TheRagsToRichesStory

OK time to put all this demo trading to good use.

There are a few reasons why now is a good time to re-start live trading Forex.

1/ Its my birthday tomorrow and at 47 time is running out lol – I need to get a move on if I am going to make enough money to retire on!!!

2/ This post has had over 5000 views – time to start anew

3/ More seriously, three and a half months of demo trading showing reasonable (but improvable) results with a total of 77 trades of which 44 were winners 29 were losers and 4 broke even giving me 1956 pips of profit with 763 losses for a net 1193 against my self imposed target 1360 pips (20 a day up to today). This represents an accuracy of 57% and win/loss pip count of 2.56:1 which is not too bad. Even my worst month still came out with a small theoretical profit.

4/ Some may know from other posts and the beginning of this thread, that I have a pension account which I managed to trade down to 20% of its original value, and whilst I have not specifically mentioned this account in this thread, I have made on or two comments on this in other threads. As of today that 20% has been increased by 275% since I started this journal by judicious purchases of oversold banking stocks, so whilst I am not at breakeven on this yet, the results are encouraging, and between the demo Forex trades and live pension trades, I feel more confident to enter the fray on my just set up FXCM live spread bet account starting with a small account to see how we go.

So now its time to put this groundwork to good use and see how the live trading matches up to the demo stuff.

To show a clear break, over the next few days I am going to start a new thread imaginatively called Rags to riches – hopefully – part 2!!!

I am also hoping to set up a youtube page and start video explanations of trades, some of these will be live, some a look back depending on when the trade is taken. (People at work will think I am more weird than they already do if I start talking to my laptop). This assumes I can master the technology of course.

The new thread will report trades in a slightly different format and performance will be stated in % won or lost of starting capital, and on a rolling basis as % of original capital invested. This I think will be a more meaningful measure.

Wish me luck!!

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noob_trader

Good Luck!

-Noob

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TheRagsToRichesStory

lol - cheers Noob

Graeme

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David Waring

Hi Graeme,

Happy birthday man hope it is a great one.

Awesome stuff I think you are going to be the first InformedTrades community member to document their full transition from demo to live which will be a great learning experience for us all and which I really appreciate.

Definitely sounds like you are well prepared to make the jump. Its certainly not the same thing as live trading but I do think you will find that documenting your demo trades in public here as you have done will also help you with some of the psychological affects of live trading as there are some similar elements regarding ego etc., at least from my experience.

Glad to hear you have recovered some ground there great stuff.

Sounds great if you need any help please let me know.

Good luck and remember that we are always here to support and help you when needed as you have given a lot back to the community so we want to make sure we do whatever we can to help our most loyal members succeed in every way possible.

Best Regards,
Dave

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Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.

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BrendanEgan88

Good luck with your trading I look forward to reading about your results!! And hope you have a good birthday--hopefully by your 48th you'll be retired

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Tekmnd

Hi Graeme

Wow, 47. Another 40s guy (I'm 42).

Congrats on going live.
You have demo'd it and you trade stocks, so the jump live will probably go pretty smoothly.
If I were to make a suggestion, it would be to take very small position sizes for your first few trades if for no other reason than if you lose on the trades you won't remember your first day as being a down day; it will be an "I got my feet wet" day.

Cheers
Tek

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TheRagsToRichesStory

Thanks for the comments Dave Brendan and Tek

It will be a relatively quiet birthday as mid week doesnt lend itself to hard partying with work the next day lol

Brendan - retired by 48? WOW I thought I was optimistic lol.

Thanks again

Graeme

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DREBG

Happy B-Day, Graeme! I can think of no better time for you to start a live account. I truly believe you have put in the time and effort one SHOULD and, more importantly, you have shown consistent, positive results. I look forward to your new thread and perhaps this will spur me to start mine finally!

Best of luck!

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- Dave


THE GREATEST RISK IS NOT TAKING ONE...

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Simit Patel

wow graeme, congratulations on going live -- and on turning 47! thanks for all the trades you've shared and the progress you've made. looking forward to seeing your new live trading journal.

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TheRagsToRichesStory

Many thanks Dave and Simit

Graeme

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