Thank goodness it's a demo account!!!

[TraderInTraining]

Hi everybody!

Well I've been playing with the demo account from FXCM for a few hours now. After being given £5000, I've done very well to knock it down to £3986 in an hour...but technically it wasn't me, some reason the program thought it would be wonderful to sell everything for me while P/L was -400 in some cases...

slowly but surely I'm getting back (now at £3995).

Is there a dummmies guide to the forex or some book that is just as simple that you could recommend? Y'know one that takes you all the way through from what a pip and everything before to...well I dunno what the end thing is...but that anyway.

Also, I guess not but, is there a broker who charges a comission other than the difference between the sell and buy price (I.e. GBP:USD for fxcm is 0.0005) I think it's called spread...

Thanks...
TraderInTraining

(I was about to abbreviate that to 3 letters, but I've just realised what it would be! Why did I pick such a name....*rolleyes*)

 

[TraderInTraining]

Oh yeah, now up to 4,010...

 

[JumpOff]

The 'end thing' is to make your demo account go up routinely, and to understand why that is happening. You've come to the right place, and the demo account is a fun thing to do while you are learning.. Browse the entire t2w site. Especially the first steps area if you are new to trading in general (and not just new to forex). Give your self some time - the forex market will be there waiting for you to throw real money at it next week, next month, next year..

Welcome,
JO

 

[Money_magnet1]

Trader your name reminds me of del and rodney, Trotters Independant Traders !

But seriously, take your time is great advice, read as much as you can and try and learn from others mistakes (theres plenty of 'em). It's easy to see a nice set-up developing and see it pan out exactly as you imagined it but when it's real money on the line, things always get a lot more complicated.

As JumpOff said, the fx or any other market for that matter will always be there and there will always be a new set-up for you to exploit.

Good luck.

 

[GotGold]

What a fantastically interesting thread....
A running commentary on someones demo account....excellent.
LOL