Hi Music Man, to be perfectly honest, at this point in time, I have not much idea what are “Bollinger Bands & Fib lines” are, let alone how to set them. But I presume I’ve to learn what they are and how to utilize these tools.
Cowmadagan, I appreciate your advises and frank opinion whether I am ready for live account trading. I still have to learn how to calculate risk percentage against my available money margin. Right now, I am shooting in the dark and “hoping” to hit something. I have tried Demo trading with microlots (o.o1 lots), but I don’t have the patience in small gains. This is indeed my biggest worry as I might tend to gamble instead of trading in live account. This is the “gambler” side of me which can become rather reckless and even risking all for more or nothing. Losing USD451.47 several days in a row?? Well, for a couple of days, maybe, but I don’t think I’ll allow that to happen in live trading as more than likely, I would have closed any positions with more than USD50 loss at any one time.
Clem699, I don’t know what was my SL factor as I just press the button to set that either much lower or higher than 20 pips and set them. I think I have to learn how to set the SL properly and correctly.
Below was what I traded yesterday with profits:
All in 0.20 lots trade:
1) eur/usd: Type: Buy – Price: 1.3897 – S/L: 0.0000 (forgot to set) – T/P: 0.000 Closed: Price: 1.3922 – Profit: 50.00
2) eur/jpy : Type: Buy - Price: 125.52 – S/L: 124.69 – T/P: 0.000 Closed: Price: 125.90 – Profit: 84.00
3) gbp/usd: Type: Buy - Price: 1.5881 – S/L: 1.5771 – T/P: 0.000 Closed: Price: 1.5915 – Profit: 68.00
4) aud/usd: Type: Buy - Price: 0.8823 – S/L: 0.8770 – T/P: 0.000 Closed: Price: 0.8851 – Profit: 56.00
5) eur/aud: Type: Sell - Price: 1.5751 – S/L: 1.5829 – T/P: 0.000 Closed: Price: 1.5696 – Profit: 97.57
6) eur/aud: Type: Sell - Price: 1.5752 – S/L: 1.5849 – T/P: 0.000 Closed: Price: 1.5698 – Profit: 95.80
One thing I have managed to learn from my +4 months Demo trading is the ability to walk away, after making some profits, when I think the market might turn against me.
I like trading WTI Oil, and yesterday was one of those days that I especially like as I bought in (with Demo account of course) at USD72.700 to 72.840 of 1,000 barrels each with trades. No SL & TP was set as I expected oil not to fall below the USD71.50 p/barrel.
Now these 4 positions show USD7,070 profits but I’ll not close them as I believe Oil will go to USD81 p/barrel.
That’s the gambler’s side of me taking over and which wiped me out 3 times before of over USD250k of virtual money.
Thanks for all your guidance and help guys!