50k dollars a month - page 30
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I think it's worth a mention here, although perhaps not the right forum. That any commitment to forex is a risk, I thought I'd placed enough due diligence using a series of 5 demo accounts over a year, burnt the first one quickly but then schooled up, read lots and used my own immature strategy. However, I was able to push a 3 demo $5k accounts, in series to just under $1m within the 3-month demo account lifecycle.
I thought I'd learnt enough and had proven results so I went live with a $50k account...Yes $50k (perhaps not a lot for you guy's, but it was a serious commitment for me)
Little did I know that there's a huge difference in spread / stop loss etc with REAL accounts, there's alot of grace shown on demo's.. Life lessons huh!
So after using about 5 demo accounts well over a year, when it comes to the live playing field, it's very different. In fact, I'm certain my stops were hit and margin calls made just shy of the mark.
I lost my $50k over 3 months :(, did I get greedy, maybe. that was 7 years ago. I'm having another much more conservative crack again now, primarily scalping, small gains etc.
Back to my point, however, there's a lot of difference between DEMO vs LIVE not all brokers are even (we all know that).
there's a lot of difference between DEMO vs LIVE
this will probably rescue a trader from doing the same thing
- They will offer very tight spreads with very HUGE commisions per trade that will turn any profitable system into crap on live trading.
- They will slip your trades, you may think that it isn't a big deal because there is random positive/negative outcome, but in the lower time-frames your edge has to be executed with absolute perfection or else it becomes a random system and costs will kill you in the long run.
- Will widen their spreads when you need them the most. Some fake "ECN" will go to extremes and widen the spreads to infinity during a flash crash, your account will (of course) go to zero by the costs alone.
You cannot trust any kind of pending orders/hard stops (specially for a system that trades frequently), the best way to avoid all of the scary stuff is to use market orders (will always fill) and technical exits with the lowest risk you can afford and diversify (time-frames, markets, strategies), use higher T.F's, compound your gains instead of bleeding your account to death and you will be safe from these games.
Some brokers hate scalpers, especially the profitable ones (they have to hedge them). So what do they do?
- They will offer very tight spreads with very HUGE commisions per trade that will turn any profitable system into crap on live trading.
- They will slip your trades, you may think that it isn't a big deal because there is random positive/negative outcome, but in the lower time-frames your edge has to be executed with absolute perfection or else it becomes a random system and costs will kill you in the long run.
- Will widen their spreads when you need them the most. Some fake "ECN" will go to extremes and widen the spreads to infinity during a flash crash, your account will (of course) go to zero by the costs alone.
You cannot trust any kind of pending orders/hard stops (specially for a system that trades frequently), the best way to avoid all of the scary stuff is to use market orders (will always fill) and technical exits with the lowest risk you can afford and diversify (time-frames, markets, strategies), use higher T.F's, compound your gains instead of bleeding your account to death and you will be safe from these games.
from my own experience im with a broker that gives
-ECN accounts with 7$ per lot size total commission, and very tight spread
-gives positive slippage "seen on trading history on live account up until recently"
-system was developed to work o 30m and 1m chart so it goes through extremes
-it DOES widen spreads but when it happens from what i learned about support and resistance this wide spread fluctuates on a demand or supply level then once price moves away with high liquidity in the market the spread tightens again, to achieve that trading is done in European and partly US sessions
-Order types are pending or direct market execution both work fine with me
The system gets tweaked over live trading thus its moving slow but you are right about "some of the brokers widen the spread"
Thanks Man, will update you next week Friday again
Cheers
Guufuj
270 trades in a week and low drawdown.
270 trades in a week and low drawdown.
Wait what? 270 trades in a week thats a technique I heard of before?! It's not good
Don't know what you heard, it's obvious that the risk is small and the r:r stands at 1.5:1 which is positive.
The expectance is 65 % profit trades.
The only thing missing is if it's a scalp (very short trades) or not. But given that you have so much trades with average small profit and loss and all closed, I would guess that it is on the lower time frames.
Don't know what you heard, it's obvious that the risk is small and the r:r stands at 1.5:1 which is positive.
The expectance is 65 % profit trades.
The only thing missing is if it's a scalp (very short trades) or not. But given that you have so much trades with average small profit and loss and all closed, I would guess that it is on the lower time frames.
270 trades in a week is not scalping, it could be low latency technique which is prohibited by the brokers
I just checked the graph again its 270 trades in total from the beginning of account open
Guufuj could you clear that up please
270 trades in a week is not scalping, it could be low latency technique which is prohibited by the brokers
I just checked the graph again its 270 trades in total from the beginning of account open
Guufuj could you clear that up please