I've never blown up an account, demo or real.... | Forex Factory

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I've never blown up an account, demo or real....

  • #1
  • First Post: May 25, 2019 7:16am May 25, 2019 7:16am
And apparently that makes me really odd, weird, or unusual or something

First demo account 100K - and absolutely no experience - I made profit up to around £112,000 over about 3 months so I opened my....

First real account £500. Made £120+ profit over about 4 month, then got into a bad draw down but clawed a lot back - and ended up with about £80 loss over all. Closed the account, took my remaining £420 and put money into another business

Had a break from trading for a couple years, then opened a £10000 demo account with another broker - made profits over about 6 months - then I opened my.....

2nd real account. Opening balance £7000, built that up to a little over £8200 over three months. Then had a losing spree. Went down to £7400 and then closed the account, withdrew my funds and put them into a different business venture.

Had another break, opened a 25000 euro account with another broker again. Been trading it about 2 months now, some wins and losses but over all I'm a bit up and getting more consistently profitable in the later few weeks. Time will tell how that one ends up.

But the one thing I've never done is blow an account. Not even close. Apparently blowing up an account is an essential part of the learning process.

But I haven't. Why?
I'm just an ordinary Joe with no special knowledge of Forex or CFDs.

Rich
  • #2
  • May 25, 2019 10:39am May 25, 2019 10:39am
Well, that's just a reason to be happy about yourself and your skills. If only the rest of us could be like that.
  • #3
  • May 25, 2019 2:41pm May 25, 2019 2:41pm
Tbh you never blew up an account but also you didn`t made some significant and long term profit. Don`t get me wrong but that`s not something extraordinary.
  • #4
  • May 25, 2019 3:33pm May 25, 2019 3:33pm
OK fair answer. I'm not bragging I just want to know how I somehow buck the trend. I never clained to be extraordinary.

I assume you are saying I am just risk adverse, even on a demo account?

I made £12000 on the 100K demo over 3 months. In my reckoning that's quite significant.... like I could live quite comfortably on that even if it was my only income.
  • #5
  • May 26, 2019 2:49am May 26, 2019 2:49am
well you always take your money out so....
  • #6
  • May 27, 2019 6:34am May 27, 2019 6:34am
looks like you do ok in the short term but no long term experience, i too have never completely blown an account, lost 75% of one but didnt blow it. i took what was left and ran had i have stayed it most likely would of blown.
  • #7
  • May 27, 2019 1:12pm May 27, 2019 1:12pm
Quoting PeligroRaton
And apparently that makes me really odd, weird, or unusual or something First demo account 100K - and absolutely no experience - I made profit up to around £112,000 over about 3 months so I opened my.... First real account £500. Made £120+ profit over about 4 month, then got into a bad draw down but clawed a lot back - and ended up with about £80 loss over all. Closed the account, took my remaining £420 and put money into another business Had a break from trading for a couple years, then opened a £10000 demo account with another broker - made profits...
May I know; why you used such a big amount in demo as like 1000K? I believe, small trading balance is useful (for demo trading).
  • #8
  • May 27, 2019 1:25pm May 27, 2019 1:25pm
I never had a demo of 1000K

When I first started demo trading 100K was the default demo account size. So that's just down to no experience or knowlege at the time.

I've since traded demo accounts around the same size a real accounts I have or intended to open, The second demo was 10K and I then opened a live account of 7K.

Current demo 25K and opening live account of same size.
  • #9
  • May 27, 2019 1:45pm May 27, 2019 1:45pm
Quoting PeligroRaton
I never had a demo of 1000K When I first started demo trading 100K was the default demo account size. So that's just down to no experience or knowlege at the time. I've since traded demo accounts around the same size a real accounts I have or intended to open, The second demo was 10K and I then opened a live account of 7K. Current demo 25K and opening live account of same size.
Please, don’t open your next real account until you have a consistent performance in demo! And don’t judge your trading skill too early!
  • #10
  • Edited 7:04pm May 28, 2019 5:37am | Edited 7:04pm
Opening a 100k demo account one can play around and losses here and there wont affect you much like if you had a small account. Unless you do have one hundred thousand dollars to trade with, it can't be realistic to demo trade that is it.

Looks like you went live with realistic amounts after, when it comes to having just enough in there

Right now I challenge myself with a 1k demo account. Because honestly that is all I could deposit in a live account for now. I will have more in the next few months to go live with, until then I practice and learn as much as possible.

Personally I feel it would be difficult to blow up a 100k account!
  • #11
  • May 30, 2019 2:15pm May 30, 2019 2:15pm
So basically you are just testing things to the very beginner level assuming initial capital and all else about you. I just do not understand all feature things about it. How do you really go into something else for sure ? Go all away to some other business.
  • #12
  • Jun 2, 2019 7:09am Jun 2, 2019 7:09am
Quoting Adelhard
{quote} Please, don’t open your next real account until you have a consistent performance in demo! And don’t judge your trading skill too early!
Solid advice.
  • #13
  • Jun 2, 2019 12:09pm Jun 2, 2019 12:09pm
Quoting Adelhard
{quote} Please, don’t open your next real account until you have a consistent performance in demo! And don’t judge your trading skill too early!
I concur. Some people do that and only end up losing their investments.
  • #14
  • Jun 2, 2019 2:01pm Jun 2, 2019 2:01pm
It's pretty hard to blow an account if you use correct risk management.
  • #15
  • Jun 3, 2019 11:53am Jun 3, 2019 11:53am
Most newbies don't know how to do that, so as a result they do blow their accounts, often more than once.
  • #16
  • Jun 4, 2019 4:09am Jun 4, 2019 4:09am
That's perfect! Continue on a demo account and start journaling your every trade. If you are profitable after 3-6 months, then open a small live account!
  • #17
  • Jun 4, 2019 12:13pm Jun 4, 2019 12:13pm
Quoting l1den
That's perfect! Continue on a demo account and start journaling your every trade. If you are profitable after 3-6 months, then open a small live account!
I agree. That's the ideal situation. One should always be aware that things aren't always ideal though.
  • #18
  • Jun 7, 2019 4:04am Jun 7, 2019 4:04am
Quoting Treeny
It's pretty hard to blow an account if you use correct risk management.
Newbies don`t know even what is risk management.
  • #19
  • Jun 7, 2019 6:40am Jun 7, 2019 6:40am
The first time I heard a story like this.
  • #20
  • Jun 10, 2019 4:45am Jun 10, 2019 4:45am
Quoting momo3HC
{quote} Newbies don`t know even what is risk management.
Yes, they are! Even, their main focus on money making only, instead of learning! As a result, traders lose money!
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