Hey everyone, I’m new to babypips community, but I went through the educational courses quite a few times before making an account. (I’m not an expert, I’m still trying to learn the best I can. I read through quite a bit of FX Pdf’s, videos, a couple Audio-books scam videos, looked for concept clues from YT Forex traders, I even e-mailed a couple traders from their YT videos, but I still have a lot to learn.) I’m honestly someone that is desperately trying to get out of the red zone,learn more, whatever it takes to get better.
I’ve been trading for a couple years now, and I’ve been testing out a strategy on demo for a few weeks, and everything seems legit. My only concern is sense it was a $10000 demo account, how would I convert it to a $50 live account for risk management. I always see risk 2%, but the strategy uses 4 hour - Daily Time Frame, which usually means 1/5 - 1/6 per stop loss (Being $10 - $11 loss for a 0.01 micro lot). My Risk to Reward is 1 - 1, so I essentially seem to have 5 tries, then so on and so on. A part of me wants to try to flip the account to $100 so I can have some more room to trade openly, but another part of me wants to just stay the 1/5 -1/6 course, and just moderately make my way to $100 for more room.
So by all means, give me a lecture, send me some feedback, give some advice, constructive criticism, share your experience about trading, send a paragraph, I just want to get better.