The problem with
demo accounts well it's not really a problem but you have to keep in mind that they know it is a demo account...(duh) so you will always get filled. It is not until you start going live that you will run into problems with requotes and HUGE spreads. just something to keep in mind.
Also because Forex can be rather volatile you need to have fairly wide stops to let it "do it's thing"
I've done a lot of reading of the work of WD Gann. He always talks about time and price. Basically saying that everything that goes up must eventually come down....(or go sideways, sometimes with quite a lot of volatility as we are seeing at the moment)
If a stock, option, currency or indices moves quite rapidly up in price over a period of time then that stock option currency, indices or whatever must go down or at least go sideways for a similar amount of time. So it is time catching up.
How many times have we seen a strong break out bar on a stock, and by strong I mean a larger than average size bar in strong opposite thirds only to find that the stock has retraced rapidly over the next few days before the move decides to take off again.
I know I use to always get caught by that.
Similarly he...(WD Gann) also talks about what he calls form reading and that is the size and placement of the open and close on a bar. He says that as a move comes to an end the bars become weak showing that the move is coming to an end basically the buyers are no longer prepared to raise their prices. All this in conjunction with direction and angles of moving averages that measure the overall momentum of the particular stock or what ever.
Anyway for what it's worth there is a free website that has video tutorials on this at
www.tradingslingshot.com
Licensed Brokers
Re: Giving up on Forex. Any last chance advise?
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