Setting Up the Most Accurate Demo Account
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I'm going to place my question here first, and then you/all can read my introduction with it's concerns, if you/all have time. I AM convinced that this process does NOT have to include psychic/financial trauma ...Thanks to you/all I was encouraged to post intelligently, so here goes:
Question
For demo purposes, leverage should be low. I've had Alpari-US to adjust my leverage, to my 1,000.00 demo account to 2:1. But for live account purposes leverage should be higher, so as to avoid the high deposit requirement. Is this accurate? We don't have the ability to see the interface of live platforms, so I am assuming we can adjust leverage per trade. Is this accurate? I'm going with a TP/SL of 75-50/25 pips per trade. This is not carved in stone, as I need to learn more about FIFO to fit it into True Leverage. This is why I have chosen Alpari-US for my demo. I am planning to start out with 2,000.00 in an account, Micro, eventually (it's not on the calendar yet), and I see this as a good place to start within the trinity: of trading system, pairs, and time frames (4 hour/daily) ...Resting within our foundation-ed relationship to our ancient-angry-and-demanding-god-in-heaven ...The Broker. Does this sound accurate?
Intro to Forex TSD & Concerns
I've been sinking into the forex gradually. No forex tragedies to tell here, yet! But I'm out of the honeymoon already. I'm well aware that brokers are not showing me a tomato as it is. I've been successful and failed at other things in life, so I've got some electrons and some behaviors to compare with the world-view attached to charts, and some skills at fading the chatter. At the beginning of the year, I spent about 4 solid months on the material. I've got every worthwhile text from Wiley Traders to thank (thanks really also to the wonderful down-loadable Open Source nature of the forex community), and the Babypips curriculum I've been through several times. I've got notes and charts all over my walls. I like trading from support/resistance via Fibonacci & PPs. They really help me to see the mosaic. I've been wading into Fxcm's curriculum, live and archived and then the universe downloaded Forex Factory, Currensee and a few other forums into my consciousness.
I have been approved for a live account at Oanda and FXCM, and they still as of yet do NOT own a live cent from me. Though I AM tempted to give them 25 just to learn what I can hack from their live platforms. I'm jumpy about trading on any of them though, since even big daddy Gain Capitol had it's own issues, as with several others. No one wants to end up feeling like a Chilean Miner. Nonetheless, I've had an academic workout to this point. My 1st full recorded week of DEMO trading via FXCM's server showed a profit of 570.00. Kinda like playing nice with the other new kids for the first time; in the new neighborhood.
Many of the pre-2007 posts I have been in cause light on a distinction between demo vs live platform trading. My recent experience in your posts (above mentioned) have reinforced "... If you can't do it on demo, you can't do it live." And other sites have rated the demo vs live systems as acceptable, so I'll trust the advice from the experienced. Not all neighborhoods are the same. So I'm wading into the Comm Doll waters looking to match my patient, trending and channel driven style of trading to less adverse pairs, like the AUD USD, AUD JPY. But really, I've already gotten into a rhythm that FIFO has severely wrinkled, and I'm searching via the experience of others to help me get over this strange new equipment they are forcing the Infantry to wear.
I will say, the (CFTC/FIFO) developments have forced me into a part of the frontier of Forex that I wouldn't have considered. Forced me to pick out a horse and ride it. I adore the ranting of baby boomer theologies over the new leverage laws, and repatriation, but I see the CFTC/NFA developments as a development in the Forex economy that will facilitate us getting along with brokers ...As opposed to getting ripped off!
Additionally, I feel like a character in the Titanic you know is going to get to a boat, but not sure if he's gonna live, after getting to the core of all of this FIFO commotion. After all the work, I'd lost my faith in humanity again, temporarily, after hearing some of the stories and doing some investigating. Webinar leaders are clearly sideways, having to interpret themselves from London into it, waving off questions while in the middle of their live academic sets. I see the waves of newbies, without the research skills and experience I have, and their naive inquiries, that still resembles aspects of me in timbre. So, I can only try to post intelligent questions here ...I hope will reflect and invite clear response in light of my experience to date, and complement the development of others.
I am convinced, NONETHELESS, that you can learn this stuff without suffering epic losses, to account and psyche, with the guidance you are all providing. It's all connected! Your concept of trading, size of account, leverage/margin, the pairs you choose, and the time frame you trade on. They all have subtle distinctions which reflect your patience and skill-sets for repeating what your capable and responsible for processing.
Question Again
For demo purposes, leverage should be low. I've asked Alpari-US to adjust my leverage, to my 1,000.00 demo account to 2:1. But for live account purposes leverage should be higher, so as to avoid the high deposit requirement. Is this accurate? We don't have the ability to see the interface of live platforms, so I am assuming we can adjust leverage per trade. Is this accurate? I'm going with a TP/SL of 75-50/25 pips per trade. This is not carved in stone, as I need to learn more about FIFO to fit it into True Leverage. I am planning to start out with 2,000.00 in an account, Micro, eventually (it's not on the calendar yet), and I see this as a good place to start within the trinity of trading system, pairs, and time frames (4 hour/daily). Does this sound accurate?
On the BlueHighway ...
Cheers!