% of capital and it was on a great uptrend so I decided to leave it overnight and see what happened (I though what the heck, it wasn't my money). I guess it was more luck than strategy to be honest.

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My advice is to read, read, and read more books to learn and decide how you want to trade............Trading can be profitable if you want to put in the work.............Statistics say that 90% of traders lose money, so that means that you should learn to be in the top 10%.............I think that almost any trader can beat the odds if they will put in the work................

JahDave said:

My advice is to read, read, and read more books to learn and decide how you want to trade............Trading can be profitable if you want to put in the work.............Statistics say that 90% of traders lose money, so that means that you should learn to be in the top 10%.............I think that almost any trader can beat the odds if they will put in the work................

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To be honest (embarassing as it is to say) I have recently joined the percentage of the population marked "unemplyed" and being so young I am finding it hard to find work. Therefor, I have a lot of free time on my hands and so reading and researching FOREX trading is all I have been doing for the past couple of months. Admittedly I should have opened a demo account back then to get a more hands on approach but I will be sure to take on your advice and read more and more, Thank you.

N.B I am not looking to make trading my full time occupation, it is more for the enjoyment I get out of it.

Domcsore said:

To be honest (embarassing as it is to say) I have recently joined the percentage of the population marked "unemplyed" and being so young I am finding it hard to find work. Therefor, I have a lot of free time on my hands and so reading and researching FOREX trading is all I have been doing for the past couple of months. Admittedly I should have opened a demo account back then to get a more hands on approach but I will be sure to take on your advice and read more and more, Thank you. N.B I am not looking to make trading my full time occupation, it is more for the enjoyment I get out of it.

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Hey Bud, this combination makes no sense.

You cant find a job, but plan not to do this full-time, but have time to blow, but Enjoy trading?

Bro, you cant fins a job now, but you think there will be chances to land a job in the near, or not near future?

Can you imagine having a job you enjoy?

Stop kickin rocks, and get rolling with your new career. Make this the end to your job search.

You know what I mean?

You evidently seem to be hitting your Entries properly. Without seeing your style, its hard to say if your on the right path or not.

How many trades did you make to get those numbers? How many did you lose? what was the Pip count? What was your starting Balance?

A $50,000 demo account, 4,000 is very easy in 1-2 trades.

Now, if you started with 4,000 and doubled it, thats differant.

Like I said, if you enjoy Trading, Jump in and stop job hunting, begin a new career, and keep your future on the proper path..

Great Profits to you Bud

GlenGary said:

Hey Bud, this combination makes no sense.

You cant find a job, but plan not to do this full-time, but have time to blow, but Enjoy trading?

Bro, you cant fins a job now, but you think there will be chances to land a job in the near, or not near future?

Can you imagine having a job you enjoy?

Stop kickin rocks, and get rolling with your new career. Make this the end to your job search.

You know what I mean?

You evidently seem to be hitting your Entries properly. Without seeing your style, its hard to say if your on the right path or not.

How many trades did you make to get those numbers? How many did you lose? what was the Pip count? What was your starting Balance?

A $50,000 demo account, 4,000 is very easy in 1-2 trades.

Now, if you started with 4,000 and doubled it, thats differant.

Like I said, if you enjoy Trading, Jump in and stop job hunting, begin a new career, and keep your future on the proper path..

Great Profits to you Bud

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I am now on £4.6k profit, however, I am going to completely disregard the £4k as, like I said, I got lucky. So lets say £600 in 5/6 days (where I attempted to trade "correctly").

How many trades did you make to get those numbers? - I made a lot of trades, I think the term is scalping? - I do not know if this is a "good" method, but it works for me. So in direct answer to the question I made approx. 4 / 5 trades a day so around 25 trades over 5 days.

How many did you lose? - I lost around 5% of my trades but as soon as I saw anything go wrong I got out as soon as I could.

What was the Pip count? - I'm sort of thrown off by this question?

What was your starting Balance? - 50k, So as you say easy to make 4k in a couple of days but after that trade I decided to use as little as I could to simulate as if I had less.

The reason I haven't started live trading is that I am sceptical about how much I should start with and, although I try not to let emotions get in the way when I trade, I do not want to lose too much money.

In terms of my career, don't get me wrong I don't just sit around all day, I do part-time freelance design but my client base is not as great as it could be (no online portfolio, relying on word of mouth but online portfolio is currently being built). There for I do not make a great deal of return.

I do not really want to make trading as my only source of income as it could go all wrong and then I'm left with nothing: no stable job; no experience in my chosen career; no assets ect. Maybe in a few years I could take it up as full time once I develop my skills, but for now it's too high of a risk for me to take.

Sorry for the long winded post :cheesy:

zutou said:

then what dou you want to do ? you have said that you have experience in trading ,but you don't want to have the risk of trading ! then perhaps you should find a job fit for you at first !

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I would like to know where I said I have experience? As for you saying I should fit a job fit for me first, then that is what I have been saying the whole time. Not meaning to be rude but you have just proven my point in your comment,however, by reading it I would have thought that was not your intention .

Oh, and what I want to do? - That's easy. Continue with my freelancing, get my foot in the door of my career whilst trading a demo account until I am stable enough to have spare funds to do some live trading. Which, again, is what I have been saying so I find the added grilling from you a little unnecessary.