i’ve played the freebie account for awhile–old pennystock player/victim-now here i am trying the forex–love it so far –
question is-i’m starting my real account way too low-
but maybe with some advice could build it
i’m trading GPB/JPY–got good signals making good decisions-but don’t know how to decide how much i can trade
don’t laugh please–starting with $50.00
was on a beautiful ride up in a trade -knew it was gonna-
but because of low money made pennies
425939014 December 3 13:48:54 2008 EST Buy Market Filled GBP/JPY 136.5750 25 0.0000 49.97
425955674 December 3 14:45:59 2008 EST Close Trade GBP/JPY 137.3100 25 425939014 0.0001 0.1973 0.1974 50.17
from 136.570 to 137.3100–but i only made 20 cents–you would have made
no telling what
Oanda at that time gave me 20 to 1
with 49.97 how could i have played this – i bought 25 because i truly donot completely understand pips -lots and margin
with that amount and margin how many could i have bought–could i with this small amount have done better on this trade than 20 cents–was very proud of the trade --and my reasons to take it but sure wish i could have made more from it
sure need help as i’m sure you can tell lol
If you don’t understand, pips, lots and margin then, IMO, you should not be trading yet. Trading live and small is good way to learn about trading, but pips, lot sizing and margin should be understood before trading because all of those are integral to your money manegment and risk management. If you don’t understand them you won’t know how to trade within your risk and avoid a margin call.
Go, to the section about leverage and margin in babypips and read it over and over until you do understand it.
I also suggest checking out, “dragon33’s money management system.” This will give you a way to figure per pip value and compound your money over time, based on your account size.
thanks that’s what i’m looking for-a direction to go-i’ll checkout dragon’s post on money management and reading more as we speak-50.00 account is my learning account-knew if i stuck right now with the play account i wouldn’t learn as much as i would if my own money was involved–either i’ll turn this 50 into 100 or lose it either way i will have learned more