hmmm... face palm.. did you not read the part where i said i KNOW i didnt control the risk. i put .126 for my stop instead of 1.26 and then i got on a plane. with real money; number 1) i probably wouldn't of left with an open position, 2) if i did, you can bet i would of been on the MBT smart phone app keeping check on it. and as soon as it went under my stop, it would of been sold. not allowed to fall to 1.20.
regardless of that.. heres what i say.. started with 10k.. ended with 63k. thats 630% (and still climbing) from someone the didnt hardly know what forex was when they set up the account sure someone thats been doing this for 15 years can probably do better but my opinion is thats pretty good. on that same token if by some chance i have the same success with 400, then that would end up at 2520 again...pretty good in my opinion considering i invested less than an 30 minutes a day on average. im not out to get rich.. i just want to see if i can do it.
@MotorsportsX I agree that there are several red flags from your first post.
But your plan to open a $400 micro account is in my opinion a good one. The reason being is that it's not a lot of money and will teach you a lot more than continuing to trade your demo account. Continuing to trade your demo account in my opinion is going to give you a false sense of confidence.
Based on your first post you are absolutely NOT ready to trade full contracts. But trading micro's will perhaps show you that what others have posted in this thread is correct, and from there you can begin to learn and improve.
+630% with zero risk taken (aka, real money). Sounds like you are looking for confirmation of your genius before you take the plunge. You have a pretty big ego--it's easy to spot because I have it running through my veins and furiously try to bleed myself of it all the time. So, you seem to be ready to go, so put some money out there and see what happens. If this post makes you a little upset, it's your ego knocking, and it means you will almost certainly lose your money to others in the market. If not, then maybe I'm completely wrong. Either way, good luck.
The following user says Thank You to josh for this post:
Averaging into a severe loser can be a pretty bad habit. I would check to see how much of your 600% gain was due to being lucky from averaging into losers. Trade and stop management is very important to shore up , maybe even more than entries. Maybe sim another 2 months to practice without averaging down at all. Of if you want to start live, $400 sounds reasonable to try out on micro account. Like what's been commonly said and written about trading , the first two accounts at least, are usually blown anyways. But it's good to learn what mistakes or live trading things need to be improved on and to see for oneself that averaging down is just too risky. For a recent massive blow-up example, what Corzine basically did with MFGlobal was continuously averaging down as far he could get away with it before it became too much for the creditors and Cozine's bad gambling bet became big news and ruined MFGlobal into bankruptcy (and the jobs of all those who worked there). If you can eliminate the averaging down habit and stick to a good automatic stop out plan, and maintain your 600% rate or even a decent fraction of it, say 300% then I would think you're good to go.
Last edited by Cloudy; October 25th, 2012 at 12:13 PM.
i would say that if you feel as though you've learned from your mistakes then you might as well try with real bullets. I would recommend putting in more money than $400 and using less leverage at the beginning. when you start with too little money, it's tempting to make bets that are in fact 'too big to fail'.
If you are using MB DesktopPro, be careful if you are using candle charts. I closed my account due to the data problems with these charts. I did not see the same issue with MT4 with MBTrading data. Just DesktopPro.
You sim performance is great, but I've never met a losing sim trader. I have met a lot of losing real money traders, though.
I know your mind is made up, and it was when the thread started, so all I can do is say "good luck!" People on this forum will still be here to help when you blow out (and don't feel bad about blowing out your account - speaking from my experience, it is a great and humbling learning tool)...