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New trader having some pips

Arthur Libeert (ArthurLibeert)
Aug 14 2014 at 06:30
9 inlägg
Hello,

I have been reading some forums and topic about forex trading.
And they all telling me it's verry hard to make profit with forex.

Well i've been trading on a demo account ( Oanda ) and i'm pretty doing it ok.
I'm having 10.57% Abs profit in almost 3 months. I think this is pretty good no?

Do u guy's have some advice, if i should keep the make more percent or stay with a safe percent?

Because it is working pretty good right now so i think i can make more percent a month.

A lot of people are saying demo is not the same as real, but i'm taking this demo pretty sure. So it's like real for me ^^

The question is should i go live now or is this just beginners luck? So i need to try my demo longer to see if i have a huge drawdown thats killing me to go live?

Thank you for ur time

Arthur

Ps my link to my system : https://www.myfxbook.com/members/ArthurLibeert/arthur-libeert/962095
jotekfinance
Aug 15 2014 at 05:59
138 inlägg
Not necessarily beginners luck, but for some reason, it seems like you ALWAYS have better percentages with the demos.
mariav
Aug 15 2014 at 08:52
115 inlägg
Artur, i can agree with jotelfinance, you always have better results when trading in demo, that is why i can recommend you solution which i found for myself. You can use cent accounts, they are real but the amount of deposit is very small, so you can not lose much money but still you will trade on a real account 😄
Good luck in your trading and wish you higher and higher results every day 😉😉😉
AMM19
Aug 15 2014 at 10:46
1 inlägg
Demo accounts psychologically are not as taxing as the real account. Put your risk capital 'the amount that you can afford to lose' into a real account. Start small and use your energies & time to earn (or learn to lose) on the real account.
Shabazali123
Aug 15 2014 at 16:58
8 inlägg
Hi Arthur,

Welcome to the world of trading. when your trading a demo, its less emotion if you see draw down or losses, its not that much of a big deal. There are many different kind of traders, with different mindsets, styles and techniques. Some guys make rules and break them and it blows up your account or over leverage an account using short terms scalps. I speak for myself, iv been guilty for most mistakes and learnt the hard way. Heres a few things to consider before you go live.

do you have a trade plan? rules that you will stick too? eg, mines are: 1 trade at a time no matter if i see a golden opportunity while im in a trade.
Even though my broker allows 1:50 another allows 1:500 and another 1:1000. i dont go over 1:14 max.
What are your triggers for trade?
DO NOT treat this as get rich quick scheme, i don't intend on taking any money out until around week 40 and even then its just peanuts because it doesn't fit in with my long term goals.
Its not about quantity, but consistency. once you have mastered consistency you can always go for quantity.
learn from others mistakes rather than make them yourself, i learn the hard way, which is expensive in trading.
use both fundamentals and technical, not one over the other, if ones a hand the others a glove.
mariav is very right start with a nano, if you see consistency over a long period of time add to the balance but ONLY what you can offered to loose.
The above should get you off on the right foot, i consider myself new too, so if theres anything i can help you with i will be more then happy too.

last thing, Knowledge is power, dont stop learning.
Arthur Libeert (ArthurLibeert)
Aug 15 2014 at 21:12
9 inlägg
Thanks for all the replies. I know it's different but i will try with 250-500 Euro on a real account.

I use 1:50 on Oanda broker. I don't really have a trade plan. My stop loss or profits are always different. Because every trade has other specifications.

I'm going to try 1 year with 250-500 Euro. And if i have profit in that year i'm going to put some more on it ;)

TheFX4You
Aug 16 2014 at 18:33
92 inlägg
Hello Arthur,

First of all, it't not bad to get 10% per 3 months.
I hope that you have some system not just gambling

But please also let us know what was your DD?

Of course, professional trader will earn at least 10% per month,
but for beginner it's good that you have at least profit.
Stable 20% per month without manual intervention...
Arthur Libeert (ArthurLibeert)
Aug 17 2014 at 11:06
9 inlägg
The first one was a wrong decision and i just closed it to have a new start.

