New to FOREX, Having been through the school of pipsology, am set to begin a career" I use Android phone Whenever I opened a chart in my MT4 click on it I see different times raging from 5m upwards, WHAT’S THE BEST AND SUITABLE TIME TO APPLY BEFORE PLACING A TRADE?
THEN HOW DO I ACTIVATE MY RISK MANAGEMENT IN MY PHONE? ,HOW DO I KNOW AM RISKING 2% OF MY ACCOUNT IN A TRADE?
I have $50 account am only aware of using 0.01 as my lostsize"" Am really confused on activating Risk management.
Calculate your SL distance mainly; for now 2% means 1$; that means you can’t loss more than 1$ in a single trade.
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Use a position size calculator. Babypips has one in the Tools section and Myfxbook has one as well (There’s others online to choose from). They require you to enter your account size, risk %, stoploss (in pips) and the pair that you’re using. Once that info is entered, it’ll calculate the amount you risk per trade and the lot size to use.
I hope that’s helpful!
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What is Risk%?
Go through the school again.
If you’re asking questions like this, you didn’t understand the basics first time you studied.
Yup, you’re asking questions you can answer yourself if you read the babypips school or search the forums.