My demo trading (Path to success )

[teja14]

Profit is 3,74,437/-. Not reached to my goal 10 lakhs with in a span of six months in demo trading.

THREAD IS CLOSED

 

[Kungfu]

However, you have made profit. That's good than a lot of trader. Keep trading and sure you will improve.

 

[teja14]

Hi Kungfu,

Thanks for your kind support. Actually i should not post once i declared thread closed. But i could unable to keep silent without giving reply for your kind support. My earlier demo account i lost due to system format. I kept my login details in a word file, Now it was saying No permissions to open.

So, I opened a fresh demo account on 17-05-2013 with 50,000/-. To day i.e on 23-05-2013 my balance is 1,08,382/- i.e within a week. I would like to start real trading alongwith this very shortly. But my mind warns me, before enter real trades you have to learn much in money management and positional management and improve your style.

Note:Moderators, please remove "Thread is closed"in the above post.

 

[Algo]

Hi Kungfu,

Thanks for your kind support. Actually i should not post once i declared thread closed. But i could unable to keep silent without giving reply for your kind support. My earlier demo account i lost due to system format. I kept my login details in a word file, Now it was saying No permissions to open.

So, I opened a fresh demo account on 17-05-2013 with 50,000/-. To day i.e on 23-05-2013 my balance is 1,08,382/- i.e within a week. I would like to start real trading alongwith this very shortly. But my mind warns me, before enter real trades you have to learn much in money management and positional management and improve your style.

Note:Moderators, please remove "Thread is closed"in the above post.

Good for you sir..

 

[jagankris]

Hello Teja,

Good to see your account progressing in Demo trading.

Trading higher time frames which means that lesser stress and no continuous staring of charts etc .Emotions has a very little role to play here.

So the importance of psychology is greatly reduced compared to trading intraday.

Just MM and the strategy has higher importance..
Focus on the exits

Keep posting and good luck.

 

[teja14]

Hello Teja,

Good to see your account progressing in Demo trading.

Trading higher time frames which means that lesser stress and no continuous staring of charts etc .Emotions has a very little role to play here.

So the importance of psychology is greatly reduced compared to trading intraday.

Just MM and the strategy has higher importance..
Focus on the exits

Keep posting and good luck.

Dear Jagankris,

Sorry for late reply. Due to out of station not seen your post. Further one week i will be in out of station. My demo trading also stopped from 24th May 2013 to 10th may 2013.

Thanks for your kind and whole hearted suggession. My present time frames are daily and 30 minutes. Hardly 30 minutes to 3 hours only i am in trade according to conditions whenever trading opportunities arrive. Ofcourse it is demo. I dont think much difference between demo and real in trading style. I also having idea to change the timeframes to weekly and daily in future.

 

[teja14]

After long gap from 24-05-2013,I came from out of station on 11th june 2013. Demo trade started again. With in 2 days my account reached from 108382/- to 146887/-. Total 16 trades sofar. out of 2 cancelled. 2 loss trades. 12 winning trades.

Order placement in MT4 i felt verymuch comfortable. All the other plotforms currently avilable in india i have to place separate orders for limit,stolploss,Moving stoploss,profit taking. For such orders, if one order is executed automatically other order should be cancel. But there is no such type fecility avialable in our indian trading terminals.

 

[Adrianldsouza]

Hi all,

Firstly kind regards to everyone trading Forex, I feel a strong affinity to people who choose this as an investment vehicle as it is my passion.

I felt it important to start at this thread as this is where I started my trading career. I demo traded for a bit more than 6 months and had some exceptional results.

However in my journey to become consistently profitable on the forex market, if there was something I could change it would have been a shorter period Demo Trading.

I always tell people who are starting that just as you cant learn to fly a plane in a flight simulator in the same way its difficult to learn to be profitable trading on a demo account.

A few points.

First of all, Demo accounts are an excellent way to learn how to use a platform and that should be their sole purpose.

The very fact that the Demo accounts give you a demo money is what throws a lot of people off track, in the beginning the sole focus should always be the points(pips) gained on the market. That is the true measure of your performance. The money will follow.

Demo trading gives you a false sense of confidence - When I started I grew my account to 1000% in 6 months and thought I knew exactly what I was doing, however I had no clue of how different it was going to be when I started with real money. It suddenly changes from a video game to real life. It's a whole new world.

I realized that I had not developed concrete rules of trading and hence was not confident to stay in trades like I would on a Demo account as it was not my money.

So I had to take a step back and work on my rules, and yes like someone said its better to start with a small amount of real money as the emotional side of it is what makes or breaks you in this business.

After 5 years trading forex everyday, i learnt that you can learn all the technicals and fundamentals from various sources but the true psychology of trading your hard earned cash and controlling your greed and fear is something that you can only learn from experience trading for real.
And that's because we are all very different individuals, and view money in various different ways.

A piece of advice to anyone who would still postpone experiencing the real thing with demo trading,
Trade with the smallest position size available, so that you do not get carried away with the money that you are making or start demo trading with the exact amount that you plan to start trading real money with and
Secondly count the points (pips) that you make on the market every month not the money.

But I totally resonate with the author of this thread in the view of not starting with real money if you are not confident in a specific system. You can build confidence in a system of trading through repetition of that system on a demo account or by simply having a logg book where you record trades that you would make on the market and their results. The latter is extremely powerful but generally ignored as its not as swanky as trading a 50000 demo account.

Wish you all the best

Happy Trading!

Adrian

 

[teja14]

My current demo position. Opened on 9th july 2013 and today is 12th july 2013. 33120/- proffit in one trade and the Position is still continuing.

 

[teja14]

Continuation of the above single trade position. Proffit is 55140/- as on date.