Good stuff, FP, I’m new and impatient and you may have saved me…
A while ago I decided that I could afford to lose $200 and real money would give me focus that demo accounts don’t. I opened a micro account with PellucidFX and with a free indicator I downloaded from somewhere (I know, I know, I have learned a lot since…) I made $60 net profit in an afternoon. I thought, Oh, it’s that easy, and put my July $500 bonus cheque in. Somehow the magical indicator decided to work for the enemy the next week, and I discovered a few things about myself that weren’t good, like getting frustrated and taking random trades because everything else seemed random; and that you gotta be in it to win it applies here too…
Long story short I stopped trading and started reading about trading(a LOT: books, forums, everything) when my account hit $300 and on Labour day decided to try again, sticking to your system this week. Glad to say that although I have entered a bit late on most trades, I have brought my account back up to $500 in the past 48 hours.
I have read your thread but haven’t come across a decision on the trailing stops, is it just by feel or did I miss some magical formula?
I have been using a 50 point TS in MT4, which I think is 5 pips (is it?) and have re-entered a few that tripped before they had got very far.
Thanks for sharing your system!
…AND back down to $300 and back up to $400! I’m glad I’m playing with small numbers still, because that kind of swing in big numbers would have left me worse than seasick.
Looking back over the week proves the point you have made a few times in this thread about not entering late. Several of the days when I entered late there was a change and I lost.
Will keep learning y doing and analyzing my mistakes. I’ll record what I learn here if nobody minds the predictable pitfalls of yet another newbie.