Even if I was to tell you my style of trading doesn't mean you will succeed with it. because trading is like boxing, you have to develop your own style to be successful. The questions you asked are good ones. But you have to ultimately make those questions into answers which produce results.
Other peoples methods can give you a guide. Read as much material you can get of forex trading methods. Learn the market your in. Because different strategies apply to different currencies. Risk no more than 5% - 1% of your over all account. Meaning your stop should make you lose no more than $25 per trade until adjusted +/- $500. If you risk $25 to make $25-$45 you are not making good trade ratios. A ratio of 1:2 is the lowest you will go. So if you risk $25 to make $50 or better, you are doing good.
It seems your new to forex. Do yourself a favor and save that $500 till you become a decent trader. Practice practice practice on a demo accout for 6 months with the design trading method that you adopted. You should beable to look at your records a see the results of all your studying and analysis.
You can use that six month learning to curve to learn with real money or play money. Its up to you.
Quote:
Originally Posted by kemkamal
Hi guys,
so far very good general suggestions from everybody..ie Disciplene , money management , system etc...
Could any body please provide specifics ..? ie. what are you doing for money management and the results ? what % or your account total do you trade ?
What kind of leverage ? What kind of stoploss..is it in % or by pips ?
Would be helpful to know what others are doing ...thanx
btw, i've started a USD500 ac wth FXCM wth a 200:1 leverage,a mentor suggested I trade no more than 30% of my account value and do a stop loss at 35pips of th opposite direction of my trade.
What do you guy/gals think..?
tqs again...
kem
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