So, I'm trading again, not with my own money, but with fake demo money from Oanda. I'm using the TradingView platform and practicing...practicing. I'm completely lost one moment and know where I am the next, so I have to get back to the point where I am no longer confused. I will open a buy or sell trade and change my mind about the stop loss, and when I do I don't know if I've activated my new stop loss or not. I get scared and close the position to avoid a loss, which is dumb since it's a demo account.
Nevertheless, the first rule about pretending that you're trading is to treat it like it's real, so if you don't know, you don't know, and it's better to cut bait than to swim with the sharks. Since I'm using fake money, this is a good time to tell you that when I do get back into it for real, I'll use a prop firm to trade for the first month or so. It's a way to use other people's money, so I don't lose my own. I'll explain.
Prop firms, sometimes banks, sometimes other people with enough to lend, will let you trade with their money if you can prove you know what you're doing. You apply, pay their fee to evaluate your abilities, then trade on a fake account until you earn $8000 or lose $3000, whichever comes first. If you win the $8000, they let you keep it; if not, you lose your fee, but you learn a valuable lesson: don't pay someone a fee to use their money unless you're damn sure you can earn before you lose.
The market is unforgiving, and it doesn't care. It doesn't care who you are; it doesn't care whether you'll win or lose. It is what it is, and that is the market. Price is what price is, and you either accept it, or you die really fast in the game. That's it: trading isn't a game; it's a very real thing. The best thing you can do is practice using strong, disciplined strategies. Your risk management is your key; it's your bread and butter, and it's your anchor to hold onto! You don't trade if your risk management conditions aren't met.
People fall into two very distinct categories when it comes to trading. Some think they know everything; others realize they don't. I'm in the smarter category, the ones who realize we don't know everything; you can't. The market is unpredictable, and it moves the way it moves, so guessing where it will land is never a good option. If you diligently have a working strategy, the best you can hope for is around a 65% win ratio. Believe me, a 65% would be wonderful! I'm hovering around 52% now, and I need to get to about 55% before I feel comfortable using real money.
My strategy was developed after watching a few really good investors who have their free workshops on YouTube. I haven't joined their paid subs yet, and I hope I don't have to. I may end up doing that when I pay for the Prop, but if I can get away with making 2 or 3 trades a day and hit my minimum, I'll stick to it and let the others pass me by. I am not in it to become the next Warren Buffett - I'm OK being exactly who I am.
My plan works so far, and if it keeps working, I'll share it with anyone and everyone so they can follow the same plan, but I don't want to put it out there until I've done it at least 100 times and can say it works. That means for the next 99 days I'll keep records diligently so I can do it correctly, without feeling like I'm lying to myself or anyone else. I'll report my findings on or near January 15, 2027. That's 100 days since I started this path.
I've been testing this path for a few days, but I officially started it yesterday, and it worked then and this morning. I may keep you posted every week as to how I'm doing, but I won't tell you the method until I've done it 100 days in a row and can say with confidence that I have a 55% win ratio -- by that time, I may have my own money, or I may be able to do a prop firm turn and use someone else's money, but for now, I'm going to assume I'm using Oanda's demo account. It's $100,000 and they automatically leverage me at 50X so I'm only really spending $20.00 per trade - again a fake $20.
Today's wins and losses? Both wins: I traded EUR/USD and USD/CAD for wins. I began practicing away from the official scoreboard and lost 4 and won 2. I won't keep track of those because they are later in the day, and my plan is to trade only very early in the morning, picking up as the London market transitions into the NY market. You can trade 24/7 from 5:00 EST on Sunday to 4:00 EST Friday, but you're in the Australian and Asian markets until 3:00 a.m. EST, when you hit London, and 8:00 EST for the NY market M-F. There is no trading on Saturday and Most of Sunday.
If you want to watch a few YouTubers that I trust, you can go to THE TRADING CHANNEL with Steven Hart and JOOVIERS GEM with Josiah Stewart. Both are really great. It is free, free, free to get involved, and won't cost you anything to learn and practice. It's 100% worth the fun and learning experience, but if you don't have patience, you'll never get good at it, and it will eat you alive faster than you can spit! (no matter how fast or slow you spit) The market is NO PLACE to play.
It is NOT gambling - you need to know that. You are not throwing money at it; you're not risking without knowing what you're risking, and if you don't have an exit plan, you should never hit the buy/sell button -- you are in control of that. It's a business, a real business, and it must be treated as such. Do people go crazy? Yes, they do. Do people succeed? Yes, they do. It's a law-of-large-numbers thing; you must be patient, use your own strategy, and manage your own risk. You'll learn what's best for you, and you'll either control it or let it control you -- simple as that...and as difficult as that.
If I were actually trading the money I fake-traded today, I would have earned (not won) $2400.00 in one hour. It does not and will not happen every hour -- it's not like that. Many pairs never get into a buy/sell position worth opening, and if they don't, you don't! That's the thing. You only enter if the conditions are right to do it -- they were for me, so I entered the two trades, both before 9:00 a.m., and they were done by 9:12 a.m. I'll let you know how it goes and if the strategy works -- I think it will.
Photo Credit: Me. This was my win trade today.
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