Making sure my trades are entered correctly to maximize profits

Beginner Questions
1

I’ve recently started using a demo account with MT5 and I’m still working through the early stages of figuring things out.

The question I’m looking for help on is how to make sure I’m maximizing my profits with each trade. In the below example my profit was $2.43 – is that what I should expect to make on the trade described below giving the account balance, risk %, etc.? I’m OK with this amount considering there’s only $675 in the account. But, if I should have made additional profits by making adjustments (such as to the volume), that would be great to know.

Here are the numbers from the trade:

Numbers entered into Position Size Calculator:

  • Account currency: USD
  • Account balance: $675
  • Risk percentage: 1%
  • Stop Loss: 20
  • Currency Pair: AUD/USD
  • Amt of risk: $6.75
  • Position Size: 3,375
  • Micro lots: 3.375

Data entered into MT5:

  • Volume 0.03 (after reading a few posts I have the feeling my volume should have been 0.3, but I could be wrong)
  • Entry price: 0.77090
  • Take Profit: 0.77060
  • Stop Loss: 0.77110
  • Pip risk: 20
  • Exit price: 0.77008
  • Type of trade: Sell stop. There was a consolidation pattern and the price dropped to 0.77090 to trigger the sell. While my original take profit price was 0.77060, the price kept dropping so I adjusted my stop loss and take profit amounts to maximize the gains.
  • Total profit: $2.43

Leverage: 1:50 (max someone in the USA can use)

Thanks for the help!

2

Have you allowed for the spread in your profit calculation?
I wouldn’t even trade 0.03 on an account this small, 0.01 or possibly 0.02 most

3

Hi eddied - I added the spread when I calculated the stop loss, which was 6 pipettes, if I remember correctly (i didn’t note down the spread in my journal).

I went back and reviewed the trade again and I was using the pipette as a pip - so in the above example, I thinking my profit should be 82 pips, when in reality it was only 9 pips.(9 pips = 0.7709-0.7700)

The pip risk in the above example should only be 2 pips, not 20…

So, the profit and the volume are OK, although volume could be a little lower at 0.01 or 0.02 (max).

Does the above sound correct?

Thanks for the reply!