The second was something stupid where i learned from. I had an open position, but it keep growing, so i did a sell again. It keep growing so i keep selling the currency. But i did some wrong research so it closed al those trades. A huge loss, but i learned from it.

The last one i've tried to trade Gold. But i didn't know Gold is very risky because a little movement will cost u a lot of money. So i had a huge loss of 10 Euro's. But now i'm back on track without those 2 mistakes.

I don't know if i have a strategy or a Gambling strategy. I'm using technical analyses. My stop loss and take profit are different each trade so. I can't really say what my stop losses are and that kind of stuff. I'm only using two indicators: RSI and stochastics. But mostly i'm finding trades on a naked chart. ( like channel up/down, head and shoulders, triangles, ... )
jotekfinance
Aug 22 2014 at 07:55
138 inlägg
Using a system free's you up some from having to do all the mental headaches and calculations of watching EVERYTHING. Also, if you have a decent one, it allows you to focus your efforts. But that never stops you from 'going rogue' :)
jotekfinance
Sep 08 2014 at 06:30
138 inlägg
Have you made the switch yet?
mariav
Oct 03 2014 at 11:27
115 inlägg
So tell us how are you doing, Arthur? Hope you doing great with your trading 😳
Arthur Libeert (ArthurLibeert)
Oct 08 2014 at 16:38
9 inlägg
I have not made my switch already because of beginning of university. But i will soon ! Thank you !
Francisco Gouveia (fxgouveia)
Oct 11 2014 at 07:43
4 inlägg
Hi. It's good you are working pretty good in the DEMO account. But please I suggest you to keep working on the demo. There are sites providing courses online, but I don't know whether I can mention it here. If you don't mind we can keep in touch via email. My email is [email protected]
Make money for life and make forex part of my life
savantfx
Oct 11 2014 at 10:31
101 inlägg
Develop a system and backtest it. Do not go live before that. Prove to yourself you can do it. If you don't know you can do it then you are not going to succeed. Believing and knowing is two very different thing.
Arthur Libeert (ArthurLibeert)
Oct 13 2014 at 06:32
9 inlägg
The problem is that my system is not based on any indicators, i use price action so it's pretty hard to backtest it. And Fxgouveia, i want to keep in touch, i will send u an email.
savantfx
Oct 13 2014 at 06:57
101 inlägg
If it can't be backtested then it is not a system. It is wishful thinking. My words probably sounded very harsh but you will know about this fact later on when you fail/succeed. I don't use indicators but i do have sets of rules. Make your rules.
Bob LLewellyn (ForexAssistant)
Oct 14 2014 at 16:26
465 inlägg
savantfx posted:
If it can't be backtested then it is not a system. It is wishful thinking.

No, that's not true. There are a number of good robots that allow for user intervention that can not be back-tested. In addition to that, back-tests tend to be unreliable in long runs because there is always missing data that you need to work from. It is much better to use forward testing on a demo account.

Another thing that new traders like to say but doesn't make much sense is that you shouldn't use demo accounts to learn because you don't have enough emotion when trading a demo. That is just nuts. If you have emotion when trading a real account you have probably not perfected your system. If you truly know what you are doing, when there is a decision to make, you just make it. You won't get emotional because you always know what to do. It's only when you don't know what to do that you get emotional so if that happens, go back to the demo and figure out what to do when that situation occurs.

Good luck guys...
Bob
where research touches lives.
kanon103
Oct 15 2014 at 06:47
99 inlägg
savantfx posted:
If it can't be backtested then it is not a system. It is wishful thinking.

LOL at that.

there is number of systems can not be backtested due to tick is random on MT4. plus backtest is very unreliable.
put 'do not trust backtest' on your sets of rules.
jotekfinance
Oct 20 2014 at 06:52
138 inlägg
GeorgeBischof
Nov 09 2020 at 11:48
318 inlägg
New traders should be very careful on their trading. Because this market is a very risky market. Most traders loser their money because of making wrong decisions in this market.
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