I have been trading on a demo account for a few weeks and have a quick question…I usually buy when the RSI hits 30 or below and sell when it reaches a 30 pip spread or above 70 RSI. I have been demo trading with a 1,000 Net Asset Value account with a 20:1 ratio I stop loss at 30 pips below and usually trade 10,000 units that equal to 1 usd. I trade Cable and Euro.
Am I limiting myself in my trading? Or is my caution justified? I look for the overall trend before entering in : 1 hour, 30 minute and 15minute. I usually trade in the 15 minute window.
Please let me know what you think! I would appreciate it.