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Hi, Can someone give me a tips, new trader here, starting on demo account
Miembro desde Jun 14, 2018
posts 27
Jun 17, 2018 at 12:05
Miembro desde Jun 14, 2018
posts 27
Hi, Can someone give me a tips, new trader here, starting on demo account, i think i'm good in demo you can check my profile and trading history, I gain 573.54% on one account and the other account is 285.76% i trade those accounts only in 2 days. but when comes on live account i can't win just like on my demo account. Thanks in advance
As Above. So Below
Miembro desde Jun 14, 2018
posts 27
Jun 20, 2018 at 05:54
Miembro desde Jun 14, 2018
posts 27
Yeah i know since i'm a newbie here, i think a lot of things need to consider, but i'm just trying what i can do on demo account and contest before i trade on live account. My first trade was 20 Lots for 10, 000 demo deposit. is it alright or you think i may adjust it lower?
As Above. So Below
Miembro desde Jun 14, 2018
posts 27
Jun 20, 2018 at 05:55
Miembro desde Jun 14, 2018
posts 27
Dandelion posted:Thanks for the info, i want to know more on trading. Your response is much appreciated. What i may need to know about risk management? What is the best Lot for $100 deposit?
It sounds like you don't understand risk management. Those are enormous gains for 2 days. Try a smaller lot size
As Above. So Below
Miembro desde Jun 14, 2018
posts 27
Miembro desde Apr 22, 2017
posts 18
Jun 24, 2018 at 06:26
Miembro desde Apr 22, 2017
posts 18
KnightsofKornor posted:
Yeah i know since i'm a newbie here, i think a lot of things need to consider, but i'm just trying what i can do on demo account and contest before i trade on live account. My first trade was 20 Lots for 10, 000 demo deposit. is it alright or you think i may adjust it lower?
MT4 only allow 8 lots for first Open position for $10.000. that why you must be carefully try demo first before you go to Real account in one Broker. Sometime they set different parameter to attractive new Trader.
mulani61@
Miembro desde Jun 14, 2018
posts 27
Miembro desde Apr 13, 2016
posts 14
Jun 26, 2018 at 10:30
Miembro desde Apr 13, 2016
posts 14
The most important thing is to have a good money management and follow it strictly. I was taking too huge risks before,and now I am following the system of 2%.This means that my SL should not be on a bigger distance of 2%. When I trade 1k account, I place a SL that will make me max 20 dollars loss. So this way I calculate the lots. And it is really logical, and since I started using it I have improved my results.
I learned that in the course Manual professional trading from EA Forex academy, it was 200EUR course, and this week I saw they have a sale so the course is just 10EUR, how ever I took few more...hope it helps
I learned that in the course Manual professional trading from EA Forex academy, it was 200EUR course, and this week I saw they have a sale so the course is just 10EUR, how ever I took few more...hope it helps
Miembro desde Apr 13, 2016
posts 14
Jun 26, 2018 at 14:30
Miembro desde Apr 13, 2016
posts 14
Also, in the Academy they provide this strategy builder called EA Studio, and you can place your entry and exit rules for the strategy and SL and TP, basically everything you have in the strategy, and you will see the results. I found out that many of my strategies I taught were profitable, are actually losing. Th other one is the Forex strategy builder, but it is a bit more difficult to use. You need to install on your computer and watch the videos how to use it. Here is the link if you wish to see if your strategy is profitable:
https://eaforexacademy.com/forex-strategy-builder-software/
https://eaforexacademy.com/forex-strategy-builder-software/
Miembro desde Jun 26, 2018
posts 10
Jun 27, 2018 at 06:29
Miembro desde Jun 14, 2013
posts 130
KnightsofKornor posted:
Hi, Can someone give me a tips, new trader here, starting on demo account, i think i'm good in demo you can check my profile and trading history, I gain 573.54% on one account and the other account is 285.76% i trade those accounts only in 2 days. but when comes on live account i can't win just like on my demo account. Thanks in advance
I see this all the time. New traders tend to think that these 'enormous' results in short periods of time can be duplicated in a live trading environment. Pro traders (talking bank and institutional traders) will NEVER take those huge risks. So as a new trader you should not even think about trading like that on a demo, let alone a live account. This may sound harsh, but I paid my school fees as a new trader, and I can tel you with absolute certainty, you WILL blow up your account, even a $100 account, in a matter of days!
So here is what I learned as a 'newbie' trader. Firstly, a demo account is run as an internal server by brokers. This means the environment you are trading in is a closed system. Its meant to allow you to 'test strategies', not CHASE that 'make a million in a month' trap most new traders fall into.
So to begin with, you are using your demo account incorrectly. What you should be doing is teach yourself the discipline to manage your RISK (Stop-Loss levels, Correct Trade entries, Lot Sizes, Loosing Trade Exit Strategies, etc.), manage your MONEY (Take-Profit, Trade Exit Strategies, Training Stop Levels, Moving Take-Profit when appropriate, Let winners run, etc.)
You should also try and trade on higher time-frames as a new trader, with smaller lot sizes and stop-loss levels & take-profit levels that are placed, together with trade entry levels in the CORRECT places. The best way to learn this is to use a 4-Hour chart and then look for previous swings. When the market approaches these swings you look how the market behaves around these levels, and then place a buy or sell order depending if the levels holds or breaks. This is called 'high-probability' trading.
