1 small step for you, 1 giant leap to me!

[Kpnxn]

Hi Traders,
I'm starting this journal as a reminder to myself of my goals I want to achieve with forex, and in the meantime to get advice from you master traders as I go along.
Here's my back ground: I've been playing with forex for a year now. To be honest, I got sucked in by a scam signal providing website and lost $500 in NO TIME AT ALL! Since then I kept playing on demo and 7 months ago I started seriously testing strategies on demo. I feel I'm ready now to take my first baby step in real trading. (I'm currently buzy setting up my real account with Delta Stock)
My strategy:
1. Well I'm going to run a robot (0.01 lot size) during the day while I'm at work. It's called magic machine (yes I know it's the same as vforce but I got it free and had some consistant profit with it).
2. During the night I'll be looking for rsi signals to scalp gbp/usd. I've tested this strategy and it works quite good for me. Time permitting I might get 3 signals/week!
3. I'll be using FPA's signals to trade news events. This will be done with a robot too. It's a very simple robot, and also has been good to me in demo.
4. I'll keep researching new FREE strategies on forums and demo testing them.
Start up capital: I thought about investing $1000 to start, but because I'll be using small lots I'd only start with $300. If my system fails I'll just take my wife and children on a weekend away with the remaining $700! Lol
My goals: making my 1st forex million within a month! (joke). Nah, if I could average 20-30 pips/day for starters I'd be happy. However, I will increase the lot sizes as my account grows, and thereby making more profit/day.
Note to myself: $250/day is constantly needed to trade fulltime!!
If anyone at any point feels like handing out advice, please feel free to do so.
Hopefully my account will be setup by Thuesday, and real trading can start on Wednesday 10 March 2010.
Wish me luck, and thanks for a GREAT forum!
Ps - I will post my account on mt4stats and let you know the url.

 

[ernest8fingers]

sounds like a plan

Good luck - and if you profit (say 100 bucks on a 300. account) test your brokers withdrawal policy-its always a good feeling to see profits post in your own bank account.

 

[Kpnxn]

Good luck - and if you profit (say 100 bucks on a 300. account) test your brokers withdrawal policy-its always a good feeling to see profits post in your own bank account.

Will do, thanks. I did run into another problem yesterday. I think my laptop has a virus on it. I've only been running the mt4 platform for 3 days and for some reason my allocated 500meg is depleted! Needs to rescan the laptop then topup the account.

 

[Bowmaker]

Good luck again. Couple more things to be aware of. You have traded a demo for quite a while so remember that things will be different when you go live. On demo you have fast execution, no requotes etc which will change when you go live. You will also then have the emotional effect of using real money. Even though you start small its still real money and your mentality will change. Demo money dosnt give you the same buzz. Just be careful anddont try to run before you can walk

 

[RahmanSL]

I have come across statements, regarding Demo accounts, like “Fast execution, no requites, no slippages” time and again here in FPA and elsewhere.
However, I have been experiencing on both my Demo accounts with FXopen and Tadawul FX “delayed execution, re-quotes, slippages, and off-quotes” during volatile market movements.

Isn’t this exactly what is common in Live account too?

 

[cowmadagan]

Rahman,

What everyone is trying to say about this is basically to be ready for EVEN greater delays in executions.

Also, for the sake of being thorough I should make sure that you know that slippage refers to making an order when the current price is 89.8 to, say, sell USD/JPY at 90.00 but the spike makes it so your sell contract is actually for 90.05 or worse (news time realistic nightmare limits of about 90.60).

If your demo account also has slippage like in my example, I applaud their honesty and at the same time stand perplexed by it. Even the most droll of brokers should be able to handle programming a demo based on the feed where that doesn't happen, and if it's just an accurate demo of their trading then it doesn't bode well either.

 

[RahmanSL]

Cowmadagan,

Okay, point taken that I can expect EVEN greater delays in (trades) executions in Live account.

To tell the truth, I don’t know whether there was “slippages” in my Demo account. I get plenty of “Requotes, System Busy, and Requotes” though, during very active market trading, but no surprised pips differences in my entered trades.

Oh well, guess I’ll have to face that “slippages” thing when I start Live trading account.

Meanwhile, as a matter of interest, that usd5k account is now usd18,787.31 with 2 opened positions with usd170.98 in positive. I think I’ll let that 2 positions ride to Friday as I think (based on chart records) eur/chf (Buy 1.4631)and eur/aud (Buy 1.4976) will go upwards soon/or further still.

As usual, thank you for your advises and guidance; yah!

 

[Kpnxn]

Trouble

Hi all,
I've said it before, and I'll say it again: THIS IS A GREAT FORUM. Thanks for all the info! I'm still having problems with my internet connection, according to mcafee (my anti-virus software) I might have a "new" virus using my laptop as its base to operate from! It uses up my mb's at an alarming rate! They now want me to buy a remowal service they offer for $85. Bloody cheek!
I think I should use that money to get a vps. I've seen 1 advertised for $30/month. Any advice on vps would be much appreciated

 

[Para47]

use Kaspersky or panda or AVG. AVG has a free version and that removes most of the virus. How ever u cannt continue with the freeversion as the protection is low.

 

[bartrab]

How has your plan been going?