As you have seen from my Wallaby posts, I have been using a demo account to track my real-time trading results in the EURUSD. However, when I logged in last week, I was disappointed to find out that my demo account had been closed. Crap.
I chose IBFX to demo trade with because as long as you placed a trade every 30 days, they wouldn’t shut down your account. Well, I guess I didn’t place a trade in the account, so…yeah. You are probably thinking that it isn’t the end of the world, and it isn’t. But it really throws a wrench into my continuous track record.
So before I put that account to rest and show you what I’m going to do next, here are my results.
The demo account started with $5,000 and ended with $5,279.20, for a 5.5% gain in 98 days. Not a huge gain, but it was profitable. I had a 73.6% win rate during this time, but I only had 19 trades. You can check out my trading report here.
Of course that is way too short of a time frame to make any solid judgements about the system or my trading skill. Therefore…
My Next Move
I really need to establish a track record on a continuous basis and I cannot be concerned with placing a trade every 30 days. Therefore, I am going to reactivate my live Oanda account and trade it on a really small scale.
It has $100 left in it, so I’m going to use that as a starting point. Then I’m going to hook up my account to MyFxBook and use that as my reporting system. This will also be a good lesson for beginners in starting small.
Yes, this goes against my promise to not trade real money until I clear up my debts, but I don’t see anywhere to go, trading wise, unless I can establish a track record. I can only do that if I have an account that will stay open long enough to prove that I am actually a good trader.
And at the end of the day, this is what this blog is all about…developing the chops to make it as a pro.
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