Hello New Trader Here

[boswood]

Hello, Ive just started trading last friday on a demo account.

Im on a demo account at the moment im trading AUD/USD only as I am australian and I have always followed my currency.


So since friday of last I have made $23,736.89 in profit.

Can anyone tell me if this is normal in forex trading.

I`m using FXCM trading station software.

Is this software real or not?

Thanks.

[Enivid]

Those are very nice profits. But profit alone isn't an indicator. You should also consider the risk you've took to make the profit and think in a risk/reward category. What leverage and starting balance did you use? How many positions did you close? Did you use stop-loss levels?

[boswood]

Originally Posted by Enivid

Those are very nice profits. But profit alone isn't an indicator. You should also consider the risk you've took to make the profit and think in a risk/reward category. What leverage and starting balance did you use? How many positions did you close? Did you use stop-loss levels?

Ok I checked with the company and they told me the leverage is 200 to 1.

I started with $50,000 and I only ever open 10 positions of 100k.

I used stop loss at the start bit found it much better to jump on the other side if things started to go wrong.

Im also trading near the day high or low and if there seems to be a nice range of about 10 pips I hit it both ways.

Now lets have a look at my last 7 positions which I just opend and closed in about 30 minutes.

Buy 100k@83.456, 83.456, 83.451 83.466 83.451 83.447 83.436

And I closed all positions@83.514 for around $500 profit, and it only took 30 minutes. My used margin was 3,500 and usable margin was around 73,000 how can I go wrong?

The buy rate is now back @ 83.441 so i`m in again.

I plan to open an account with 5,000 and open 10 k positions only 10 at the most.

if I`m on the wrong side it gotta move a hell of a lot of pips to lose everything.

What do you think?

I had a good run on friday hitting both sides of a range about 12 times in a row quite quickly.

Friday night i was on the wrong side and it just kept going up so I jumped in and sell sell sell and it reached the day high and then went down about 70 pips really fast, I couldnt believe it.

[boswood]

I got this from FXCM

RISK WARNING: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.

"Past returns are not indicative of future results"

So all you think you know is bullshit

Its just luck.

So I`ve just been very lucky in my trading, yes I would agree with that.

[Enivid]

You describe quite a risky set-up (high leverage, low amount of trades with a high amount of profit, no stop-loss). But I wouldn't want to discourage you. To check if you are really doing good, I'd recommend depositing some real money (amount you wouldn't be afraid to lose, consider it a payment for a practical education) and try trading on a real account. If you will continue profiting with that, then that's cool .

[boswood]

Well I did a bit of research today and checked what the experts had to sat on the aud/usd and I opened 60 positions opposite to what they were saying no stop loss no limit and had a nap for 5 hours.

When I woke up and checked back in I was up 24,000.

I dont think I will bother with this.

Better I just Keep making my $200 a day working and save my money to spend.

This just seems like another form of gambling

educated gambling but gambling non the less.

And gambling is for suckers.

[Enivid]

That's up to you to think whether it's gambling or not. And I have to agree that with the majority of trading set-ups it's really a gambling.

[FXexpert]

Originally Posted by boswood

Well I did a bit of research today and checked what the experts had to sat on the aud/usd and I opened 60 positions opposite to what they were saying no stop loss no limit and had a nap for 5 hours.

When I woke up and checked back in I was up 24,000.

I dont think I will bother with this.

Better I just Keep making my $200 a day working and save my money to spend.

This just seems like another form of gambling

educated gambling but gambling non the less.

And gambling is for suckers.

That's a nice chunk of profits for taking a nap

[Pinalli]

Welcome and i hope you will have a great time here. U seems to be a good trader, well what other currencies your trade apart from AUD.

[JHayzament]

This is a nice return, I hope you have consistency and then teach me