Demo account challenge: 2 months to build up 10k! Swing trading EURUSD exclusively!

[SvenFoster]

nope, don't scale out of losers

any suggestions for another demo account?

tbh i don't have time to be on this forum for the next wee while, but my prfoit target on this is 1.3260

lol, I thought you had some secret formula there, scaling out of losers

on the demo acc, I've got an Alpari UK demo and I can set the lot size to 0.01 if needed... I say this because you mentioned that you couldnt scale out on your demo.. Now I think about it I suspect thats due to the way MT4 handles orders when it comes to opening opposite trades rather than netting out.

2 choices...
1) Open 3 positions at the same time with a 1/3 on each and 3 diff targets..(there are scripts for mt4 for that, or write your own)
2) get a demo with oanda, they net positions allowing your easily close portions... dont bother if you love MT4.

good luck,

 

[FXTrend240]

lol, I thought you had some secret formula there, scaling out of losers

on the demo acc, I've got an Alpari UK demo and I can set the lot size to 0.01 if needed... I say this because you mentioned that you couldnt scale out on your demo.. Now I think about it I suspect thats due to the way MT4 handles orders when it comes to opening opposite trades rather than netting out.

2 choices...
1) Open 3 positions at the same time with a 1/3 on each and 3 diff targets..(there are scripts for mt4 for that, or write your own)
2) get a demo with oanda, they net positions allowing your easily close portions... dont bother if you love MT4.

good luck,

i could open 3 positions on this demo account but would probably end of getting wiped out...actually it doesn;t matter because even if my drawdown is massive i can just scale it down to what it would/should be had i had been able to use proper MM

 

[FXTrend240]

Fading double zeros, from what i've seen is seriously a great strategy, i would automate it across tight spread pairs if i new how .

Like eurusd touched 1.35, went 3 pips through that and shoots down 20 pips in a few seconds- that's probably big money covering longs or going short.... however, if price goes up to 1.35 agfain i wouldn't expect the same reaction- big money has already covered there...

 

[FXTrend240]

i opened two more short orders and am setting targets for the 3 lots at 1,2,3 X ATR as posted above.

lol, if i lose this trade my demo acount will be blown . but in reality i will only lose 5%

if i win however my monopoly money net worth will have rocketed! lol

hmm, actually if my monoploy money rockets higher then $10 a pip might actually be a sustainable risk/pip

 

[FXTrend240]

right, instead of looking at my account balance ill simply look at my pips profit count .

 

[FXTrend240]

cba with this thread

 

[FXTrend240]

I don't yet believe i have the skills to interpret global economic conditions; i have to further develop my skills to analyse fundamentally, so that i can stop picking a pair and THEN analysing it;better to analyse global conditions in terms of risk appetite/aversion and THEN pick the best moves across all the pairs. My method for trading eurusd is simply buying dips and selling rips to trendline and MAs, however when im selling i don't understand why eurusd is going down, similarly when it goes up i don't know why;this is a big problem , it's hard to learn economics and interpret everything that goes on-then again this business was never meant to be easy;the reason 95% or more fail is that once they find out work is involved they quit;i want to do this full time some day so i'm taking the long road.

 

[NoRhino]

I know what you mean! I am about to start at a prop house, I am hoping I can learn a lot and get backing. Have you considered joining one? I know the disadvantages but just being in a good trading environment I think will be a good first step. Good Luck with whatever you do

 

[FXTrend240]

I know what you mean! I am about to start at a prop house, I am hoping I can learn a lot and get backing. Have you considered joining one? I know the disadvantages but just being in a good trading environment I think will be a good first step. Good Luck with whatever you do

Thanks . My aim is to trade currencies at an IB or a prop firm, i actually may be going to visit a prop firm for work experience this summer in london, also have some traders to see in IBs. Yes, i think being surrounded by other proffesional would help. Being in an office makes you be proffessional, you can't doss about or eat cereal (lol, maybe you can???) like at home. Which one you joining? PM me if you don't want to say .

Thanks and good luck to you too

 

[NoRhino]

tut tut, btw FX just to add, if you wanna go to an IB don't start with a prop house.

 

[FXTrend240]

Hear's the deal; 2-3 weeks away from the markets has cleared my head and i've came out of 'chart addiction' - staring at charts when it's a daily charts and i could be jogging or whatever.
Goals; jog 5x a week , study for exams, look at EURUSD chart 1-2 times a day on reuters' candestick charts and simply take a glance for 1-2 minutes at the price and then read the news headlines and continue trading with the trend.

that last demo trade was successful bringing march's pip count to about 450-500

My big Pc is fooked up and demo account has been lost so im going to just make paper calls with targets and stops.

here is how it goes: 5% risk per trade, 2X15ATR daily is stoploss (and somtimes simply above previous high/below previous low). once 2/3 way to target scale out 2/3 and plug a 1X15ATR daily trailing stop loss on the last third.

 

[FXTrend240]

sell limit 1.35, stop loss 1.3810, target 1.314

 

[FXTrend240]

why trade this one pair?

right, here goes: The USD moves fairly in correlation, with a few exceptions (eg USDJPY) across all USD pairs. I remember i demo traded like this before and i went long NZDUSD AUDUSD EURUSD short USDCAD and made huuuge pips! well that's silly because im just short dollar X4 and might as well have just traded one. so, out of these pairs which moves most to my liking? EURUSD of course-deep, tight spreads and waves and trends well enough that i can interpret highs/lows to determine trend and entry. EURUSD moves in correlation with the other USD pairs but the other ones i find slighly boring, AUDUSD is very low volaitilty (hence leverage in forex lol!) compared to usd, NZD, check it out now, it's dead whilst EURUSD has been trending nicely and down for the last 4-5 months.

Also, these trends are alos created by the great domination battle between euros and dollars....

as a result EURUSD can and does trend MASSIVELY (sometimes for years on end) and i find that easier to trade than something which doesn't trend. Due to the economic implications on currencies it pays well to listen to the news and understand it; the big thing now is US recovery and the Greek debt problem. i don't know whether Greece will make it, but i'm just going to listen to the news, watch my charts and take it from there.

 

[FXTrend240]

that down bar doesn't look too friendly and i'm not sure we could even manage to grind up to 1.35, but set and forget!

 

[FXTrend240]

just for a lil' proof. take out USDJPY and im still up a decent 400 odd pips on EURUSD alone in a month or so. USDJPY was the best 'trade' i have ever made due to confluence of funnymentals and technical pullback entry. anyway eurusd only from now on

 

[FXTrend240]

my money management has COMPLETELY changed so has my position sizing too.
As a results my new MM techinques enable me to trade the FTSE100 aswell ( the way the ftse daily bars move make it perfect for my MM)

also, i've started trading a system for GBPUSd H4 , semi mechanical which does well over time.

long CABLE @1.5258, SL1.5125
LONG FTSE 5580 (actually on the demo i cant trade the ftse futures or sbet them so i have to go long ES! which is pretty much the same anyway)
Eurusd sell limit never hit