Hello New Trader Here

boswood

Active Trader
Aug 11, 2009
4
0
32
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

Administrator
Staff member
Nov 30, 2008
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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

Active Trader
Aug 11, 2009
4
0
32
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.
 
Last edited:

boswood

Active Trader
Aug 11, 2009
4
0
32
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

Administrator
Staff member
Nov 30, 2008
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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

Active Trader
Aug 11, 2009
4
0
32
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.
 

FXexpert

Master Trader
Dec 13, 2008
503
3
47
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

Master Trader
Jan 31, 2009
334
4
54
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.
 

daniellefr

Active Trader
Jul 2, 2009
54
1
37
Do you have real $50,000 to invest? Demo account is fun because:
1. You get a large sum to play with
2. The money are virtual and not yours

When you start trading live, things change. Usually you open an account with $100-$1000 and you meet with tones of psychological issues on the way.

Don't want to shoot the pink elephant, however don't jump into conclusions based only on demo trading.
 

Pinalli

Master Trader
Jan 31, 2009
334
4
54
Do you have real $50,000 to invest? Demo account is fun because:
1. You get a large sum to play with
2. The money are virtual and not yours

When you start trading live, things change. Usually you open an account with $100-$1000 and you meet with tones of psychological issues on the way.

Don't want to shoot the pink elephant, however don't jump into conclusions based only on demo trading.

Interesting! Well demo is good only when you are practicing, once you are smart enough and want to make money, enter Live trading and face the real challenges of the world.
 

Forex247

Active Trader
Sep 14, 2009
51
0
37
Don't give up trading Forex. It is more than gambling and you will see this if you stay with it. Forex is essential to the functioning of the world. Learn on your demo account as much as you can before risking a penny. Stick with it buddy.
 

Pinalli

Master Trader
Jan 31, 2009
334
4
54
Yeah! Forex is rewarding!

Many traders trade frequently and always like to be in the market. They think that in FOREX trading if they are not in the market, they will miss a move, or that by trading more frequently, they will make money - wrong!

The big moves in FOREX trading, with the best risk to reward, come a few times a year, and you should trade infrequently.

Focus on the trades that make the really big gains
 

Elmira Nancy

Active Trader
Nov 16, 2009
17
2
32
I'm new to The Forex. Ive read books and have been practicing with paper accounts for a while. I'm ready to jump in, but I'm kind of nervous. Does anyone have tips for beginners in Forex Currency?
 

Enivid

Administrator
Staff member
Nov 30, 2008
18,530
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I'm new to The Forex. Ive read books and have been practicing with paper accounts for a while. I'm ready to jump in, but I'm kind of nervous. Does anyone have tips for beginners in Forex Currency?
Don't jump from demo into full real account. Try depositing some small amount and see how you do on the real account without risking too much. If you are profitable then you can increase your real account deposit to a desirable amount.
 

Sofia

Master Trader
Jun 20, 2009
112
2
47
That's a good piece of advice enivid. Every trader says this. Try demos, practice thoroughly and then start live trading. this makes the foundation strong and will help you in all future trades.
 

piptrader09

Active Trader
Dec 15, 2009
2
0
32
Broker

Before signing up to a broker you must be informed whether the broker is a Market maker or an ECN broker as Market making brokers charge higher spreads,generally. I aa using a WSD -FX mt4 platform and they offer tight spreads.
 

civic

Active Trader
Dec 25, 2009
1
0
32
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.

Hi Boswood, i'm new to Forex trading.. May i know what type of research have you done ?