Well damn, I opened a $5,000
demo account last night and I've already pocketed $700 bucks in fake profit....woohoo, I'll try and curb my enthusiasm. Just used some basic technical indicators I've picked up from reading this forum, along with my own intuition. Messed around with stop losses & profit limits. I planned on waiting until I had a better grasp on things (didn't want to create bad habits) but in hindsight I'm glad I went ahead and bit the bullet...a lot of what I'm reading makes more sense now that I've actually used a trade interface.
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If you can use Excel you can back-test. There are, of course, a number of software packages, but you can do quite well with Excel.
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It's been a long time since I've used Excel....can you elaborate on the best way to backtest via Excel? Sorry if this is a dumb question.
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A $50 return on a $300 account is less than a 20% return. I think most forex traders would call that very modest. The reason it's such an attractive market is that triple digit annual returns are possible. It all comes down to the amount of risk you take and the method/system you develop. Obviously, though, it takes money to make money. It would take one heck of a system to make $30,000 a year on a $300 starting account.
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That sounds more along the lines of my expectations. I'm not getting carried away with pipe dreams of turning $300 into $30,000 or anything...but that projection seemed overly pessimistic. Once I'm out of school, I'll have more capital at my disposal...kinda glad I don't have it now as there's no temptation to jump in headfirst anytime soon.
Thanks for the response....one more thing, is there a certain broker you recommend? I've read varying opinions on just about every online broker from the good to the bad. I'm using the CMS demo right now....