Maddening! Yesterday’s long rose to within 2 pips of my t/p point then fell into a loss.
Trade in eurgbp later y’day yielded 11 pips profit.
I discovered that as I have a US$ a/c trades in other currencies have to be converted from one of those currencies into US$ when profit / loss is shown. I had assumed all deals were done in my a/c currency.
Score since 1 Jan 2012: 32 trades (of which 6 were live), 16 wins, 16 losses: loss 420 pips.
(Error made on 16 March: loss in pips should have been 371, not 145.)
Capsmart, you are quite right. Losses in pips way outnumber gains. That fact and other influences on my life have restricted trading fx for nearly a month. Have barely looked at markets in this time. A pause when things are not going right is useful. I must try and re-gather momentum. gb
A couple of demo trades over the last 3 days, but got completely balled up trying to close a profitable trade today. I kept on clicking on the wrong box in MT4 and was opening trades instead of closing them so at one point I had at least 5 trades on the go before how I figured out how to close them. In the end there was a paper profit of 21 pips as only one trade lost. I shall be counting this as one single trade. It does not help in MT4 having buy and sell buttons in the same frame as the closing trade button. I have to admit that my inexpertise stems from most of my trades being closed on stop and limit orders.
Score since 1 Jan 2012: 38 trades (of which 6 were live), 22 wins, 17 losses: profit 75 pips.
A marginal improvement since I did my last tally on 15 April.
I am now on my third demo a/c, the last 2 having been recommended by Marc. Presumably one can run a demo a/c beside a live a/c using the same MT4 platform?
Glad that you have a positive balance. The number of trades is not large enough so keep working on demo or micro account with micro lots that will not hurt your pocket. One of the reasons we like to start on a demo account is to learn how to use it. So open/closing/partial close/trailing stops etc should be flawless before trying real money.
Concerning your MT4 question I am not certain I understood exactly the point but I think you mean. "Can I have a real account with ABC broker and at the same time a demo account with ABC broker". The answer is yes. You download the platform. You install it. Enter your codes and have your real account ready. Then you run once again the downloaded setup program BUT this time you select another directory. I am not certain about the shortcut on the desktop, so you might need to create the second one manually since you will have to give it another name (like ABC Demo). That way you can have both run side by side.
Another way is to install the platform and then add both accounts from "File/Open an Account" and then using the "File/Login" you could login to the real or demo account, but that way you will have on your screen either the demo or the real account.
The third option is to have your real account with ABC broker and your demo with XYZ broker. That way, once again you can have both accounts running simultaneously. This is the safer, easier and what I would suggest.
I think I covered all possible options.
Capsmart: thank you for the info. A propos running the demo and live a/c on MT4, yes, the idea was to have each a/c with broker ABC rather than separate brokers. It would seem that if I use 2 brokers I have to renew the demo a/c every so often, eg 30 days, or switch the demo a/c to another broker. That said it should not be too much of an issue as I could trade, as you suggest, with the minimum lot size if I feel the need to experiment with something different.