ALWAYS ALWAYS ALWAYS get a Demo Account before diving in head first

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This topic contains 12,497 replies, has 238 voices, and was last updated by  Dimasiksz 1 year, 11 months ago.

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  • rfurtado@mac.com
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    • 37

    Let me tell you, if I was putting real cash in the market for the last 16 hours, I would have lost 250 pips. GRRRRRRR. 10 trades, 2 wins , 8 losses. 3 losing trades due to operator error in putting in the stop loss, 3 trades closed out on a stop loss due to improper spacing of the stop loss. I was mad, EURUSD at 02am hi my stop loss and at 0300 dropped 100 pips at my set limit. ARGGGGGHHHH, would have ben a 2000 gain if my stop loss did not get in the way.
    Oh if any of you belive that the chief is full of bull, guess a again. When he means, your going to be tempted to chase your trade and do an OCO before your trading strategy indicates the OCO. Well he is not full of bull. This was with FAKE money, and the temptation to chase the trade was already nibbling at the ankles.

    One more thing, anyone trading doing day trading and overnight at the same time? Just curious.

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    chartmaster
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    • 9

    I know that feeling of trying to chase. I to myself have been trading in a demo account but will be depositing a little bit next week. I work during the day so I actually do all my trades in the morning and at night. If you want to try something new there is a good buy on the USDCHF. It is over extended on the bottom bolinger band if you use them.

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    CortneyWilliams
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    I had the same thrill with my demo account. I lost around 100 pips on 2 positions after I gained 40 pips in 1 trade. It was a frustrating feeling but it is part of the learning process.

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    rfurtado@mac.com
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    • 37

    Yep same thing here, I just finished all my lessons, and took the swing trade course. Also put into play the cable and fiber systems into play…. on the GBPUSD up 234 , EURUSD DOWN 45 pips. I think I got in to early on my EURUSD, I see a up crown forming, I should be in the profit zone by morning. On this trade I was out 1500$ at a point, and I had that urge, close the position and reverse. Took a breath and watched it drop to 900 $ loss within 30 minutes check the chart and the trends. Had to tell myself, stop. look and go with it, your not even close to your stop loss. Just let it do what it has to do.

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    CortneyWilliams
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    • 28

    Yeah, we basically need to get rid of it-will-go-up-one-pip-if-wait-a-bit-longer attitude. It really messes up trade profits in the long run.

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    blocktrading
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    • 21

    Not only that, demo account is also good for testing your expert advisor.

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    rfurtado@mac.com
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    • 37

    blocktrader what do you mean??

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    rfurtado@mac.com
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    • 37

    Well Well, I just found out that no American broker of FX can accept straddles. It is the law enacted last year. And if your a US citizen They wont let you straddle in foreign markets. Therefore You need a foreign address and passport.

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    rfurtado@mac.com
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    • 37

    So there goes any straddling of any consolidations and fundamental announcements.

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    CortneyWilliams
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    • 28

    @rfurtado 4983 wrote:

    blocktrader what do you mean??

    I think he meant that you can use demo accounts to “test” your EA. Whether or not they are effective.

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    rfurtado@mac.com
    Participant
    • 2
    • 37

    Well here is my update for today. Went into the market last night, and was up about 70pips and went to bed. Went to bed, with a feeling that my trend lines could be broken, the indications of such were staring me in the face, and take a loss. So, I put in some tight Stop losses. Woke up, cheeked and W ammo I should have exited the market and re entered this morning, now I have a 85 pip loss. Now here is the kicker, I did my lines again, looked at my systems analysis, and walked away and got coffee. Came back about 30 minutes later, coffee in hand, read the Op-ed page on the NYT. Looked at it again, and got back in. Result, made up for most of my losses, just shy of breaking even, I’m not positive fo the day because I was greedy and did not exit the EURUSD when I was up 90pips. All I can say Thank you OCO, and stop loss orders. Result I am 11 pips away of breaking even equity wise.
    The only thing I can say, due diligence will make or save your behind everytime.

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    CortneyWilliams
    Participant
    • 1
    • 28

    @rfurtado 5273 wrote:

    Well here is my update for today. Went into the market last night, and was up about 70pips and went to bed. Went to bed, with a feeling that my trend lines could be broken, the indications of such were staring me in the face, and take a loss. So, I put in some tight Stop losses. Woke up, cheeked and W ammo I should have exited the market and re entered this morning, now I have a 85 pip loss. Now here is the kicker, I did my lines again, looked at my systems analysis, and walked away and got coffee. Came back about 30 minutes later, coffee in hand, read the Op-ed page on the NYT. Looked at it again, and got back in. Result, made up for most of my losses, just shy of breaking even, I’m not positive fo the day because I was greedy and did not exit the EURUSD when I was up 90pips. All I can say Thank you OCO, and stop loss orders. Result I am 11 pips away of breaking even equity wise.
    The only thing I can say, due diligence will make or save your behind everytime.

    Hi,

    I think your experience is not new to this field, I mean all of us here badly wants to earn profit the easiest way and get at least double of what we have invested, however we must be keen enough to observe when is the best time to stay and exit on trading on that particular time. I have found a video on you tube and I guess it would be very helpful if you will watch it. Just a friendly advise…:) and if you have finished watching it kindly send me a feedback if you don’t mind. Best of luck…here is the link:

    ‪tradeartist's Channel‬‏ – YouTube

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    ftfx
    Participant
    • 12
    • 42

    No harm to be testing with demo account first. Hence, the name. Real ones can come later.

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    sby148
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    • 1

    The most valued expriance without risk is from micro account with 10-20% leverge.
    You will have the option the test your emotions in live market with minor risks ($5-10 each trade).
    I have one of those account opened at 10 Feb 2011 with £200, now it is £377.
    I mada several hundreds trades with huge mistakes however i could afford the lose and sleep well at night.
    The previous account was mini account and i lose £20000 and many nights it was simply level of emotions which i couldn’t control.
    I wish all traders easy and fun trading

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    bignate
    Participant
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    • 53

    Demo trading has its place in forex learning; but many a times, I have heard about traders that performed so well in their demo learning days and lost with a real trading account; for me, the better option is for beginners to start with a live micro account fun it will little capital and start trading with cents while the learn at same time; brokers like Oanda and Profiforex allows you to start micro accounts with much less than $100.

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