Newbie - Demo trading

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Jim B

Corporal
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96
Spending time in demo is the way to go in my opinion. Who have things been going for you ?
 

ForexViking

Recruit
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130
Thanks @FxMaster

Does the below strategy look sound as a starting point for a round of demo testing?
The strategy is pretty simple and basic with not loads of indicators or steps so hopefully not too difficult to stick to.

It mainly uses price action and S/R lines
Time frame - daily & 4hr

ENTRY

  • Entry must be with trend - Trend defined by my analysis not an indicator
  • Entry must be around S/R area or Trend line - Trend line with at least 2 hits
PRICE ACTION

  • Indecision (pin) candle required
    or
  • Engulfing candle with three previous candles smaller
RISK

  • Max 0.75% - lot size scaled to meet this in conjunction with stop placed at a either 1.5ATR or slightly beyond a previous high or low
REWARD
2 to 1 risk ratio minimum
first take profit just below next major support or resistance

Let me know your thoughts thanks
This seems very switched on. Remember to stick to it! Good to see you have risk management in there, If you’re hitting trades 50% of the time you should be quids in :) it’s a nice and simple strategy and mainly what I do too :)
 

Akimuro

Private
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31
I strongly recommend you to start demo trading. This thing will help you to gain the necessary experience and test the right strategies. After four months, you will gain knowledge and will be able to trade in a real account.
 

Fenrilrajas

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28
It's a good thing you shared your experience, and it will surely be beneficial information for beginners. I strongly recommend trading on a demo account for 3-4 months. This time should be enough time for you to get enough experience to trade live.
 

JamesEdwards98

Private
Messages
85
Hi all,

New trader starting out his journey here. I have been demo trading about 2 months and have been learning as much as i can through books webinars and sites like this.

I did trade briefly about 6 years ago for 6 months or so and had no idea what i was doing with no real strategy. I didn't blow an account or loose a lot but went straight into live trading as i thought it cant be that hard! lol

I guess why i signed up was to when i am ready start a journal and post my thoughts and trades down for others to see...get some accountability and try keep me honest to my strategy.
Demo is a good place to start at the very beginning.

But I feel like at some point you need to switch to real money, and trade at least 0.01 lots and experience losing REAL money.
 

RachelEB

Corporal
Messages
113
Hi all,

New trader starting out his journey here. I have been demo trading about 2 months and have been learning as much as i can through books webinars and sites like this.

I did trade briefly about 6 years ago for 6 months or so and had no idea what i was doing with no real strategy. I didn't blow an account or loose a lot but went straight into live trading as i thought it cant be that hard! lol

I guess why i signed up was to when i am ready start a journal and post my thoughts and trades down for others to see...get some accountability and try keep me honest to my strategy.
Good plan, best of luck and look forward to seeing your posts
 
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