Well first off, this is my first post in this forum, howdy
.
I have been demo trading for about 2 weeks now here is how I progressed.
Read everything at Babypips and every other website on the internet.
Demo Act. 1: Bought on impulse, sold at 2 pip gains. <-- Not so good.
Demo Act. 2: Bought on impulse, sold at 10-30 pips, but let my loosers run. (ditto)
Demo Act. 3: Bought everything out of feeling and sold randomly, learnt to use stops and limits but I moved them all the time and had a paranoid feeling about it so I checked every 2 minutes on the status.
Demo 4: Decided to think about fundamentals and ended up making around 400 pips profit, yay! Then managed to cover the losses from the previous accounts. Then went short when I should have went long due to obvious fundamentals I missed and lost over 300 pips and I realized I couldn't trade without a clear set of rules. That brings me to demo 5.
Using a dual ema crossover system on the dailies, with a clear TP and stop loss so far it's doing good, I'm 128 in with a tp at 50 and a trailing at 60pips.
Now my questions.
When you enter a trade you should obviously have a set plan for that trade. But do you have a goal in mind? How do you set your goal and on what timeframe?
If your goal, say was to achieve 1000 pips a month. If you hit 1000 pips would you continue or stick to your rules?
When you enter a trade do you even have a goal, or a target?
Thanks mates in advance,
Edit: I guess I was in the wrong section.. Sorry about that.
. I have been demo trading for about 2 weeks now here is how I progressed.
Read everything at Babypips and every other website on the internet.
Demo Act. 1: Bought on impulse, sold at 2 pip gains. <-- Not so good.
Demo Act. 2: Bought on impulse, sold at 10-30 pips, but let my loosers run. (ditto)
Demo Act. 3: Bought everything out of feeling and sold randomly, learnt to use stops and limits but I moved them all the time and had a paranoid feeling about it so I checked every 2 minutes on the status.
Demo 4: Decided to think about fundamentals and ended up making around 400 pips profit, yay! Then managed to cover the losses from the previous accounts. Then went short when I should have went long due to obvious fundamentals I missed and lost over 300 pips and I realized I couldn't trade without a clear set of rules. That brings me to demo 5.
Using a dual ema crossover system on the dailies, with a clear TP and stop loss so far it's doing good, I'm 128 in with a tp at 50 and a trailing at 60pips.
Now my questions.
When you enter a trade you should obviously have a set plan for that trade. But do you have a goal in mind? How do you set your goal and on what timeframe?
If your goal, say was to achieve 1000 pips a month. If you hit 1000 pips would you continue or stick to your rules?
When you enter a trade do you even have a goal, or a target?
Thanks mates in advance,
Edit: I guess I was in the wrong section.. Sorry about that.
Allo, Oim a Signature!