Is demo a step before real trading? | Metals Mine

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Is demo a step before real trading?

  • #1
  • First Post: Apr 1, 2013 7:27am Apr 1, 2013 7:27am
Hi opened a demo and would like to hear some comments
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  • #2
  • Apr 1, 2013 8:27am Apr 1, 2013 8:27am
How long in time do these trades span?

And yes proving yourself on demo first is a crucial step before you attempt to trade with real money

g
I believe . . .
  • #3
  • Apr 1, 2013 10:15am Apr 1, 2013 10:15am
Quoting sshhmmuueell
Hi opened a demo and would like to hear some comments {image}

Is this an EA based method or manual trading ?
  • #4
  • Apr 1, 2013 10:36am Apr 1, 2013 10:36am
two weeks and a manual system
  • #5
  • Apr 1, 2013 10:38am Apr 1, 2013 10:38am
here is statement
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  • #6
  • Apr 1, 2013 1:15pm Apr 1, 2013 1:15pm
Quoting sshhmmuueell
two weeks and a manual system
Not bad for a start I'd say.

But you certainly need more of forward testing. Data spread over two weeks cannot conclusively rate a trading method. I'd say, grow your demo worm for at least three months ensuring its upward mobility, before you go live.

By the looks of it, your frequency of trading is relatively high and that can be a double edged sword. Best to spend some time and make out the reliability in different market conditions.

Good luck.

g.
I believe . . .
  • #7
  • Apr 1, 2013 4:26pm Apr 1, 2013 4:26pm
Obviously, there are two sides to this issue.

I am going to take one side of the "no demo" argument.

One of the few advantages to spot forex is the fact that one can open an account with some brokers with a little as $25.00.

Now let's assume you are like a lot of people and spend $5.00 a week day on a Latte from Starbucks. 5 x 5 = 25. So that’s $25.00 a week. There are roughly 4 weeks in a month. This gives us 4 x $25.00 = $100.00

So if you forgo a months worth of visits to the coffee shop, you can trade live with an amount of money that wont hurt if you lose it. If it would hurt, then you should not be buying coffee in the first place, because you loose that same $100.00.

For most people, losing $3.00 in a real account has a different effect on the psyche than losing $3.00 in a play money (demo) account, even when they attempt to trade the demo account "as real as possible". The sooner one can recognize and overcome the inner demons that surround loss/risk/self worth, the better. If you don't have any, then you are ahead of the game. But trading demo wont tell you if you do. A small real account will.
Without VSA, you're playing checkers while the Smart Money plays chess.
  • #8
  • Apr 1, 2013 5:52pm Apr 1, 2013 5:52pm
A question any trader should ask before going live - are you risking pennies for dollars or dollars for pennies? If you're doing the latter and/or using some crazy system like the martingrail betting system, it's time to rethink what you're doing.
  • #9
  • Apr 1, 2013 10:46pm Apr 1, 2013 10:46pm
Yes, a demo is essential step since it allows you to test your strategy..sure, you can always go ahead and set up a cents account rather than go with the demo..
  • #10
  • Apr 1, 2013 11:12pm Apr 1, 2013 11:12pm
Quoting Forexnuts
Yes, a demo is essential step since it allows you to test your strategy..sure, you can always go ahead and set up a cents account rather than go with the demo..
thanks i like your ideal
  • #11
  • Apr 2, 2013 5:00am Apr 2, 2013 5:00am
Quoting sshhmmuueell
Hi opened a demo and would like to hear some comments {image}
Well Done. This is the beginning. After two three months you can go live. Start with a few dollars and always try to control your emotions. You cannot learn emotions by doing demo. I saw some members posted similar ideas. So hope you understand well. Good luck
  • #12
  • Apr 2, 2013 5:06pm Apr 2, 2013 5:06pm
Risky to trade with no stoploss
Position size for the 5 trades that you had open at the same time on Friday could have put a high % of your account at risk especially as you held 4 of them over the weekend.
Remember that opening gap on JPY pairs a couple of weeks ago?
Please Do Not PM Me With Coding Enquiries
  • #13
  • Apr 2, 2013 5:41pm Apr 2, 2013 5:41pm
Trading demo only good for learning platform. Hardest part of trading is patience and discipline when real money is on the line. Your mental state will lose your cash not your system.
History is written by the victors.
  • #14
  • Apr 2, 2013 6:02pm Apr 2, 2013 6:02pm
Quoting Money-RX
Trading demo only good for learning platform. Hardest part of trading is patience and discipline when real money is on the line. Your mental state will lose your cash not your system.
With all the respect in the world intended, I think you have that backwards. Most people don't have the slightest clue what they're doing when it comes to the actual strategy they're employing. Blaming it on "mental state" is just deferring blame.
  • #15
  • Edited 6:50pm Apr 2, 2013 6:02pm | Edited 6:50pm
Quoting Gumrai
Risky to trade with no stoploss Position size for the 5 trades that you had open at the same time on Friday could have put a high % of your account at risk especially as you held 4 of them over the weekend. Remember that opening gap on JPY pairs a couple of weeks ago?
Yes those trades were a big mistake
  • #16
  • Apr 2, 2013 6:05pm Apr 2, 2013 6:05pm
I was trading seven moving averages and trading the slope up or down with keeping an eye on the higher time frame trend
  • #17
  • Apr 3, 2013 1:54am Apr 3, 2013 1:54am
Quoting sshhmmuueell
I was trading seven moving averages and trading the slope up or down with keeping an eye on the higher time frame trend
Trading on a higher time frame is a very good option when you are trading with moving averages. But 07 moving averages sound a lot to me. I use only 03 moving averages.
  • #18
  • Apr 3, 2013 2:08am Apr 3, 2013 2:08am
If you are not consistently profitable in demo you will never be profitable live.

Consistenly means many months or even years not many days.
  • #19
  • Apr 3, 2013 2:03pm Apr 3, 2013 2:03pm
You're welcome and of course, with a nano account, chances are you will pay more attention to the pip movements than otherwise..since real money is involved. Good luck and do post an update later on
  • #20
  • Apr 3, 2013 9:09pm Apr 3, 2013 9:09pm
Quoting Forexnuts
You're welcome and of course, with a nano account, chances are you will pay more attention to the pip movements than otherwise..since real money is involved. Good luck and do post an update later on
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