I have been losing at forex since August 2008, and I still have $0 in the bank. What should I do now it has been seven years? - page 5
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
My suggestion, no need to waste time with demo, we can learn in real platform with small amount also. If I invest only 10$ in cent account, 1000 cent is enough to test any strategy / practice etc. This is helpful for traders and better than demo practice. I saw lot of my friends, they are good in demo but same strategy not profitable in real due to various reasons. Real environment, real money definitely help to traders to go deeply.
Demo is fine to get used to the platform or to test a new strategy but nothing will teach you more than losing/winning real money (for most!!)
+1
Demo is fine to get used to the platform or to test a new strategy but nothing will teach you more than losing/winning real money (for most!!)
My suggestion, no need to waste time with demo, we can learn in real platform with small amount also. If I invest only 10$ in cent account, 1000 cent is enough to test any strategy / practice etc. This is helpful for traders and better than demo practice. I saw lot of my friends, they are good in demo but same strategy not profitable in real due to various reasons. Real environment, real money definitely help to traders to go deeply.
Hello Matthew,
I have been studying trading for about 12 yrs but only paper trading. From the last 2 months I am doing it with real money.
I knew you when reviewing EAs and Indis; now I always read your comments carefully, they are useful. So, as I said I am knew in forex but let me share what it seems it is working for me:
a). FOR TRADING WITH EAs:
1. Avoid all EA which uses Martin or Grid or is risky or promise to revover losing-trades or is expensive and have not a cheap rent option; it does not matter what comments the EA has, avoid such EAs always.
2. Choose only EAs which avoid point 1 conditions and which have very good backtest, repeat the BT by yourself; if good, rent it and put it in a 1000k demo account. Wait 15-30 days:
2.1 If profitable in demo, open 2 1000k accs for the EA, a real and a demo. Do it quickly because most of the new EAs work fine for some months and later they go on lossess, and some good EAs works by waves (profitables for some moths and with losses for some weeks). So, be quick and let it work while it remains profitable. If the EA begins to lose and it reaches a 5% DD in the acc, stop it in the real acc and let it continue in the demo. If it recovers in the demo after some time and is really profitable anew, switch it on anew in the real, if not profitable any more, forget the EA forever.
I have some EA which made 10.000 in 1 moth from a 3.000 acc but in the last 6 weeks it was lossing 5% so I switched it off and just observing if it will recover or not. In the BTest it showed to work in waves, very profitable but with DD of up to 30%, so I stopped it when at 5% DD.
2.2 If not profitable in demo, rent it anew (only if cheap rent) and let it work 1-2 month more if the BT showed it works with waves of profitable/losses. Swithch it on in the real acc when it is clearly in the profitable wave anew.
If the BT showed the Ea works in waves with the loss-wave not longer than 1 month and it is still losing in the demo after 1 month, forget the Ea forever.
If the BT showed that the EA does not work in waves (its profitability increases every month) but it is still losing after 1 month, forget the Ea forever.
b) FOR MANUAL TRADING:
1. I use just 3 good Indis: 1 with bands (channel), 1 with R/S levels and 1 with price action wave (I am using 3 indis which seem to work fine, may give you the links if you want).
2. I have 21 graphs with the best 21 pairs in the MT4 and the 3 Indis in every pair.
3. Now, every day that I decide to trade:
3.1. Look in D1 if any of the 21 pairs is moving clearly up and down between the band (channel) and also if the candel is touching now the up or the lower line of the band. If not, avoid trading this pair, if yes go to point 3.2.
3.2 Now look also H4-H1-M30. If the candel is also near the same line of the band that in D1, go to point 3.3. If not, wait until the candel is near the line or avoid trading that pair if you don´t want to wait.
3.3 Now, look the second Indi (S/R levels). If the candel is also near/touching the Support (for long) or the Resistence (for short), look the direction of the channel. If the channel is flat or pointing (even only a bit) up, go long; the contrary for short. But if the channel is pointing up never go short and if it is pointing down never go long, even if the signal seems very good.
3.4. SL and TP: do not put any SL (it makes to lose many trades which would be profitable at the end). But put TP a bit below (for long) or above (for short) the S/R level showed by the 2º indi. The 3º indi (wave) let me enter with a better timing and make some pips from the beginning.
4. Account size: at the beginning only the equivalent to 1000 USD or EUR. More size acc would make me nervous when trading.
5. Lot size: I don´t use SL (it makes to lose many trades which would be profitable at the end). Without SL I need a lot size which could never make me feel nervous. So I begin with 0.01 L; after some days, when seeing that I am performing fine, I change to 0,1 L. So, if point 3 was correct, I can wait if just after I enter the order there´s a reaction, knowing that it will reverse sooner or later, or even if the trade goes really wrong (very rarely with this strategy) and I must close it with losses. Lot size woul be the one which never never never would make you feel nervous if the trade goes completely agains you, this is a fundamental rule for me.
So at first, when testing how I am performing this strategy: with 0.01 L, even a 200 pips loss would be +- only 2 $.
And later, when trading for making profits: with 0.1 L, a 200 pips loss would be +- only 20$. 0.1 L could seem few profitable at first, but I have had 800 pips profits (+- 80$), and with 10 would be quickly 800$ 8near the double of the initial acc), which will lets you quickly increase the lot size.
But if my lot size is 1 L, a 200 pips loss would be +-200$ loss. It would make me nervous with a 1k acc, because 4 more trades like that one and I will be out with a 80% acc DD.
Later, I would increase my lot size +- 0,1 L for every 1000k increasing in my acc.
I tested my performing first in demo and later in real.
Lastly, my bands-indi has alerts, so I don´t review every of the 21 pairs the days I feel lazy. Instead, I put the indi in M15 or M30 TF (higher TF give few signails-alerts and lower TF give fewer correct signails), and when I got an alert on some pair I review the pair. Whiles i don´t get some alert, I am making other things and forget trading.
Hope my experience may be useful for you.
Happy new yr, Matthew, thank you for your good comments on EAs and Indis, they let me avoid many bad instruments. We all are in debt with you because of that.
Javier
7 years is a long time and if u r not in the profitable side i think u should quite forex and concentrate in other business. actually its difficult to quite anything, and u never know how much distance between u and ur success. for me it took 4 years to back in winning track. some takes less or some needs more as well. but this also true that not everything is suitable for everyone. u have to understand ur pros and cons, and also need to set the target what u r looking for. in forex i saw many traders who are good to make regular profit but to get fame ( like to be a mentor/ GURU) they took risk and faced losses.
im not sure demo will work for u, bcz in 7 years u trade with real money so if u really want to trade u should trade with real money but in small amount and should trade with low risk.
there are many tries who sell signals for monthly fees, u can try them for few months,(always used those who give trade signal with expansion) so that u can understand some entry and exit strategy, will help u build ur trading method.
or can try to get some mentors help for some time.
heres my advise if it let you think more.
1.stop trading on real account for a while , may be some few months.
2.get hold of your good strategy
3.try it out on demo account
4.Analyse your trade for each loss(loss is inevitable in forex trading.nothing to be ashame of.in fact loss taking is more essential for long term consistent profits/success than profit taking!)
5.learn lessons from each loss
6.write down the reasons
7.do not repeat the same mistakes
8.control greed and ego(they are the worst enemy of a trader)
9.after you again become confident of your ability
10.start trading on real account again with the same strategy
these are just some suggestions.
Happy Trading!