Demo account trade history,am I ready to start real thing?

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kaan
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Demo account trade history,am I ready to start real thing?

Postby kaan » Wed Jun 17, 2009 7:58 am

Hello to everyone, I have heard about you in babypips and have been following since then TRO's system. that thread made my trading life amazing. Thanks for the good work. I have been trading with oanda and then Alpari but I couldn't find a system to make profits. Now I have opened a demo account at MB Trading and have been working on only TRO's indicators. As the attachment I will try to add a picture showing my demo trade history. (Hope it works, this is my first post.)

So I am here to ask the experts that if I'm ready to start the real trading? I have seen that some say real trading is not like demo. They say everything is different but what will be different when I go live ? Please make comments, I have been using TRO's method about a month. Ony with EUR/USD, about two to three hours a day.
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Fxtraveller
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Postby Fxtraveller » Wed Jun 17, 2009 8:21 am

Hello, kaan
Im no pro, but im live.
Few tips:
1) if you cant profit in demo, then you cant profit live. Since you can, you can move on
2) be aware that trading demo is like learning how to drive by playing xbox racing games. similar but not the same. at some point you have to start, and I suggest you start with the SMALLEST LOT you can, yes, trade pennies. bet you will feel bad about losing 3-5 bucks. need to get used to that :)

3) brace yourself for cutting your profits short and letting your losers run. these are emotions. ONLY by GRADUALLY building up you lot size will you become fearless. I remember my sleepless nights, praying, hoping that the price comes back, because I entered with a big lot without a SL.

4) yes, about a SL. ALWAYS have it before you enter.

Good luck.

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rowdy
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Postby rowdy » Wed Jun 17, 2009 10:30 am

You should triple the value of your demo before going live. You are doing well but give it more time. When it gets to 30K go live.
All I need is Supply and Demand

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Postby Fxtraveller » Wed Jun 17, 2009 10:57 am

p.s. what indicators are you using so successfully?

kaan
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Postby kaan » Wed Jun 17, 2009 12:59 pm

Fxtraveller wrote:p.s. what indicators are you using so successfully?


I am attaching the screen which I am looking at. following the basics.

1. follow the zig zags, when price hits on a 3 Level semafor then,
2. I look at the 1 hour chart. If I believe there won't be a surprise,
3. I enter immediately hoping the price will reverse
4. if it does make a reversal I try to grab 10 pips
5. if it goes negative I don't do anything just wait,
6. I don't use a stop loss. In my head there is a price I effort to lose and
so far I have never crossed that. Maybe luck.

about 3 times I had to carry the trade to the next day because I was -450$ or -200$ I just gave an order for 10 or 20 pips take profit, and then I turned off the computer. The next day everything went nice. But still with no stop loss. Cuz I believe if I use a stop loss it may hit because of the volatility. But if I don't use one it is a belief that the price eventually will hit my take profit.
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Postby Fxtraveller » Wed Jun 17, 2009 1:17 pm

NO STOP LOSS= DEATH!!

I gurantee. It WAS luck. I was hoping with demo money, and I was lucky as well most times...
BUT
once I opened a real, and tradd with NO SL, there was COLD SWEAT all over.
Believe me that your stomach will churn and burn seeing such money (unless you are rich, like gambling and and just bored of casinos) dwindling away.
Like I said, you will be letting your losses run, but you WILL be taking real money quick....
Start trading with a SL right now....
Unless you insist learning the hard way :( I did.

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Postby Fxtraveller » Wed Jun 17, 2009 1:26 pm

Exclude the words "believe" and "hope" from your traders vocab.

You should enter thinking "all conditions are met to enter a trade that has more probability to win, BUT, since anything may happen, it might be a loser".

Beliefs and hopes were making me a winner as a trader on my live, for a while.... and then I lost it all. was 15% up on my a/c, in a f ew days, it was -10%. Just recently regained my initial deposit and breaking even.
demoing methods until Im comfortable

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Postby MightyOne » Wed Jun 17, 2009 2:59 pm

"I don't use a stop loss. In my head there is a price I effort to lose and
so far I have never crossed that..." -Kaan



Well put that price into the computer as a stop loss :lol:

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Postby rowdy » Wed Jun 17, 2009 10:09 pm

kaan wrote:
Fxtraveller wrote:p.s. what indicators are you using so successfully?


I am attaching the screen which I am looking at. following the basics.

1. follow the zig zags, when price hits on a 3 Level semafor then,
2. I look at the 1 hour chart. If I believe there won't be a surprise,
3. I enter immediately hoping the price will reverse
4. if it does make a reversal I try to grab 10 pips
5. if it goes negative I don't do anything just wait,
6. I don't use a stop loss. In my head there is a price I effort to lose and
so far I have never crossed that. Maybe luck.

about 3 times I had to carry the trade to the next day because I was -450$ or -200$ I just gave an order for 10 or 20 pips take profit, and then I turned off the computer. The next day everything went nice. But still with no stop loss. Cuz I believe if I use a stop loss it may hit because of the volatility. But if I don't use one it is a belief that the price eventually will hit my take profit.


I fell into this same trap. This will work amazingly well for a while, then you will get caught in a massive breakout against you. You need to make each new entry against the trend have a tighter and tighter stoploss. As an example, enter 3 limit orders right at the start. The first one is your entry and at the current price. Make that a wide stop loss of 15 pips. Set the second limit order 5 pips above the first with a 10 pip stoploss. Set the third limit order 10 pips above the first with a 5 pip stoploss. Now all of your stoplosses converge at one point. Your maximum loss would be 15+10+5=30pips. YOU MUST DO THIS!! Again the 15,10,5 is not set in stone. Maybe 20,10,5 or 25,15,5 or 30,20,10,5 works better. Also, and this is VERY IMPORTANT. Only trade your method when you are trading with H4 and possibly both H4 and D1.
All I need is Supply and Demand

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