Your Stop-loss should always be placed above or below the closest previous swing. ONLY then can you calculate what your volume size should be. Mulani1961 is 100% correct. You should determine what type of loss PER TRADE, as well as TOTAL LOSS for all open trades should be. I personally prefer a maximum loss of 2% per trade, and 8% total loss should all my open trades trigger their stops.
Take-Profit levels should be determined by a Risk/Reward ratio. Here's the big secret to trading manually. You HAVE to maintain a Risk/Reward ratio of 1:2 or better. This means that your take profit level should be at least 2X your stop-loss level, or you struggle to make money. I use between 1:3 to 1:5.
So if I determine that the distance (in Pips) between the swing high/low that I wish to enter and the closest previous swing high/low where my stop-loss is, is for example 50 pips, then I have to look for a previous swing high/low between 150-250 pips for my take-profit level.
This process in its basic form is what Risk/Money Management really means. And this is what you should be practicing on your demo account. My honest advice to you is to learn the basics of trading so you can (1) understand the concept of how to manage your account, (2) learn how to manage your emotions, and (3) learn how markets really move on a chart between historical support and resistance levels (swing highs/lows). Once you have learned and understand these basic concepts, then you can start formulating and testing a trading strategy that works and makes money.
Just a few other tips. Stay away from scalping as a new trader. Stay away from time-frames below 1-Hour as a new trader. Stay away from any account leverage above 1:200 as a new trader. I trade only with 1:50 accounts, I have a 1:100 account, but will close that eventually.
Open a $100 1:200 account to start with, and simply write that money off. I guarantee you, you WILL lose that account. Trade with the smallest lot sizes so you can learn the basics, and get used to the emotions. Keep doing $100 accounts with 0.01 lots until you are a master at picking high probability trades. It took me almost three years of live trading (manual) before I started making consistent profits.
Good luck on the journey!
Keep it simple, be disciplined, get rich slowly and above all protect your equity!
Miembro desde May 30, 2018
posts 20
Jun 27, 2018 at 12:45
Miembro desde May 30, 2018
posts 20
petkofxlev38 posted:Money management is very important agree with that. Without a proper risk management plan in place it would not be prudent to start trading. Furthermore, I'd like to add that trade on demo account like you are trading on live account, there's not much point in demo trading otherwise even.
The most important thing is to have a good money management and follow it strictly. I was taking too huge risks before,and now I am following the system of 2%.This means that my SL should not be on a bigger distance of 2%. When I trade 1k account, I place a SL that will make me max 20 dollars loss. So this way I calculate the lots. And it is really logical, and since I started using it I have improved my results.
I learned that in the course Manual professional trading from EA Forex academy, it was 200EUR course, and this week I saw they have a sale so the course is just 10EUR, how ever I took few more...hope it helps
Miembro desde Apr 13, 2016
posts 14
Jul 01, 2018 at 07:19
Miembro desde Apr 13, 2016
posts 14
Yes, the problem is that it is hard to trade same way the demo and the live because feelings are involved.
One of the good solutions is to trade with expert advisors. Another course I took from them is the Autoamted Forex trading + 99 EAs, where they attached 99 EAs and every month they update with new 99 EAs. This way the work is only to transfer from demo to live account the EAs that are currently profiting.
One of the good solutions is to trade with expert advisors. Another course I took from them is the Autoamted Forex trading + 99 EAs, where they attached 99 EAs and every month they update with new 99 EAs. This way the work is only to transfer from demo to live account the EAs that are currently profiting.
Miembro desde May 30, 2018
posts 20
Jul 02, 2018 at 10:25
Miembro desde May 30, 2018
posts 20
SAFXEater posted:I agree with your point SAFXEater. Micro account gives a better idea of the trading world as on it you are trading live. Therefore you'll be more careful. What I like about micro accounts is that you can trade with relatively small amounts on it. However I believe one should trade on demo account before moving on to micro accounts, it's like a warm-up.
Use a micro account rather than a demo account. No one really learns when they have nothing to lose. Which a real account (even if it is small) you will really learn better and faster
Miembro desde Jun 14, 2018
posts 27
Jul 03, 2018 at 07:33
Miembro desde Jun 14, 2018
posts 27
sarahlawrence posted:petkofxlev38 posted:Money management is very important agree with that. Without a proper risk management plan in place it would not be prudent to start trading. Furthermore, I'd like to add that trade on demo account like you are trading on live account, there's not much point in demo trading otherwise even.
The most important thing is to have a good money management and follow it strictly. I was taking too huge risks before,and now I am following the system of 2%.This means that my SL should not be on a bigger distance of 2%. When I trade 1k account, I place a SL that will make me max 20 dollars loss. So this way I calculate the lots. And it is really logical, and since I started using it I have improved my results.
I learned that in the course Manual professional trading from EA Forex academy, it was 200EUR course, and this week I saw they have a sale so the course is just 10EUR, how ever I took few more...hope it helps
Thanks for the info. But i don't use SL on my trading, I only use TP. I manually close my trade if it is a losing entry.
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