Thanks for the great advice guys. My spread betting company has a minimum trade per pip of 50p, so I’m already going to be risking too much for my account size. I will have to increase the account size as I don’t want to start using smaller stops (before following Horlique, I was using 20 pip stops and always getting caught out by swings). Agree, this is a crucial piece of information that needs to be understood before live trading.
using a large stops does not gaurantee any trading success; even if you use a stop loss of 200pips if the trade was a bad trade you will lose. Once you study the market using price action strategy you will be able set ideal stops on each trade and also be profitable.
according to ‘‘babypips pipsychology blog’’ HIGH LEVERAGE and INADEQUATE TRADING FUNDS are common factors that leads to trading failure. If you dont have enough capital to trade start saving towards that, and also use that saving period to adequately equip yourself on how to successfully trade. Its good that some brokers do offer micro accounts, one can grap that opportunity to trade with very small lots until you have consistent success before funding big.
I’ve got another trading account with a similar amount but their minimum charge is £1 per pip, so I will move the money from that account into my 50p account so I can both continue to follow Horlique’s superb tips and also have enough to risk 2-3% with a 55 pip stop.
Pound 1 per pip? How is it possible!
may be he mearnt $1 per pip, even if its a pound account most broker like using the dollar as the standard
[QUOTE=“Horlique2;511489”]
may be he mearnt $1 per pip, even if its a pound account most broker like using the dollar as the standard[/QUOTE]
Perhaps Moonie is in the UK like myself. Lots of spread betting companies allow you to trade at £1 a pip. Moonie, check out IG index. They used to have a kind of introduction account that allowed you to trade with as little as £0.1.
ETX also allow you to spread bet with very small position size.
I know of some brokers in london that do give pound accounts; but the main point here is to trade forex with the right account balance. With a £500 account the ideal lot should be £0.2 per pip.
Big players with millions/billions in their account risk very small in relation to their account size.
For example a guy with only £100,000 balance will be risking £1000(1%) per trade or £500(0.5%) which will enable him to use between £10 to £5 per pip.
I am indeed in the UK Jimney. I’m with ETX and their minimum bet is 50p. Intertrader is my other company and they have a minimum of £1. I did try a demo account of IG a while back and I wasn’t too keen on the platform and the spreads seemed wider than ETX too.
For records purposes; so far we have made [B]29 trades[/B]==== [B]23wins[/B] 6losses. Within these 23wins we have made [B]9home runs[/B](thats trade that gives us 2times reward like 100pips).
So statistically we are doing good risking 2% per single positions, 3% risk for more than 3 positions.
[B] 29 trades[/B]===========
[B]23 wins[/B]
[B] 6 losses[/B]
23 wins======== [B]9 home runs [/B]and 14 wins/breakeven trades
so please dont be over-confident to start risking more than the recommended risk of 2-3% per trade. Forex trading is a risky business, if we stick to this risk levels we will be able to make good money and accept losses without going crazy after a loss.
Its easier to be psychologically stable after a 2-3% loss than after a 5% loss.
I know that most of us are risking more than the recommended risk, i want to plead with you that after a lose(which you ‘‘bet the farm’’) dont come to this thread and make negative comments please. What destroy traders most is greed and over-confident.
No matter how many winning trades i have made am not moved to be over-confident and start risking big cos the market is no respecter of anybody. When one go against the trading rules the market punishes alot worse than you can ever imagine. So please be yourself no matter the trade outcome .
am currently looking at the chart as it ended on Friday theres nothing much to talk about now, but we may like have trade setups on AUDUSD and nzdusd depending on where the market open so be aware.
Hi Horlique2
Are you looking for short or long on nzdusd? I know tgere is rejection candle pointing down.
But As the MA cross suggest s there may be change of direction I.e long bias.
What is your say on this.
Aud looks like a safer option for a downward move; on the Nzdusd price may likely hit the near-term resistance before going down eventhore the moving average shows an upward move.lets see where the market will open on sunday.
So are you looking for short or long opportunity on nzdusd. ?
Thanks
i will decide that when market opens; but am thinking bearish here.
I use hotforex, and Cashbackforex with it, basically hotforex offers microlots and their spreads are good. What cashbackforex does is give me rebates for trades I make through hotforex, don’t know how that works, all I know is I get money for trading too now lol
On Goldusd Price is heading towards 1300.500(a powerful resistance point and a key psychological point) i anticipate that there are very large offers(sell limits) around this level so please watch this closely when market opens on sunday.
Count me in!
Thanks horlique
Maybe those earthquakes in new zealand have some effect on the currency…
may be ,i dont know, we will only see what happens on the market this week.