My $30 Forex Experiment 3

[nikkeitrader]

Failed last 2 experiments. Lasted only 3 days in experiment 1 and 4 days in experiment 2. Lost all before my account gets above USD100 each time.

Start experiment 3 . See if I can last 5 days this time. Follow the journey of my next USD30 at MrForex.wordpress.com, most likely down the drain again

 

[shadowninja]

You can do a $1 experiment with Oanda. Save yourself grief.

 

[Pippy5000]

I blew out my account 6 times adding $1,000 each time when I first started.. 5 times within 1 month and the last time I lasted almost 6 months before blowing out my account again.. The truth is that learning to trade is like going to school and $6,000 really isn't that bad for an education in something with the potential to produce millions for yourself and your family.. You will continue to lose your money in the meantime because there is no way to learn to trade but the school of hard knocks..You just have to get back on the horse and don't get too stressed out. Demo accounts aren't real trading because you will not behave the same way with monopoly money..

 

[shadowninja]

I agree but what's the pointing wasting money when you (a trader, not you) don't know what you're doing in the first place?

Work out a strategy then worry about your emotions.

 

[GPC09]

I agree. Work out a strategy first. Then why not demo trade before using real funds.

 

[jak672]

Read 'Come Into My Trading Room' by Dr Alexander Elder. It's well worth a read, besides, there is no point in wasting your money in the 'school of hard knocks' when you clearly dont know what you're doing. Good luck.

 

[Pippy5000]

Well I had assumed that he had at least demo traded before trying this to understand the basics.. My comment was that it is not the same as trading with real money. The school of hard knocks is the Harvard of trading schools. The crushing weight of real world defeat is a very powerful motivator to be the best you can be. The harsh reality of the situation is that in live trading you will take profit too early, stop yourself prematurely and your master plan you created with your demo account suddenly seems to be failing. There's a whole new set of problems you need to overcome with live trading.

I had early success by nesting spot with buy and sell stops and being awake for major news events. This is an easy one to practice with a demo account. It's a bit trickier than you think because cross action can cause wild volatility and you can get stopped out, but it has the potential to rapidly continue on in your favor for hundreds of pips or more depending on the level of importance of the news.

I'd also learn about fibonacci retracement levels as well because they work very well as entry points and take profit points, and are easy to use. A bounce/break off/through a fib level can be pure magic to trade.

 

[alexa]

I just posted somewhere else about statistical probability of using tons or only one or two indicators.
Basically I switched to very simple S&R visual observation with support of RSI(14) on 1 hr and confirmation on 5 mns for exit and it works just the same (% of p/l wise) as tons of indicators I used over the years. And much less stress. So why do we try to make thinks complicated when they can be so simple?