I've finally decided to start my live account after the New Year. So, in a nut shell, I'll share what has become my "system", if you can call it that.
Since I only have $500 to start with, obviously, my "expectations" of quick gains is not an option. My start will be simple, conservative, and realistic in my expectations.
I have had good results on my demo and am satisfied with my returns.
Since the Broker I'm using, FXDD, always gives me a 100:1 margin, I will ONLY start with a .1 trading lot. .01 would be better but, can't go that low.
Entry points will be based on simple indicators I use, info from the fundamental side, and looking for that ever famous word, "confulence". If I don't see it, I don't trade! PERIOD!
Stop losses will be used on ALL trades; no more than 15 pips under/over my start point. Usually, I've only used a 10 point stop loss. If a trend is strong enough, I'll use a Trailing Stop ( 15 ) instead of a fixed stop limit. But, as I said, the trend must be strong and have a proven direction. This, I realize, is not a sure thing but, still, have to have a strong move for the Trailing Stop to be used.
For above stated reasons, News Trading is out of the question for me for now. That would call for too much of a stop limit. And, with the amount I'm starting with, that would be too much of a risk.
As a start, I've set myself a goal of at least 6 pips per trading day. Since I work full time, I can only trade in the afternoons. That's a pretty scary time to trade.
Also, because of the type of work I do, truck driving, I get up fairly early. So, I'm usually there for the start of the "serious" time frame, mid-night to 3am. For this reason, if I see a good direction, I'll put in a trade and let it stand for the day. This is done with appropriate stop losses and profit taking points.
I ONLY trade 3 pairs; EUR/USD, GBP/USD, and USD/CHF.
My Rules, AS SET IN CONCRETE!!!
1 - NEVER! Allow myself to trade, simply for the sake of trading;
2 - NEVER! Allow myself to trade without appropriate stops and limits;
3 - NEVER! Allow myself to allow a loosing trade to continue past my stops;
4 - NEVER! Attempt a "revenge" trade to "get even" - a loss is a loss so, let
5 - Don't sweat missing the "big move". There will always be another bus
to come along;
6 - Don't be afraid to let my winning trade run it's full course;
7 - NEVER! Allow myself to go under 30 min. time charts - mostly, 1 to 4 hr;
8 - Finally, allow myself to honestly relax and enjoy my experience here at
trading the Forex.
I started my quest in Forex Trading out of a strong desire to provide just that much more for my family. God knows, they deserve all I can do and so much more! Yet, I go into this, as I said, realistically, and an expectancy of small starts and a simple beginning. In time, the rest will come.
Any thoughts?????????? Thanks in advance...........