3 grand to 6 grand

Hey, just a quick question. I opened a demo account with IBFX a couple hours ago and it got me thinking. Because i live in AUS and only use AUD does that mean when i join a broker all my cash will be converted into USD? and since AUD = a little more the .5 USD that'll mean i need to save twice as long... Also, anyone wanna run me throuh IBFX? it any good? i read a quick guide on it and managed to turn 3k into 6k but what i'm doing doesn't seem very safe, all mainly based on intuition and quick graph reads...

also, whats stopping me from 'buying' and leaving it open for a few weeks until it actually goes into the green? Is there some rule stating i cant go over 24 ours or something? (i ask think cause i bought some money and left it open overnight and when i came back my account was down to like 100USD and the trade had closed on me, confusing.)

You should go read babypips.com or try searching the forum. The reason your demo acct was at 100 and your trade stopped out is because you ran out of margin and the broker, instead of eating the loss themselves, closed you out.

update, my demo is at 13 grand... Do they put demo accounts on easy mode or something to make it seem like its a lot easier then it seems?

You really should check out babypips mate. You have a lot to learn.

There is no time limit on trades (with a forex broker, there are with financial fixed odds spread betting), except for the fat lady that sings when your account gets margined called. Getting margin called is not a good thing btw, just in case you did not know.

How can the broker make it easy for you, he doesn't know what method you're trading. The market that you trade on demo is the same that would trade on live.

Dude, no offense but this probably isn't going to be a successful venture for you judging by these couple of posts. Might as well treat yourself with a trip to Vegas. At least you'll have a chance there.

haha i know what you mean, i am totally lost at the moment. which kind of makes sense, i only finished kindergarden at babypips, haha. Just thought I'd check out forex via a demo account. I want to make this work and sometimes the stuff said on babypips got a little confusing so i thought i should check it out via a demo account.

Thanks for the answers guys!
oh yeah, the question still remains. If i finance my acc with AUD, is it auto converted to USD?

It depends on your broker. Ask them because many brokers will allow accounts in USD,AUD,JPY.

Ah! i see, thanks for that!

another quick question. Say this was real money, would i be able to pocket the whole 13 grand and just stop trading forex? or is there some kind of exit strategy i must adhere to?

But it is easy. Easy come, easy go.

Finish up the entire course at babypips. It will drastically shorten your learning curve. Demo trade until you know the platform inside out, upside down, in your sleep. Opening all the various types of trades available from your broker/platform should become second nature, ideally before you go live.

Also, easy come easy go seems so true for forex. Especially Forex. haha, i think i love forex though, it's really fun. Then again i'm not using real money so... haha

Welcome to Med school my friend. Endless hours of study, and then endless hours of work. Refuse to give up and you'll make it; this will be your key to success. Forex is anything but easy. Read James16 tesimony about trading. It will open your eyes and help you to see what you are getting yourself into. James16 is a legend around here. I would suggest working on his thread when you are done at babypips.

Good luck!

Scotty B

Searching,

Read this thread http://www.forexfactory.com/showthread.php?t=114258

come to this chat http://www.learnfxprime.com/ erase the FX numbers & enter a nickname & join the chat. You won't regret it. The chat room is open 24/7 and we are all there to help each other. There are beginners & experienced traders taking trades & making pips every day. You won't regret it. Go to the Babypips school also. There is a lot of really good info there , but there is a lot to learn from experienced traders in the chat room. Hope to see you there...come in and browse around LOL

Hope to see you there

hey, thanks for the wise words. I'll definitely do a search for James16. Funny thing is i'm actually trying to get into med school so yeah... not going too well though =(

this has been on my mind for awhile now but if i was to have used real cash, how would i now withdraw my profits? can i empty the bank acc now if i wanted to?


@nomad, hey thanks for the links, i'll definitely check it out. It's awesome to be able to get so much help around here.

