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Originally Posted by knocks420
Your right about moneytec, I think people here a little nicer because most are newbies, they don't want to piss anyone off. I have been trading a live account since Jan. I tried demo but its nothing like live, I only trade $1 a pip but so far I'm down $100 ~ 100 pips. I'm using Fib retracements level and BB breakout strategy. My money management is all wrong, keep getting stopped before a move in my direction. It also seems in the last week that a price will move mainly on news and then range for awhile with no real up or down. Is this just short term conditions or am I missing something? |
Yeah, trading demo can be very different than trading live. I trade demo whenever I'm bored between trades or trying something new for the very first time - but as far as testing, I think it's better just to use minis. That way you can add emotions into the equation, which can greatly affect your decisions and outcome of your trades.
If you've only been trading since Jan - you have a long way to go before you should even consider trading full time. If you want to trade at a prop shop, you could just jump in with one that hires inexperienced traders and go through their training program, etc - but don't expect to skip the learning curve altogether or that it will be a short cut to profitability/success. Like I said earlier, I would give yourself a chance at being profitable trading for yourself before considering trading prop - because I think you'd be happier trading for yourself than you would at a prop shop. You have to decide what's right for you though.
The fact that you're only down 100 pips after trading for over a month (your first month) is quite amazing to me - unless you're being very conservative. It also suggests that you're money management is not as bad as you think, especially if you're losing much more than you're winning.
As far as the behavior of the market this week, I see nothing unusual in what it has done - news is usually what moves the market, most of the time.
Personally, I only pay attention to major market moving news (such as NFP) - the rest, including why/how the market moves, is irrelevant to me and my trading system - so I'm not sure I'm much help to you on that.
The best thing you can do is be patient and stick with whatever you're doing (don't keep changing your trading system/technique each week/month to try and fit the market). Keep practicing - refining and honing your trading skills. Money management is an integral part of any trading system, so that's a good focus to start with. You can worry about timing your entries later.
Good Trading,
Sundance