hello, i am a new and relatively young paper trader interested in speculating gold on ecbot. ive been paper trading for about a 3 months with a decent amount of success (at least i think so). my net profit is around 4000 from day trading (altough i made 600 on one longer term trade) with only 1 contract over those 3 months. i would like to put my mouth were my mouth is but i dont know what my next steps should be. my net worth and annual income is low, but i got about 10k im willing lose (i.e invest) if i had to . any tips? thank you.
Hi! Seems like you have done well with the paper trading, but as we all know, trading with real money brings to light all of your hidden frailties. Can you hold those losing trades, up to your loss limit, with real money on the line? Can you take profits, or losses, as your system requires, or will greed and fear take over? Will you try to trade too many contracts (blowout time!)? Do you actually have a system with a positive expectation over time and tradable drawdowns? If you do, or just want to find out, trade for real. It had definitely better be money you can afford to lose. And if it were me, I'd stop, quit, fini, give up for a while, etc, at the $5K point. Nobody says you have to lose it all to learn... Good luck. -dyslexic atheists say "There is no Dog"
thank you for replying. im a little bit put off of minis because i fear the volume is to light and thus not be as liquid as full sized gold, but the prices are still the same though. in my fledgling trading rules i automatically cover all intraday trades if i am in the hole $1.00 (or $100 real dollars) anything more i consider a move and not market noise. this is because 100 = 1% of my current wealth. although ive only done one non-intraday trade, i get out when im down $200. for both i also cover when technical indicators say GTFO ,mostly the basic charting tools and a variety of MA in the hours, but others for the longer term trade. i only trade 1 contract at a time, but i take 50% of my profit and reinvest it to afford another contract. in my above mentioned trading i didn't reinvest, i just used one contract.
I think you can also open an account at www.OandA.com , where gold trades like a currency- tight, liquid and leveraged.