For over a year now I've really gotten interested in the Forex market. I've heard many stories how people burn out trading this market, and I did not want to be another statistic. After doing a lot of research and speaking to to several other currency traders I decided to open a Forex demo account and test out my strategy. I've been trading on a demo account for exactly one year now and I have found a great deal of success. In 12 months of trading I've only had 2 losing months. I would now like to go live after having success trading my strategy. I know their are a lot of professional traders on this forum can anyone offer any advice or knowledge that would be helpful to me. Thanx
If it is simple enough to lay out into a program, I would do that. I would also see what would happen if you were to backtest this strategy over the previous 3-5 years. If that happens to still show results, forward test until you feel confident. Depending on what pairs you are trading, I would add 1-5 pips of slippage on your trades to see what happens. If after all of this you are still showing profitability, stick to the strategy.
I did backtest my strategy for the past 2 years and I continued to see a profit. I only trade major pairs. Thank you for the reply
Demo is a land of plenty for every trader to make virtual profit. But once you try real you will be exposed to all difficulties and unfairnesses associated with real-time execution. Lags, slippages, widening spreads and cancelling your profits for vague reasons. Depends on how honest and professional your broker. Thankfully I trade with Hotforex and know the stuff described above only by complaints of others.
Tired of being losing monies in FX markets? Leave it to professional money managers: http://www.fxim-markets.com/ http://www.iasg.com/ http://autumngold.com/Advisor/cta_profile.php
if you have any plans on going live i suggest start really small, go with a good broker, offshore i'd say hotforex they offer as low as 50, or you could go with oanda. then stick to live with micro lots for a couple of months to get used to it. after trading a year on demo you will get used to demo when infact there are a bit of a difference between the two and best of luck
I don't really understand why people are so thrilled about forex trading at the retail level, other than the insane leverage that you can achieve that is much higher than any other instrument available. Other than that the odds are really stacked against you. Forex markets are really murky to begin with. And then there is also a higher chance you are trading with bucket shops that may run away with your money if those are the small time venues you go to make your trades. Then, the forex market itself is a massive market, and highly manipulated one at that. There are direct central bank intervention throwing billions upon billions on the flick of a switch and can throw markets around. I just don't see how you can win. Maybe if you were really super global macro and make macro trades on a longer term scale, like what Soros did, then maybe you can find opportunities from time to time. But otherwise its a crap shot.
I guess its lack of capital, forex give them an option to trade with smaller amounts, the risk involved is a given, there is risk in anything we do really, i guess the determining factor is how much time are they willing to place to study forex trading and understand how it workes, and of course the research needed to check out the broker to avoid headaches. was reading through a thread at forexpeacearmy about a guy who almost jumped infront of a train after loosing £72000 in one single trade. i just hope it doesnt happen to others
I don't agree on your quotes. There are a lot of fair broker out there. I am using Admada Markets because it is onshore in EU and I always trying to get away from those offshore brokers. It is depend how you research on broker, will you feel safe with those offshore broker? My broker still the same doesn't have lags, slippages, widening spreads as well. Successful person never blame, they learn from mistake. Many people try to trade DEMO in the beginning, DEMO is not for newbie to me. DEMO account is just for those EA trial because you don't have emotional on those trading. Even you open 0.01 STD LOTS, you still can experience those emotion on real.
I guess that guy is actually arguing with the market instead of working with the market. It is a very very terrible mistake when you try to argue with the market.