Hello, i am a newbie trader and its have been only few months i have come to know forex and decided to put my efforts in it. I am studying forex on babypips school and have just finished 80% of elementary school (still a long way to go.)
Meanwhile i am practicing on demo account. I started a demo account with $ 5000 a month back with leverage 1:100 . For the time being i don’t know any strategies , i don’t know what EA system is and how robot works. I just go long/short after analyzing basic indicators CCI/RSI/Moving averages. I have been making some pips. Meanwhile i have a real micro account with 12 USD in it. It is just for educational purposes and i put some very tiny lot size e.g. 0.02-0.04 . I decide to go in , determine my lot size (for both real and demo account) and put stop losses and take profit of 35-15 pip consecutively.
here is a screenshot of some specs.
My question is am i doing it the right way ? am i going towards right direction ? I am not eager to earn money but first i want to master it. Any type of suggestions would be highly appreciated . Thank you very much …
EURUSD:
If the price breaks the level 1.32300 it is expected bullish movement to the target level 1.32800.
If the price breaks the level 1.31900 then bearish movement will continue to the level 1.31710.
Thank you very much for your kind words Should i pop up my real account with some bucks ? I can’t invest more then 200 USD at the moment. should it be ok or should i wait for a couple of months more and complete my babypips school studies ?
well i would be concerned with the 21% draw down and sample size of 32 trades your error is at least anther 21% so that could double which would really hurt. Also that losers are greater than winners which was covered above but thats common sense, no one likes upside down RR ratios. Also your short biased you should take an = amount of longs and shorts.
The 2/3 success rate is often used because below = difficult to be profitable and above = increasing risk.
Yes, you should know what to do before entering a position. If you are in a loss, will you cover using another instrument ? will you hedge ? will you average your cost ? will you close the position? At which level do you consider that you are wrong ? …
Yes you are going right but it is highly recommended that you should also develop your money management skills which is very important so that you will be able to trade comfortably.
Should i pop up my real account with some bucks ? I can’t invest more then 200 USD at the moment. should it be ok or should i wait for a couple of months more and complete my babypips school studies ?