Profitable consistency. | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Price of consistency 4 replies

It's Really All About Consistency... 314 replies

Number of trades before counting consistency 9 replies

Strategy Tester: data consistency 2 replies

How to evaluate consistency? 21 replies

Profitable consistency.

  • #1
  • First Post: Jul 8, 2007 7:37am Jul 8, 2007 7:37am
How long should one be profitable consistently before switching over from demo to live?
I burned two small live accounts, so I've been demoing for a bit.

My past two months, I have been in the green.
  • #2
  • Jul 8, 2007 1:05pm Jul 8, 2007 1:05pm
Quoting Xenjin
How long should one be profitable consistently before switching over from demo to live?
I burned two small live accounts, so I've been demoing for a bit.

My past two months, I have been in the green.
Hello Xenjin,

It depends on the individual, strategy and your money management.

Since you burned two live acc. I'm sure you've realized that trading live is a different animal than demoing. Mentally, one must be able to handle a live account the same as a demo. Easier said than done though!!!

My opinion on strategy from going demo to live is the simpler the better. If your strategy is simple, it will be easier to follow once you decide to go live.

And one of the most important and overlooked practices in trading is money management. Its vital to a traders life that they have a good mm plan.

Search the forums, there's tons of useful info.
  • #3
  • Jul 8, 2007 1:23pm Jul 8, 2007 1:23pm
Thanks for the advice.
I also believe in simplicity, and I only use one indicator.
It was when I improved my MM that I started being profitable.
What should I search for? I want to know if Im consistent for 3 months, can I go live? Or 6 months?
Im trading on a 30 min TF, which an avg of 1.5 trade a day.
  • #4
  • Jul 8, 2007 1:35pm Jul 8, 2007 1:35pm
You should open an Oanda micro trading account. Practice for another 3 months and open a larger account
  • #5
  • Jul 8, 2007 1:58pm Jul 8, 2007 1:58pm
Quoting Xenjin
Thanks for the advice.
I also believe in simplicity, and I only use one indicator.
It was when I improved my MM that I started being profitable.
What should I search for? I want to know if Im consistent for 3 months, can I go live? Or 6 months?
Im trading on a 30 min TF, which an avg of 1.5 trade a day.
You can find threads about MM and different trading strategies in the forums. If your comfortable with the strategies you have, stick to them. As far as when you can go live, anytime you feel comfortable and confident in doing so. Thats entirely up to you.

Good advice from kihl. Start with a micro account of 1,000 trading size, then work your way up.
  • #6
  • Jul 8, 2007 2:26pm Jul 8, 2007 2:26pm
Here's one approach you can try. Let's say you have 10k to trade with. Open an account for $2,500. Run it up to a certain percentage, let's say 50%. But make sure you have a minimum number of trades, let's say 30 (this is in case you get lucky on 1 or 2 trades). Once you reach the first goal, add another $2,500 to the account. Do it again. Then once you reach the second goal, add the remaining 5k.
  • #7
  • Jul 8, 2007 4:15pm Jul 8, 2007 4:15pm
How fast can you build me a house?

That depends?
How long do you intend to live in it?
  • #8
  • Jul 8, 2007 7:01pm Jul 8, 2007 7:01pm
Quoting Bemac
How fast can you build me a house?

That depends?
How long do you intend to live in it?
As someone who unfortunately works in the construction industry, you can't imagine how true that really is.....
  • #9
  • Jul 8, 2007 8:00pm Jul 8, 2007 8:00pm
Quoting clockwork71
As someone who unfortunately works in the construction industry, you can't imagine how true that really is.....
Presently, I am a site supt. Took a {sojourn} contract to build 100 in 2 years.{10 months in & 38 done} so... Actually I do understand. Glad you do too.
  • #10
  • Jul 8, 2007 8:52pm Jul 8, 2007 8:52pm
Quoting Xenjin
How long should one be profitable consistently before switching over from demo to live?
I burned two small live accounts, so I've been demoing for a bit.

My past two months, I have been in the green.
I think Kihl gave the best suggestion.
Open a Micro account where it's $0.10 a pip. Go with that for a few more months and re-evaluate everything at that time.
Unless you're very new to trading, demo trading for too long won't do much good in the psychological area of trading. Trading with real money (even if it's a micro) will really help.

Tom
  • #11
  • Jul 8, 2007 8:52pm Jul 8, 2007 8:52pm
Quoting Bemac
How fast can you build me a house?

That depends?
How long do you intend to live in it?
haha!

That's a great line.
  • #12
  • Jul 9, 2007 1:59am Jul 9, 2007 1:59am
Kihl, thanks for the excellent advice. That is exactly what I will do!
  • #13
  • Jul 9, 2007 7:17am Jul 9, 2007 7:17am
For what its worth - I agree 2000% with opening a micro account. Throw like 500 dollars into an account that allows penny/pip, that way you can also do things like play 4 cents/pip, so you can practice multiple exits/splitting lots, etc.

Now if I only had done that when I first started.......
  • #14
  • Jul 9, 2007 8:40am Jul 9, 2007 8:40am
it is like,..... should i enter the pool if i can't swim?
  • #15
  • Apr 28, 2020 1:38am Apr 28, 2020 1:38am
Quoting Gwan
it is like,..... should i enter the pool if i can't swim?
NO you'll drown. Learn to swim first.
  • #16
  • May 7, 2020 3:17am May 7, 2020 3:17am
profit consistency by means of scalping is really tough game ,
need a long term experience with regular practice. right now consistently i am doing scalping.
  • #17
  • Jun 7, 2020 11:12am Jun 7, 2020 11:12am
Quoting MarkFxAnde
profit consistency by means of scalping is really tough game , need a long term experience with regular practice. right now consistently i am doing scalping.
True, especially considering the large spread involved and the long hours before the screen.
  • #18
  • Jun 7, 2020 10:40pm Jun 7, 2020 10:40pm
Quoting MtnMan
{quote} Hello Xenjin, It depends on the individual, strategy and your money management. Since you burned two live acc. I'm sure you've realized that trading live is a different animal than demoing. Mentally, one must be able to handle a live account the same as a demo. Easier said than done though!!! My opinion on strategy from going demo to live is the simpler the better. If your strategy is simple, it will be easier to follow once you decide to go live. And one of the most important and overlooked practices in trading is money management. Its...
Hey! Couldn't say it better. MM is very important in the Forex. To handle your live as demo - you need to have really low risks in the very beginning. When you are trading with less money, you feel more comfortable with losing a small amount. Using an Ea is also an option.
  • #19
  • Last Post: Jul 23, 2020 8:14am Jul 23, 2020 8:14am
Quoting MarkFxAnde
profit consistency by means of scalping is really tough game , need a long term experience with regular practice. right now consistently i am doing scalping.
i am agree with you , its difficult but lots of traders still doing that. can you tell how ? if its much difficult
0 traders viewing now