For those wondering, I do not place trades every day-- sometimes yes, but only if market conditions are appropriate. Each trade may be open between 3 hours and 3 days, depending on volatility. No news trading, strict 30 pip SL and 100 TP. May bag profits early if trend lines, pivot points, or S/R levels suggest a turnaround is probable.
And obviously, this is a demo account. But I am trading exactly as I would with $10,000 in my real account. Consistency and strict money management are the ways to win. Technically speaking, I only trade at 10:1 leverage. Many people do not have the discipline to hold to that level.
Recently, I've discovered why my signal account is more successful than my personal live account-- aside from having more capital to work with (i.e. placing orders of 1 lot, rather than using a calculator to place trades of 0.08-- simple!), I find myself not hesitating to take a trade. Hesitation and impatience are my weak points in real-time trading, but when I see the balance of $10,000 with the $3,000+ current profit, I feel more confident and place the trades without doubt. 😄
Hopefully this will spill over to my real $$$ trading when I reach that point.
speki posted: Good luck and pls keep us posted. In fact you're on ZuluTrade now and have a new site up and running too?
Yes, I'm on ZuluTrade but my profile won't start showing up in their Performance profile until I reach 31 trades. So I still have awhile before I get some followers. But yes, I also have a new website up and running, though I have not yet published the commentary videos etc since I've had a lot going on in the real world. Hoping to get some videos up next week 😄
Plus, I've been busy planning my strategy for the trading contest 😉
Once again, exited too early. Target was 1.4250 and I'm pretty sure it will get close or hit it 😂 Already a good 20-30 pips higher as of this writing. But I got out early with only 67 pips (reason being that I thought it was a flash move that would retreat). 😑 Poo! I need to stop doing that 😝
Anyways, more than 12% gain in 3 days with very minimal risk...all in all nearly 40% in 2 weeks (8 trading days) of the account being open.......pure luck, or something else? 😎
The system I trade is more longer term, no scalp nonsense, which might explain why it grows faster the more money you have available. Let's see how far I can take this, I bet I could have the lowest drawdown on MyFxBook due to my strict risk management. Live account isn't fairing as well, currently down 2% 🙄 But then again I only have $2000 in that one.
Trading contest is getting closer, it would be nice to take that $3000 (or even $2000) and add to my current $2000 for a total of $5000...maybe then I could start seeing the success (or at least half the success) of my signal provider account 😀
Well, sustained, consistent good returns surely cannot be attributed to pure luck. There must be some skills involved 😉 Do you plan to play your signals on a live account? I would definitely look impressive. Good luck with the contest. Would be nice to snatch that pile of cash, eh? 😁
speki posted: Well, sustained, consistent good returns surely cannot be attributed to pure luck. There must be some skills involved 😉 Do you plan to play your signals on a live account? I would definitely look impressive. Good luck with the contest. Would be nice to snatch that pile of cash, eh? 😁
Yes, due to their success, I do plan to use my signals on a live account. I am just trying to get my balance to a reasonable amount in order to use them to their best extent. My live account is currently up 2.3% in profit, because I made money in my sleep 😁 But it will take awhile to reach the optimal $10,000 that my signals work best with.
Thanks, and yes that pile would aid my cause greatly! 😄
temitope123 posted: what is your signal name at Zulutrade?
Normally I set my limit orders to expire in 24 hours...for some reason I set this one incorrectly 🙄
See screenshot for proof that I called the trade 2 days ago (posted on my website). Entry was for 1.4325 (just above 61.8%). Current price is 1.4290, session high 1.4328ish. Actually a few hours ahead of predicted time. Amazing.
Of course, the trade could turn around 5 minutes from now, but it looks to be in favor. You could bag at least 30 pips.
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