Returning Trader-Could use your critique

Beginner Questions
1

Hello,

I am glad you are taking the time to look over my thread. I am here because like many others, I could use some expert advice. It is a pleasure to be a part of the community and I look forward to contributing to the forums!

Experience: 3 Years

Background: I traded forex when I was younger, between 18-21. I was not very informed and never took classes. I just kind of picked it up from my dad. I am going to be honest, it was love at first sight when I saw what forex was about. Long story short, I did not have a great understanding of leverage and risk management. Hence I won quickly, and thereafter lost quickly. Before I lost all of my funds I withdrew the remaining balance, walking away from forex forever. Or so I thought…

Past Week: So this past week I decided to open an Oanda Account. I read some good things, and some not so good things, about the broker. I decided “what the hell” let’s see if I can responsibly trade now that I am 24 and not desperate for wins.

And so I deposited my first $100.00 this week

I wanted to see if I could see some reasonable profit while managing my risk.
My goal was to never lose more than 2% on a trade.

I began trading without any indicators. Why? Because F*#! indicators. I remember the old days when I had tried different systems, nothing really worked for me…

I wanted to trade with my own experience. I wanted to trade by just being able to visualize the patterns and find on my own if I could turn in a profit consistently. And so it began…

Here are my trading conditions:

Risk: No more than 2% per trade
Leverage:No more than 10:1 (Even this is risky, but I have some experience)
Weekly Profit Goal:2% (I am rather conservative)

And so it began! I started trading on August 28th, 2015.

It is now one week later September 4th, 2015.

I have made [B]37 total trades[/B].

[B]Wins: 33[/B]
[B]Losses: 4[/B]

Starting Balance: [B]$100.00[/B]
Current Balance: [B]$111.81[/B]

Unexpectedly I made nearly [B]12% profit![/B]

It was so much different before. I was trading at 50:1 leverage. Almost maxing out my margin on trades. Nearly wiping out my account. I have learned so much, mainly from the forums.

I plan to slowly deposit more into my account. I could definitely use pointers as to how to improve my trading. If you have any questions feel free to ask.

Thanks,
Prod

2

Set 1:50 leverage
Stupid to use 1:10 for 100 account.
Get margin call easily.
Small leverage no room for strategy,
Ridiculous.

Foolish to disrespect indicator. Keep an open mind for new ideas. Maintain discipline.

3

You say that you won’t lose more than 2% on a trade, what percentage of risk have you been taking per trade - is it the actual 2% each time?

1% per trade & a risk/reward off 1:1, with 33 wins & 4 losses, your return would be 29%. Obviously 2% risk would be double that.

Your risk/reward ratio is very important, you want to be winning more than you risk, preferably at least double.

You’d need to outline your expected RR & define the risk you’ve actually taken for me to judge your performance adequately.

4

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