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Old 16-12-2007, 11:51   #7
TraderPierre
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Join Date: Nov 2003
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Re: Practice forex.com account

It all sounds excellent, you've got a good win:lose and you're obviously not bothered about cutting your losing trades short. It does sound like you're scalping though, 51 trades over 5 days for just a few hours a day. That's fine if your risk:reward is comparable but that's quite intense trading but that might work for you.

Fibonacci is an excellent tool, not so sure about Elliot waves as it's always been too subjective for me, I can never manage to get the count right!

I think you're doing great for a new trader but one week isn't very long, try not to get complacent. The transition from demo to live can be difficult but you're approaching it in the best way by starting small. Trade your strategy for a few weeks/months and justify the confidence you have in it by confirming it really does work in various market conditions. That way when you come to the point when you want to trade a full size live account use logic, the strategy worked on demo so there is really no reason it shouldn't work live, the only thing that will change is you and the psychology attached to trading serious money.

In your opening post you sounded a little amazed that you found trading so easy, well let me tell you, it is! Thousands of people trade this and other markets every day and make money otherwise what's the point. When you read these forums and see people making everything too complicated and consistently losing money believe me, they are a very small percentage of the total.

Keep it simple, enjoy trading, and make some money, this is one helluva business to be in!
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