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Traded three years - Not profitable

  • #21
  • Jul 9, 2013 4:59pm Jul 9, 2013 4:59pm
Quoting Laundry
{quote} You can open several demo accounts with brokers. I've used FXCM and Oanda. I have looked over babypips and all major resources.
Thought you meant a single demo account with one broker, for the whole period..And if you have reviewed baby pips and other resources, and you're still not able to make any profit, maybe you need to consider alternative options..
  • #22
  • Jul 9, 2013 9:50pm Jul 9, 2013 9:50pm
Quoting Laundry
{quote} I've been doing it part time whilst at university and working. <10 hours a week researching.

The root cause might be your discipline issue. I am not sure about you. But i am here to share my story. I trade part time last time, now i use EA to trade, so that time i always miss good opportunity and have the bad day (Lose), because sometimes i have no time due to my job. Eventually, i lose few pips only in net. So i think that if i keep doing like this, i would get nothing and waste my time as well.

So even if a system is suck, provided that RR is good, and you have discipline the game, you could make money slowly. In fact, more special techniques are needed apart from discipline. Theory is paperwork, oneself need practical work.
  • #23
  • Jul 9, 2013 10:50pm Jul 9, 2013 10:50pm
Quoting Laundry
{quote} Why are you so angry?
let's dig into that strategy of yours.

your move.
contact zero 510-684-1114
  • #24
  • Edited 7:18pm Jul 10, 2013 1:29am | Edited 7:18pm
i've been trading demo for a month now. i'm a college student from Philippines. all i can say is im addicted to forex. i think about it everyday even when im in school, before i sleep and even when im riding a jeepney from school. lol all i want is to help my family. first i tried copying systems from FF but i dont get their systems. they're too complicated. so i searched about indicators and its uses. i use stochastic and pick trades at 1hr chart then close trade at 15m chart. all i can say is that im doing great even when i only get 3-4pips. i know demo is different from a live account cause you risk virtual money but i think its better than to enter live without knowing the risks. BE PATIENT and DONT BE TOO GREEDY FOR PIPS. thats all i can say. i use roboforex as my demo broker cause of ctrade. it's easy to use for newbies like me and spreads is really tight. (sorry for my bad english) 165usd profit in in barely 48 hrs of practice, only 3 lossing trades so far
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  • #25
  • Edited 7:07am Jul 10, 2013 6:55am | Edited 7:07am
Quoting Laundry
{quote} Why are so many people shocked at 3 years demo trading? I started looking in to it before going to university, now I have nearly finished university. I have only spent 5-10 hours a week researching about forex trading because of full time university commitments, a job and other things. I am not going to waste money on a real account if I can't make a profit consistently on demo.
In my opinion for your situation a smart decision.
I can see no reason why one should go live if even in demo mode there is no success. Common sense and good Money Management tries to protect once resources.
Money is important, Love is essential.
  • #26
  • Jul 10, 2013 7:50am Jul 10, 2013 7:50am
look at 100pipsaday triple screen method and understand the principles behind the system. then design your own system using the principles. All the best.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #27
  • Jul 11, 2013 2:24pm Jul 11, 2013 2:24pm
Would trading with 0.01 lots really teach him anything about his psychology??
  • #28
  • Jul 11, 2013 4:59pm Jul 11, 2013 4:59pm
Quoting Vitez
Would trading with 0.01 lots really teach him anything about his psychology??
It will teach him more than a Demo will.
  • #29
  • Jul 11, 2013 6:44pm Jul 11, 2013 6:44pm
1. Stop trading completely.

2. Figure out a good trading system. Research the systems posted here and elsewhere on the internet.

3. Demo the system for 1 month (or more if it is a long-term strategy).

4. Then use it on a small real account. In both the demo and real cases, use strict money management rules.

4. Go to full live account. Focus on continuing your risk management.
  • #30
  • Jul 12, 2013 1:00am Jul 12, 2013 1:00am
My advice is to stop demo and start real war.
I f you reply on demo too much, you'll regard forex trading as a simple game, so when y ou go to the real battlefield, you would be shocked.
  • #31
  • Jul 12, 2013 1:39am Jul 12, 2013 1:39am
Hi Laundry,

dont dispair... it can be done...

You will need patience, focus and discipline. there are profitable systems / methods out there.... You just have to find one that fits your personality... that you can make your "own".

keep searching, and testing... BUT...

test a system long enough, otherwise its no use.. Set up a trading journal as complete as possible, so you will be able to analyze your trades at the end of the day, or in the weekend (= homework), so you will learn from your mistakes and will start to set some rules.
Furthermore, read the first post on this thread... it says it all!!

http://www.forexfactory.com/showthread.php?t=432756


Dont go looking for the holy grail... If you want to find the holy grail, go look into the mirror..

Its the person you have to become in order to become a successful trader.

Green pips.