There's a good broker called Oanda. They allow you open accounts with AUD as the base currency. Their charting is ordinary, but you can use an InterbankFX demo account for the charting and then just place your orders at Oanda. They allow really small trade sizes too. Just what you need to trade the largest time frames such as the monthly and daily (or whatever charts you feel like) the correct way, with the right low percentage of your account being risked.

BUT.... ....right... a tip first though......

They allow you to create sub-accounts in a couple of different currencies.

So open an account with them with USD as the base currency. NOT AUD. ...Then through your account management page you then create a sub-account in AUD.
After you send your money to them you can immediately move it to the AUD based sub-account and that'll lock in the value as it stands here in Oz right now. If we recover value you'll won't be left with a half value account. lol

After first opening an account with AUD as a base I realised the funding options were more limited. So before funding the account I got them to change it to USD as the base.

Recently, after the Aussie dollar went down to around 68.00, I moved money from the USD account into the AUD sub account. (funded it when around 0.95 )

Another thing...

If you're starting out , do NOT invest any hard earned savings into Forex yet. Not any large amount is what I am talking about. No matter how smart you think you are or how well you do in the first week or month or whatever. 99.9% of traders learn the hard way that high intelligence doesn't make a you a good trader straight out of the crib. ( Read the recent thread by fatboy in the rookie thread about his AUD hedge.)

The others here pointing you towards Babypips is a great idea.

LOL, thanks for the tips bundyraider! man i love this site! haha

question however, still remains. Just say i make a profit and get cold feet. Can i just take all the profits from the broker and stop trading forex altogether? (doubt i'd stop trading forex, but just in case)

Presuming they aren't one of the shifty ones, of course you can. That's the point. ...Eventually. To make money and withdrawal. lol

What you'll find is some brokers limit withdrawal methods to, say, wire transfers. ...They'll charge you the fee for that. And there may also be other fees involved. Which can depend on your balance.

It varies considerably from broker to broker.
It's a good idea to look this up amongst their information web pages.
Or most brokers allow you to talk to a representative via an integrated chat on their web site. It depends on the broker on what their policies are.

ALL brokers are strict about who receives the money. An Anti-Fraud/ money laundering/ anti-terrorist/you get the point ...thing. Every broker I've looked into or got involved with will not accept money from anyone but you. And will only return it to you as well. A good idea.

Another suggestion....

Keep demo trading for a while. You shouldn't be doubling your account like you mentioned before. Most successful traders will only be risking less than %5. And many many many are smart enough to risk around %1 or less per trade. To get what you mentioned above you would definitely be gambling large amounts. ...It's not just risky, it's inevitable you'll be wiped out.

You mentioned becoming a doctor or something. Many say that learning to trade for a living takes the same amount of effort and time as those careers such as a doctor or lawyer. ... My experience agrees with that. LOL

Haven't we all been here at some time. The lure of easy money is just too tempting; it's a shame there isn't some sort of regulation controlling the snake-oil salesmen out there. But, hey, we live in a free market economy and everything is up for sale.

Just count yourself lucky you haven't put any real money at risk yet; and lucky you found this place before many of the other ones out there. At least we have your best interests at heart.

But don't be fooled; there is NO easy way to make money in FX, not in the short-term anyway. Unless you are very gifted and a rapid absorber of information you have at least a year's hard work in front of you before even grasping the basics of what's needed to survive.

In addition to babypips and James16 Price Action stuff, you might want to bookmark this site, Investopedia, ignore all the adverts and concentrate on the educational links such as

1. Dictionary terms
2. Articles
3. Tutorials
4. FAQs

Pick one method, preferably a 4-hr as a minimum, and stick with it. At the end of the day you'll find things that work for you and things that don't, but don't keep hopping from one to another or you'll be gone sooner than you expected.

Yeah my account just went from 16k to 1k. Cause of 5 trades or so...guess i got cocky, lucky it was a demo account.

Thanks for the information guys, this sites a lifesaver, it's going to be a really interesting journey/experience from here on out and i have you guys to knock some sense into my silly moves, thank god. haha

Now back to babypips and other various reads.

p.s account is now $1150.00 haha..