Here’s a money management tool you can use to pick your risk, leverage position size If you want to be agreesive, use the tool at the beginning of your account balance. Next trading session do the same thing when you’re start trading. If your account went up, then so should your lot aize. If your account went down so should your lot size.
Never forget no matter who offers advice. 1. Always, Always play for the long term. Not one trade, one session and not even over several trades and sessions. 2. Risk as trade and your grow experience and your bankroll is increasing with each session then when the time is right your comfortable increase your risk percentage. Just because you started with .01, doesn’t mean you’ll stay there. Take is slow get the experience it will help to play for the long term
I agree, haste makes waste. I always advise new traders to have $1,500 account balance for every 0.01 lot traded. Usually the first mistake a new trader makes is trading too large a position for their balance. Brokers love that. They will let traders trade at huge leverage and just clean up those $500 starter accounts like picking up guaranteed income. Don’t fall for that trick. Just my own humble advice.
Good mental training though. Yea! Be careful, especially on a $100 budget. You want to keep your minimum loss to $10 or less.
all the best brother and i hope that you do not trade in the news time
[QUOTE=“gp00053;668008”]
Here’s a money management tool you can use to pick your risk, leverage position size If you want to be agreesive, use the tool at the beginning of your account balance. Next trading session do the same thing when you’re start trading. If your account went up, then so should your lot aize. If your account went down so should your lot size.
Never forget no matter who offers advice. 1. Always, Always play for the long term. Not one trade, one session and not even over several trades and sessions. 2. Risk as trade and your grow experience and your bankroll is increasing with each session then when the time is right your comfortable increase your risk percentage. Just because you started with .01, doesn’t mean you’ll stay there. Take is slow get the experience it will help to play for the long term
Forex Money Management
Gp[/QUOTE]
Hi GP
Thanks for the advise. Still trying to work out exactly what you mean but I think I get the gist.
Cheers
Well It’s come to the end of my trading week. The week started well and went pear shaped pretty quick, lost almost 50% of my account. Had to re-evaluate a few things take advise from this site and hope for the best. From midweek was mostly strict in sticking to my plan and at the end of this week I am +1.3%. Far from $1000 but still not bust. It was a very fun week.
https://www.myfxbook.com/portfolio/mt4-528677/1078609
Will spend the weekend trying to find some trades for next week. If you have any suggestions I would love to hear it.
Thanks
I started my live account up 12% in 2 days. i think buy usd/jpy would be a win.
It’s good time right now to buy EUR/USD. TP at 1.243. I’m already up about 10 pips from my EP.
Dang! Looking at your MyFxbook page most of your trades are in the green.
They look like good trades to me.
The only one that knocked you down was the EUR/GBP $60 loss. That is how it looks to my newbie eyes anyway.
Is one of those trades a 430 pip gain?!!
I notice you trade XAU/USD…is that Gold?
I would be cautious with a buy usd/jpy right now actually. japanese minister came out and said he was worried about yen weakness. I know a few websites are recommending selling usd/jpy in the near-term. With the divergent policy between the central banks of the us and japan as long as you dont over-leverage i think a buy on usd/jpy is fairly safe tho, but i would stay out of it for a day or so to see where its going.
Yes it is, be careful when trading with gold it seems to have knee jerk reactions and move in a unpredictable direction fast. I was just doing some scalping
I hope for your sake it will not work and I will tell you why. Turning $100 to a $1,000 is the same as turning one million dollars into ten million dollars. If this will work, you would make a quick 1+1 and say if I do it with $10k I can make $100k. The fact you are not using a stop will cost you greatly when the market will turn against you. The psychological battle with yourself to close a losing trade is immense and many do not succeed. If it will not work, you will realize you need a stop and save yourself great losses and grief in the market. I agree about the leverage, it is quite excessive.
been track this thread since 1st day posted. seem already dropped.
Mt4-528677 System by blakhawk | Myfxbook
[I]Sorry, but this system was deleted by it’s creator.[/I]
so what next then, are you still not to kind to follow any expert trader advice, or another expertiment should released.
never threat fx trading half hearted, you have your own money, be wise, or else the market will owned your money.
WTH!
Why was the system deleted?!!!
Sorry deleted as it would not update so I thought the link needed fixing. It will not relink during the weekend but should be back on Monday .
glad to hear it. interested in your results.
So far have made back my big loss and am just in front approx 10%. Have a couple of trades open that i plan to keep until my stops which may take a while. I hope they will go my way.
EURCHF think it will get worse before it get better, if it gets below 1.2 hopefully there will be some intervention by the Swiss government. If not it will be a big loss.
EURGPB is my best guess so it is a big risk as well.
I will see and let it play out without placing any further trades.
Wish me luck
I am on day 10 of this exercise and after significant loss a few days in I am still managing to stay in front. The losses I have are much larger in value than the wins. Not sure how to manage the profit take so am shifting my thinking constantly.
Did not let the trades play out as mentioned in my previous post, the EURCHF was just sitting there doing nothing and got freaked by EURGBP so closed the position.
Currently on +30% Hope to survive the next couple of days before the weekend.