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Attachments: How far will I go with 11 trades, each 30 AUD?
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How far will I go with 11 trades, each 30 AUD?

  • #21
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  • Aug 7, 2013 1:37pm Aug 7, 2013 1:37pm
Quoting michaelpelly
Not far I'm afraid. Better suggestion - work-out a profitable manner and way-of-trade with $25k demo account for 12-24 months and in the mean-time - seek a way to obtain such capital. "Short" and "easy" ways (making 100$ to a million) usually don't work-out - chances are as winning a lottery by buying a lot of tickets...
obtain such a capital??U think I can get $25K just around the corner?Impossible!So I guess I have to play lottery......
  • #22
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  • Aug 7, 2013 1:47pm Aug 7, 2013 1:47pm
I'm curious what kind of feedback you are looking for as it sounds like you are going to pursue this venture regardless of how bad of an idea people are telling you it is. You say that you think the best way to learn trading is to learn from your own mistakes, so why does this have to be on a live account? Some others have asked or alluded to demo accounts, but you haven't actually answered. Have you traded on demo account(s) before and if so, for how long? Were you profitable in the long run?

For the record, I am a woefully inexperienced trader who gets emotional trading even in demo accounts with fake money; I can't imagine ever taking the risk that you're talking about. No, 330AUD isn't that much, but it sounds like you are expecting much more out of it than you likely stand to gain. There is plenty of good advice in this thread so I would urge you to reconsider this plan, but hey, best of luck in whatever you decide.
  • #23
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  • Aug 7, 2013 2:09pm Aug 7, 2013 2:09pm
a suggestion:
i think its just as fun to open an oanda account with $100, and trade very small lot sizes (0.0099). You lose very little, and you can play a game and see how many winning streaks you can get.

When you get tired of losing then you can get down to business! (or winning, but im just being pessimistic)

Who said learning forex has to be expensive?
  • #24
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  • Aug 7, 2013 2:36pm Aug 7, 2013 2:36pm
Quoting smoothmove
I'm curious what kind of feedback you are looking for as it sounds like you are going to pursue this venture regardless of how bad of an idea people are telling you it is. You say that you think the best way to learn trading is to learn from your own mistakes, so why does this have to be on a live account? Some others have asked or alluded to demo accounts, but you haven't actually answered. Have you traded on demo account(s) before and if so, for how long? Were you profitable in the long run? For the record, I am a woefully inexperienced trader...
u know for sure that trading with a demo account u wont get these emotional thinkings as with a real account...thats why i would like to do my "mistakes" on a real account. Yes I did trade on demo accounts before and tried different trading approaches....with success and Im not canceling my test here only cause people are telling me to do so.
  • #25
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  • Aug 7, 2013 3:34pm Aug 7, 2013 3:34pm
Enough talking then.....

Start trading and post your results. I am sure whatever have been posted here by yourself and others is of little meaning.

Just do it !

We are waiting for your first trade.......
Never Ever Give Up!
  • #26
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  • Aug 7, 2013 4:04pm Aug 7, 2013 4:04pm
Quoting goldcrash
{quote} u know for sure that trading with a demo account u wont get these emotional thinkings as with a real account...thats why i would like to do my "mistakes" on a real account. Yes I did trade on demo accounts before and tried different trading approaches....with success and Im not canceling my test here only cause people are telling me to do so.
Fair enough, but that's why I asked what kind of feedback you were looking for, if not advice that you were going to listen to. It's clear now that you are going through with your project in any case, so it will be interesting to see how it pans out.
  • #27
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  • Aug 7, 2013 4:12pm Aug 7, 2013 4:12pm
forex is my casino!
except it has better odds
  • #28
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  • Aug 7, 2013 4:31pm Aug 7, 2013 4:31pm
Quoting Cobra
Enough talking then..... Start trading and post your results. I am sure whatever have been posted here by yourself and others is of little meaning. Just do it ! We are waiting for your first trade.......
Im going to start trading whether on the 19th or on the 26th...............
  • #29
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  • Aug 7, 2013 5:21pm Aug 7, 2013 5:21pm
If I would start trading now I would short EUR/AUD at 1,4764, stop loss 1,4906, take profit 1,4515!
This would the first out of 11 trades, lets see-----
Just for example
  • #30
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  • Aug 8, 2013 3:42am Aug 8, 2013 3:42am
Quoting goldcrash
If I would start trading now I would short EUR/AUD at 1,4764, stop loss 1,4906, take profit 1,4515! This would the first out of 11 trades, lets see----- Just for example
Trade got triggered
  • #31
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  • Aug 8, 2013 2:32pm Aug 8, 2013 2:32pm
Moving stop loss to break even. I guess this "imaginary" first trade trade out of 11 is a winner..but lets see!
  • #32
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  • Aug 8, 2013 4:27pm Aug 8, 2013 4:27pm
I really value these threads, so thanks for starting it. However, the reason I value these threads is because they underline and confirm how far I've come in my own forex journey. Be assured, in a month, a few months or a year or more when you've lost your $330 trading account you'll look back at this thread and think "wow, that was a bit embarrassing...wasn't I incredibly naive!".

