I came accross the hype of the penny stocks.
Man, I was a menion thinking I could make millions trading penny stocks. But I actually loved looking at the charts and trying to figure out what price would do so I could make money. My father inlaw had introduced me into the forex market and what drew me to it was the fact that through OANDA my trade cost was just the spread, and the pip value is based off of lot size Vs with TDameritrade I had to pay $9.99 to buy and to sell. I saw this as a way to somewhat controll my cost of tradeing.
My main goal was to become a profitable trader so people would throw money at me to trade and I could charge them a monthly % of all profits and make a fortune.
With all the hard lessons that are to be had with trading. I strongly feel we need some place where new traders can go and trade with other traders. I don't know about you, but I would love a place where I could go and bounce Ideas off other traders 24/7.
Here are a few things that every trader must do to be successful.
Every trader must start with a demo.
Every trader must have a specific rule set for the way he/she trades. (trade plan)
Every trader must backtest before ever putting real money at risk.
No one trader will ever win 100% of all trades and putting your money at risk before you have a plan and confidence in your plan is a foolish thing to do.
Here is a breif breakdown of my idea for a LIVE DEMO ROOM.
My idea would be to have traders open a DEMO ACCOUNTt I use OANDA. only because you can have multiple sub demo accounts for different strategies. Start your demo account with how ever much you have to put into your live account. $500, $3000, $10,000. The key here is to treat your demo account as if its REAL MONEY.
We would then create a portfolio of pairs to trade as a group. Probably just the main pairs.
Basicly we would be building a trade plan and using/testing it in a demo account. I think this would help new traders in acctually trading in a demo account building confidence in how they trade. Thus, giving them a generic trade plan that they can build on as they develop as traders.
I would want to break it down into sections. Like first month we look at trading structure. The second month we could look at trading a specific advance pattern. and so on.
This would be a paid for subscription.
What would you pay to have this at your desposal?
Thanks for your feedback.