My current plan is to see if I can make £1000 demo money:
- without going below my starting balance
- all trades £1/pip
- on IG demo spreadbetting on forex because that's all I appear to have access to
- only on the "major" fx pairs as these allow for the closest guaranteed stops
IF I succeed in making a grand over any period of time without falling below my starting balance, then I *want* to deposit £100 and continue the same method of £1/pip, close guaranteed stops so I need minimal margin. Slowly increase balance carefully. Always have fairly close stops that either get hit or make a profit.
I've read about doing trades where your stop is say... 10 pips away but your profit target is say, 3 or more times this away so you are likely to make 3 times more than you might lose. This is my rough plan.. any thoughts?
Is this ridiculous with only £100?
So far I'm up about 300 demo pounds without losing.
- without going below my starting balance
- all trades £1/pip
- on IG demo spreadbetting on forex because that's all I appear to have access to
- only on the "major" fx pairs as these allow for the closest guaranteed stops
IF I succeed in making a grand over any period of time without falling below my starting balance, then I *want* to deposit £100 and continue the same method of £1/pip, close guaranteed stops so I need minimal margin. Slowly increase balance carefully. Always have fairly close stops that either get hit or make a profit.
I've read about doing trades where your stop is say... 10 pips away but your profit target is say, 3 or more times this away so you are likely to make 3 times more than you might lose. This is my rough plan.. any thoughts?
Is this ridiculous with only £100?
So far I'm up about 300 demo pounds without losing.
Is this a silly plan or not?
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