I think it's a real "rite of passage" to open a small account and lose the money. I certainly did, and it really helped me understand the forex market. Only by losing my first account (spectacularly, I will add!) did I start to understand that forex is a journey and not a sprint. Only after that, when I scaled down my expectations to something more realistic did I realise I really can make money from forex. 6 years later, I can see the woeful mistakes I made in the early stages (like the plan you have to gamble $330 in 11 trades). In those 6 years, I've read countless books, contributed to forums, tested, tested and tested countless forex "systems", spoken to lots of experienced traders, learned about price action, and only at that point found something I know is the root of all forex trading.

Good luck to you (not in this early venture, because you surely WILL lose the money), but in your own forex journey.
  • #33
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  • Aug 9, 2013 2:01am Aug 9, 2013 2:01am
Quoting goldcrash
Hi folks... In 2 weeks I will start trading with a real money account . My capital is 330 AUD. Im risking 11 trades, each 30 AUD. So what I would like to know is, how far will I come?? Do u think I will get broke? How big is the chance to get 10.000 AUD out of it?Please...I mean it serious Thank you for all of your opinions. Regards, Steffen

Risking that much on any given trade is asking to blow up your account. If you really want to become serious about trading, consider your risk and manage your capital... I don't care how good your "strategy" may be, at the end you will still blow your account.
Trade what you see, not what you think!
  • #34
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  • Aug 9, 2013 3:25am Aug 9, 2013 3:25am
Quoting OMGtrader
{quote} Risking that much on any given trade is asking to blow up your account. If you really want to become serious about trading, consider your risk and manage your capital... I don't care how good your "strategy" may be, at the end you will still blow your account.
That assumes the account is the capital, which may not be true. The account may be only an instalment for the first step.
  • #35
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  • Aug 9, 2013 3:27am Aug 9, 2013 3:27am
Good point. I use only 10% of my wealth deposited in trading account. So my trades are with 10% from the trading and 1% from the wealth account. Spikes occurs, technical faults - can't risk my entire money on that.
  • #36
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  • Aug 9, 2013 4:05am Aug 9, 2013 4:05am
Quoting OMGtrader
{quote} Risking that much on any given trade is asking to blow up your account. If you really want to become serious about trading, consider your risk and manage your capital... I don't care how good your "strategy" may be, at the end you will still blow your account.
I want to test if I blow up my account by just taking A + trades. Now everybody says Im going to blow it.....interesting!
  • #37
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  • Aug 9, 2013 10:07am Aug 9, 2013 10:07am
Quoting goldcrash
{quote} Trade got triggered
Price is coming close to my initial take profit target. nice....too bad this was not a real money trade. But this one did work out. #
I hope to catch these kind of trades when I do start trading with real money on the 19th of August.

Happy Trading guys....
  • #38
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  • Aug 9, 2013 10:57am Aug 9, 2013 10:57am
I think, I understood your rationale, but it was not easy to look at 80+ pip pull back right after entry.
  • #39
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  • Aug 9, 2013 11:25am Aug 9, 2013 11:25am
Quoting goldcrash
If I would start trading now I would short EUR/AUD at 1,4764, stop loss 1,4906, take profit 1,4515! This would the first out of 11 trades, lets see----- Just for example
Take profit target got hit

Grin....yes I know the market tries to fool u but if it goes against u...u do have your stop loss.
  • #40
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  • Aug 9, 2013 11:43am Aug 9, 2013 11:43am
Next trade...EUR/USD stop short at 1,3323, stop loss at 1,3405 take profit at 1,3215
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