I realise that this sort of question has been asked many times but I am unsure what to think because of my performance to date.
I have been trading on a demo account for 5 weeks, I knew nothing about FX trading and thought it would be fun to learn and play with.
In the first 5 days, learning the software, what you can do and reading these forums I lost thousands from my demo account.
But after I learned the initial rules of the game I started trading as if I only had $2000 dollars, limiting my trades to 10K and 20K lots, setting stop orders at acceptable levels (usually equivalent to $25, $50 or $25 plus 75% of previous profits)
I only enter trades when I see a strong trend/indicator or repeating pattern in the direction of a trend - I don't enter a trade for the sake of being in the market and I always watch the trades I have open.
I have set myself a few rules that when followed seem to work well.
My problem is this.
In the first 2 weeks trading in this manner my daily profit on the $2000 dollar limit I have set was about $40-$45. Always using to smallest 10K lot.
In the last 2 weeks I changed my strategy to include a few more 20K lots and I will hold a position longer before taking profits or closing the order.
My daily profit on the $2000 limit has risen to an average of $120.
I take profits as low as 60c if I feel the trade is going to go sour - Better than a loss.
My worst day has been a $185 loss, my best was a $320 gain.
In 2 weeks I have only had 2 days where I made a loss.
Right now I have 2 trades open with gross profit of $53 guaranteed by trailing stop orders. Oops they both just closed while I was typing this
Obviously this is leading me to think about opening a small live account.
What am I missing - this can't be sustainable or realistic can it ?
It has to be beginners luck or an easy market at the moment yes ?
Does anyone who only trades on a small account have any input.
I am curious to see if what has been happening over the last few weeks is a statistical fluke.
I am going to continue on the demo account for another month before taking the plunge, just wanted some feedback as to what a realistic sustainable account growth (or loss) should be like in a live account.
Any comments ?
If it makes any difference I am using FXCM and their default trading platform.
I have been trading on a demo account for 5 weeks, I knew nothing about FX trading and thought it would be fun to learn and play with.
In the first 5 days, learning the software, what you can do and reading these forums I lost thousands from my demo account.
But after I learned the initial rules of the game I started trading as if I only had $2000 dollars, limiting my trades to 10K and 20K lots, setting stop orders at acceptable levels (usually equivalent to $25, $50 or $25 plus 75% of previous profits)
I only enter trades when I see a strong trend/indicator or repeating pattern in the direction of a trend - I don't enter a trade for the sake of being in the market and I always watch the trades I have open.
I have set myself a few rules that when followed seem to work well.
My problem is this.
In the first 2 weeks trading in this manner my daily profit on the $2000 dollar limit I have set was about $40-$45. Always using to smallest 10K lot.
In the last 2 weeks I changed my strategy to include a few more 20K lots and I will hold a position longer before taking profits or closing the order.
My daily profit on the $2000 limit has risen to an average of $120.
I take profits as low as 60c if I feel the trade is going to go sour - Better than a loss.
My worst day has been a $185 loss, my best was a $320 gain.
In 2 weeks I have only had 2 days where I made a loss.
Right now I have 2 trades open with gross profit of $53 guaranteed by trailing stop orders. Oops they both just closed while I was typing this
Obviously this is leading me to think about opening a small live account.
What am I missing - this can't be sustainable or realistic can it ?
It has to be beginners luck or an easy market at the moment yes ?
Does anyone who only trades on a small account have any input.
I am curious to see if what has been happening over the last few weeks is a statistical fluke.
I am going to continue on the demo account for another month before taking the plunge, just wanted some feedback as to what a realistic sustainable account growth (or loss) should be like in a live account.
Any comments ?
If it makes any difference I am using FXCM and their default trading platform.