My current Forex account progress (Part 2)
You may read the First Part below.
The next account balance was changing this way:
$238.10 - again I started with a loser
$248.30 - but then things slowly began to change
$260.17
$264.08
$263.18
I stopped writing decimal numbers here:
$270
$274
$280
$276
$285
$311
$307
I should say that I’m very satisfied with the results.
I’ve learned important lessons during my first baby steps in Forex - state of mind, psychology in Forex is everything. Being confident in your trades and knowing that you aren’t going to lose your last short is again everything!
First few trades once you are new-new-green come difficult. They have too much emotions involved. No one wants to be a loser from the first time.
Also during first few trades taking any decisions come with certain difficulties. It is now funny to me, but back then I remember myself sitting in front of the monitor for an hour (minimum) trying to pick my very first Entry point. I couldn’t seem to find the best time to initiate a trade…
Forget the demo account, where it was so simple to push a button, here in real situation it suddenly became a challenge. To my greatest relief this state of mind didn’t last long, after just 4-5 trades (and lowering my lot size also played its role) everything returned where it should be - trading became easy, decisions were taken fast. I felt good and more or less relaxed as if I traded my old demo account.
That’s why I came to a firm conclusion that first trading steps must be safe with the lowest financial risks possible. Everyone should be patient and make first 4-5 but better 10 trades trading small lots. We all want to earn good money and do it soon, but especially if you have a mini-account like mine I strongly advice you to hold your horses and do one small step at the time.
How do I plan to trade in the future? Same leverage, same $1000 lot size, if I get to $350 I will trade 2 lots of $2000 and so forth. I will increase my trading position as my tiny account grows and lower it back as I lose.
All the best and good luck in your Forex trading!
Filed under: First steps in Forex
8 Responses to “My current Forex account progress (Part 2)”
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Hi,
nice to visit at your site.
which trading platforma do u use?
Hi Tova,
I use AccuCharts + G.T.S. Pro from FxSolutions.
I hate FxSolutions fixed spread for GBP/JPY - 9 pips!!!
But I like their platform, I think it is the most well done one so far. For half a month that I’ve been trading with them I had no slippage yet. I believe that partial secret lies in splitting charts (Accucharts) and actual execution platform (GTS Pro)… They work independently and thus respond much faster. I also like convenient hedging solution and “One-click trading” execution there.
Hi, nice to know your site. Informational for beginners.
I have just started to trade with a practice account and also a newbie to forex. I am using Forex.com’s practice account(Java platform seems better).
Just like to clarify some doubts about margin calls?
If my first trade causes a loss and margin drops, will the agent call for margin top-up immediately or impose access denial? Eg, first trade –margin drops $30 to available margin $220 below $250
Hi Sundaram,
No they won’t call you since you still have available margin of $220. That’s your money.
You will get a margin call + all or some of your active positions closed if the equity (the value of your account) exceed your available margin due to losses.
Note that equity adjusts all the time while you keep positions open. Your equity is liquid while your balance sits unchanged until you close a position.
To make sure you will never lose more than you have deposited, the system will close all or some of your positions to limit your risks once equity drops below the available margin.
Thanks a lot! I hope to shop around for a reliable online Forex dealer. Forex.com’s customer support is unresponsive. It concern’s me as I stay a world apart from the dealer’s location though it’s registered in NFA.
How does your dealer (FxSolution) fair?
I’ve heard that Forex.com isn’t a very good choice. But, I’ve never traded with them… I simply remember reading traders’ reviews about this broker. So, that would count as rumors only
I’ve been trading with FxSolution for 3 full months. I never had a single problem yet. Platform works good, order execution is fast and I always get support I want. So, I’m fairly satisfied with that.
You probably read in my early posts that the only concern for me now is their spread on GBP/JPY - nasty 9 pips often keep me out from trying to jump in a new trade that I may feel good about. I’m not trading on feelings anymore, but at times I’d like to test some opinions I have about the market. 9 pips keep me away from doing so - its too expensive!
Why not trade on EUR/USD, EUR/JPY and USD/JPY..there spread ranges 3.5 -2.9?
You are right, but you see, I don’t like EUR/USD and everything else with EURO in pair. I’ve noticed I lose a lot trading them…
A bit about my research:
I developed a strategy for trading exclusively GBP/JPY. But, in the beginning I tested many pairs. I can name them: EUR/USD, GBP/USD, EUR/JPY, GBP/JPY, USD/JPY, USD/CHF, GBP/CHF, EUR/GBP… I guess that’s it…
I almost immediately dropped /CHF pairs - they are difficult to trade no matter what strategy you use. Then I dropped EUR/GBP - again for the same reason.
Eventually I tested simultaneously 5 remaining pairs and found that GBP/JPY gives considerably higher profits than any other pair.
So, I decided to focus and learn about this pair and develop a trading strategy for it. However, USD/JPY isn’t that bad and I may return to it one day, because you are absolutely right - spreads are much more attractive there