Udine

PS. the discription of success??

after falling down... getting up one more time !!
Sleep less, live fast, as it aint gonna last
  • #32
  • Jul 13, 2013 1:27am Jul 13, 2013 1:27am
Quoting card
1. Stop trading completely. 2. Figure out a good trading system. Research the systems posted here and elsewhere on the internet. 3. Demo the system for 1 month (or more if it is a long-term strategy). 4. Then use it on a small real account. In both the demo and real cases, use strict money management rules. 4. Go to full live account. Focus on continuing your risk management.
Sounds like a good plan
  • #33
  • Jul 13, 2013 4:29pm Jul 13, 2013 4:29pm
Stop worrying about making profit. Develop a system for your self and take the thought of money out of your head, the harder you try to make profits the more money you will loose. DEMO trading is the best its how I learned to make profit, testing my system to make sure it worked, when I put real money started small and worked my way up.
  • #34
  • Jul 14, 2013 4:23am Jul 14, 2013 4:23am
Quoting Laundry
{quote} You can open several demo accounts with brokers. I've used FXCM and Oanda. I have looked over babypips and all major resources.
You can open several demo accounts with brokers. I've used FXCM and Oanda. I have looked over babypips and all major resources.
(all of it is enough)


just develop a plan and use one or maximum two systems / method,,,,,,,stick with it.,,,,,

I personally love scalp
if there is something you should keep secret,simply just save it,, so, just
  • #35
  • Jul 14, 2013 4:30am Jul 14, 2013 4:30am
I have spent 12k hours and will consider break even when hours I invested will be paid off with $100 per hour. Above will consider true profit. Not there yet but approaching.

One needs good markets to make fortune.

Big money is in big moves.
  • #36
  • Edited 12:59pm Jul 14, 2013 5:24am | Edited 12:59pm
Quoting Laundry
I have been demoing and researching forex trading the past three years. I have been unable to make a consistent profit on demo during this time. I have only been focusing on 4 hour cards and lower. Aimed for good R:R Technical analysis WIll I have a better chance if I start looking at daily charts and trade from trendlines...etc
If you want to go live, you can put $10 into an oanda account and trade 0.00099 lots (whatever 1% of $10 is equivalent to is). I have $100 in my account, and i trade 0.00099 lots, so its not much money at all. If you really have a method that is consistently good, the difference between live and demo should be small. In my opinion it is not 70% psych, it is 70% method and 30% psych.

I think you should take a look at 100 tick charts, and trade from the time period from 6:00 am CST to 10:00 CST. This is what i am doing.

You want a new route/method to look at right? Well, I haven't been consistently profitable yet, but I am damn close to it in my opinion. I am still creating my own strategy , based on mr pip's ratio and harmonics thread.

Since a new route is probably what you want, take a look at this zip file. In it is a summary of mr pips thread in the pdf (including charts of some of his live sessions), instructions on how to use ninjatrader, and finally my ninjatrader indicator/tool that i programmed that is the backbone of my new method. Play with it and use it however you see fit, or toss it, i dont care! unfortunately it has a bug in it when used on the very right hand side of the chart when equidistant bars = true, but this doesnt affect me much when trading tick charts.... atleast i think lol ! its actually a bug in ninjatrader not my indicator ....

The ratios and harmonics thread is dead, so dont bother posting. There is a lively harmonic thread going in which people post their trades, http://www.forexfactory.com/showthread.php?t=431393.

Have fun and i hope you succeed!


edit: fixed indicator! please re-download

Attached File(s)
File Type: zip ninja.zip   875 KB | 351 downloads
  • #37
  • Jul 15, 2013 7:37am Jul 15, 2013 7:37am
Do you trade based on Fundamentals or Technical ?
I started off with trading using Economic Indicators and news releases, coupled with technical analysis.

Perhaps your approach to trading was wrong? I'm still a rookie so i don't have much expertise to give you.
And well i'm open to any suggestions.
  • #38
  • Jul 16, 2013 3:21am Jul 16, 2013 3:21am
So as a new trader (me)

Is demo time wasted? I always thought that it was time well spent.

Is it better to learn the basic on demo and then switch to a (small) live account to learn proper? Is it down to emotions or do the accounts behave differently?
  • #39
  • Jul 16, 2013 9:41pm Jul 16, 2013 9:41pm
Quoting Bttech
So as a new trader (me) Is demo time wasted? I always thought that it was time well spent. Is it better to learn the basic on demo and then switch to a (small) live account to learn proper? Is it down to emotions or do the accounts behave differently?
I would advise that you trade DEMO, you can take the markets for a test drive, get a feel for the market. DEMO is never a waste of time ever. Then open up a small micro account and start trading, its not going to happen for you overnight that your going to make money it takes time and patience lots of patience.
  • #40
  • Jul 16, 2013 10:49pm Jul 16, 2013 10:49pm
Quoting Bttech
So as a new trader (me) Is demo time wasted? I always thought that it was time well spent. Is it better to learn the basic on demo and then switch to a (small) live account to learn proper? Is it down to emotions or do the accounts behave differently?
I´ve never experienced a difference in "trading emotions" whether I traded demo or live: I hate losing money on both, lol. Of course every new trader has to stick to demo, until he learnt the basics of his trading platform. Then go live with tiny amounts immediately, I´d say.
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