Hi all,
Ive been looking through the website and completed almost all sections of the school and I am looking for a little advice.
A little about me:
My demo account was started at £500.00 with Oanda.
I operate using 3 indicators, Stochastic RSI, MACD, and Bollinger Bands.
I tend to apply a quick trade, and look to exit within 10/15 mins dependant on whether ‘any’ pips are made (in and out so to speak).
I use the 5m, 1m, and 30sec charts.
I trade roughly 1% - 10% of my total units per trade.
I trade evenings for about 2/3 hours per time.
I trade the GBP/JPY.
I have been working on a 50:1 leverage (which I know is massive, however im getting a feel for certain gains / losses as I wish to reduce it through experience). I have a 5/10 pip stoploss, and 5 pip take profit set.
I suppose I dont currently have a clear ‘system’ per se. But tend to use the indicators for the ‘right’ setup i.e macd crossover, bollinger noise, and overbought/sold, and then enter the trade in the 30s / 1m chart.
I tend to find that more often then not as I trade, the price tends to move against me, and eventually hits my stop loss.
I understand that there are many factors which will decide the profitability of my trading such as Money management (which I have little at the moment but understand that this is critical when learning the basics) however please understand that I am Demoing, and therefore, having a look at the system and so just enjoying learning (I know overall its a serious business when it comes to the real thing).
Is there any advice that anyone can give me if they have been in a similar suitation. My account is now down to £380 and feels like its slowly bleeding money.
Should I increase my stoploss slightly as im not accounting for noise within the market for such a short in/out trade?.
Is my trading style incorrect for the limited time I can apply?
Have I got the ‘right idea’ regarding a trading plan, is myself using the indicators and looking for uptrends effectively ‘a trading plan’?
Has anyone else experienced this slow bleeding effect?
What major things are wrong with the way I trade (if pertinent to the actual problem of a bleeding account)?
Many Thanks from another newbie, so much learning, but itll be worth it in the end.
Edited for currency used