thankfully on a demo account with no real idea of what i was doing re systems

i thought having read halfway thru babypips that i needed to put some of the few basic things i had learnt into practice and boy did i learn.

so heres a few observations of my couple of days "trading"

1 internet connection- on day 1 i lost a connection for a while a=while in profit on a trade - couldnt get it back that night and came back online the day afyter with a £2k+ loss

2 the longer the trade the worse i seemed to do

3 made consistent profit by dipping in and out of trades- regular £50+ trades very short term trading produced great results (is this known as scapling?? )

4 the candlestick patterns are a must to learn- i have stayed away from other aids such as fibs etc at the moment

5 i didnt set and leave- i manually controlled the trades with no stop losses etc in place

thats it for now will update regularly is theres any interest

Hi sparky,

And thanks for taking the time to post, especially owning up to those experiences, many of which others will have made and would not be so bold as to openly admit to.

(Note: Japanese CandleStick Charting Techniques by Steve Nison is great - the link is to BookWorm's review)

Look forward to hearing more from you.

Hey Sparky

Well done for starting with demo - I'd read somewhere that demo trading was a waste of time when I started out so went straight in with real money. BIG mistake!! I have since seen the error of my ways and always demo trade if Im trying out a new system.

SC

thanks sarni

i think perhaps there is too much info out there at times- everyone has a system and it can confuse you when you first start out listening to conflicting ideas and methods thats why i am spending a long time in demo- even if i do lose out initially that way if i produce profits.
at least its not like roulette on the internet where the results suddenly change when you play with real money

i am going to be demo ing for @6 months before i go live until i am comfortable and hopefully producing consistent profit

one query i do have is on my demo account the is a commission line which shows 0- if i am live trading what commission will i expect to have per trade?

Sparky,

For sure there is information overload out there - If you haven't been there yet - BabyPips is great for education (wish we'd thought of it!) - 3 Ducks is sound for Multiple Time Frame and some structure to your trading (it's free) - PipTastic at £20 also has some good direction - The only system we have on our systems we use (income based) is Forex Morning Trade (a purely mechanical system) - You will find reviews for all of these on this site as well as a Trading room and Journal for the latter.

In terms of commissions - It will vary broker to broker - If you use SLM for example, for spread betting, there will be no commission as the "charge" is in the spread. It is unusual to see a charge from a spread bet broker these days. Traditional brokers will of course as we stated, vary although many of these now include all "charges" in their spread, we suggest you find one that does - If support cannot clearly answer your query it's worth changing broker.

Hope it helps.