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1 year down - 6 months to full time

Discussion in 'Personal Trade Journals' started by JCBiggs, Nov 21, 2012.

  1. JCBiggs

    JCBiggs Recruit

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    So I set up a demo last November. (exactly 1 year and one week ago) I did MBTrading, which gives u 10k in the demo. I didnt know jack crap before i started. I didn't spend hardly ANY time actually trading, Id say probably less then 60 hours a month. (much less Id bet) I tried more of a swing trading strategy, and learned just a LITTLE about MAC D charts RSI moving averages, and bollinger bands. and thats pretty much the only charting Ive used. Really in the grand scheme of things, I dont feel like i know very much at all....

    ANYWAYYSS, long story short, with the limited knowlege i had, i managed to turn the 10k accoutn into 64,900. To me thats impressive, but im not sure how it really stacks up. Anyways, now for the next 6 months, Im really gonna dig into the fundamental side of forex, and learn as much as i can, at the same time im going to invest a couple thousand real dollars. im hoping in 6 months, i can go full time. (btw, i own my own business but its limited work, and would be considered more of a hobby if i went full time with this) at the end of the day i CAN afford to not bring any money in. (cant really afford to lose much but thats what limits and stops are for right? lol) so i guess this would be my "journal" for the next however long and im hoping you guys can point me towards good sources for learning.. i did a webinar with market trader institute, anyone heard of them? so yeah.. thats bout it.. ill stop typing so u guys can stop reading lol. later.
     
  2. quicksilver

    quicksilver Private, 1st Class

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    Looks like I got this thread at the beginning. Congrats on your progress. I think if you stick to one system and a set pattern you should be able to get accustomed to easily read the charts. Mixing technical with fundamental analysis is a great way to re-validate what your technical analysis will be telling you.

    I myself, hoping to start a live trading account sometime in Jan/Feb (tentatively). Been testing my trading method for the past month.

    Some tips: I set up google alerts for my preferred pairs and bookmark the rss feed so it gives me an overall idea of what's going on. Keeping an eye on the daily high/low also helps me to intra-trade better, but swing trading is something I hope to get into shortly.

    Good luck.
     
  3. RahmanSL

    RahmanSL Major

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    Hi JCBiggs,

    It's not uncommon to make huge gains/profits in Demo accounts. The biggest profits I managed on a Demo was a usd3k account which I turned into just over usd90k (I think) in 3 months of trading.
    Going LIVE with real money, it's still very possible to achieve the same results, but the BIGGEST problems are GREED and the IMPATIENCE to achieve the millions in the shortest time possible by OVER TRADING. Then, when one managed to make good profits, there is, of course, the ARROGANCE & OVER CONFIDENCE that one cannot loss in trading the forex.These factors are sure KILLERS of any accounts.

    If you trade patiently and without greed (just like you do on a Demo account), you should do well on your live account over a period of time. Never ever over trade and make very sure you have lots of free margin to absorbed any initial huge losses.

    Good luck and wish you'll have a pleasant & safe forex journey.
     
    Anomilus likes this.
  4. WaveRider

    WaveRider Sergeant

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    I hope you knock em dead. Live trading makes you lose sleep. And that's if your managing risk properly. If you aren't it makes you lose your wife, retirement account and get ulcers. Whatever you are doing, keep doing it exactly as you have been.
     
  5. myBrokerStats.com

    myBrokerStats.com myBrokerStats.com Representative

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    Awesome numbers. You did great on demo- Congrats!

    Two things that came to my mind immediately:

    As RahmanSL already said, once you know that it is real money you are winning or losing.. EVERYTHING already has changed!

    I would strongly recommend reading this one first (it probably will save you lots of money and painful experiences):
    The title: Trading in the Zone
    from author: Mark Douglas

    Plus you also want to check your broker if he is doing some "demo-magic", means altering feeds and results to make your demo (strategy, system, ea) looking more impressive. This goes as far as a strategy could be performing well on demo, but losing big times on live accounts.

    For example: FXopen demo servers are well known for that fact. (They won't trigger your SL, but hit your TP -where in live accounts the exact opposite would have happened)

    Of course our tool could be of great help too.. but don't want to promote our product here.


    Wish you best of luck

    (if good preparation ever should be considered "luck" anyway -> “Luck is what happens when preparation meets opportunity.”)
     
  6. schonsophia

    schonsophia Private

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    very well said. Good preparation is the key.
     
  7. John Sachman

    John Sachman Private

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    Good example.
     

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