RE: My first month trading a live Forex account
@zigzagfx here is by far one of the best traders on Twitter during the Asian session (if not the outright best?). Guy seriously knows his stuff.
15% is a great result for any month, let alone your first. What was your drawdown in the period if you don't mind me asking? If you don't know how to get that, hook your account up at myfxbook, it will tell you your drawdown and a bunch of other useful stats to gain insight into your trading and where you need to improve.
Also which broker are you trading with? I'm an IB for the biggest ECN broker in the world by volume (who just happen to be based in Australia) and my clients get a 20% discount on commissions. Give me a shout if you want to start trading with pro conditions. Min deposit only 200 AUD too - ECN very accessible in this day and age.
I've been considering joining twitter even though i'm not a fan of most social media just because there seem to be a lot of really good traders on there. i'll definitely be following him there if i do!
I haven't connected my live account to myfxbook just yet, I want to give it a bit more time because I know i'll be looking at my stats constantly, but I have used it with my demo accounts and really found it helpful. I think my drawdown was about 30-35% though, which i didn't like at all, hopefully I can manage lower in the coming month.
My broker is pepperstone and i'm really happy with them so far :)
Yeah twitter is great, there are a ton of good traders on there and can't beat it for timely economic news.
Cool, yes that puts your returns in perspective. As you already identified, you were trading too aggressively this led to excessive drawdown. Either way, you are showing a lot more insight than your average new trader and I think you have a real shot in this game.
Nice work on the broker selection too! Though Pepperstone aren't the cheapest or the biggest, they are the second best broker in Aus IMO and it's rare a new trader hunts out a broker of that calibre at the start of their journey. I'm an IB for them too so I can still get you a discount. I'm sending you a little SBD with a link to the rebate section on my website and you can use the contact form there to get me via email.
Check this post to see some of the feedback from my clients and a little from me on the way I do business.
awesome, thanks so much!!
picking a broker was pretty hard, since there seem to be so many shady ones out there i spent a lot of time looking through reviews etc.
i'd been thinking i should look into rebates, checking out your website now :)
No worries mate, yeah some rebate outfits will pay into your brokerage account the next day, but I try to work it out with the broker so it just comes right off your commission charge to begin with.
There are definitley a lot of shady ones out there and they are often big firms so it's very hard to navigate. Look at FXCM, they banged on about their No Dealing Desk (ECN) accounts and then it comes out they just set up a shell company to take the other side of their client's trades. That got them a whopping fine and banned from the US, though they are still operating around the globe and probably still up to the same old dirty tricks.