So i opened my first mt5 account using fxtm broker on the 7th of November. I deposited £3000 money and my balance now stands at £6900 on christmas day.
I started at the start of the year and spent about 6-9 months studying baby pips and watching videos and messed around with a few indicators but i ended up using pure price action with support and resistance lines and gut instinct.
I must admit, im from the uk and made about £1500 during the general election in a 2 day period.
I have employed a strategy that when a trade is noticeably going in the wrong direction (ie if i took a long trade when i thought the price had broken the resistance line and went with my gut) but it has reverse and was heading towards my SL - i would execute a high lot short order with a tp of only a few pips but would negate the loss - or even make some profit if you get me?
Ive done this about 5 times and always have an eye on the chart to manually close if the trade reverses to say £-100 to never put too much of my account at risk?
I currently have just over a 50% win rate and tend to use 1.00 lot sizes and in the event of the other strategy, lot sizes about 5.00.
I trade all major pairs and tend to swing/day trade as I study and work.