happy to answer any questions
im not sure if i should i congratulate you or not for having 50%+ equity!
but the way you’re trading you’re bound to go broke
trade smaller sizes bro
you’re overtrading
and you’re bound to go broke if a few trades dont go in your favor
the rule for money management is dont lose over 2% of your account in any single trade
do you know if you only make 1% of your account each day, you’ll be super rich in a few years?
dont go for those crazy profits now
you build up slowly
also if you lose 33% of your account equity…you need at least gain 50% to win it back
if you lose 50% of your account equity…you need 100% gain to make up for it!
learn some money management, you could make gazillions
and last but not last, dont make alot of trades in a day, make at most 1-2 trade a day
spreads are 1-3 pips each pairs 1 pip in a micro lot is 10 cents
making more trades mean more transaction costs! means you have to make up for it each trade!
i mean if you can win each and every one of your trade, that’s great but let’s be realistic, pros only hope for 51% +winning
they bank on those 1-2% edges
thanks for the reply, iv taken your advice on board but trading percentages is not my style, i will be implementing my own style of money management starting asap. last weeks trading was for my own personal gain not to build my account or anything like that, i just needed some quick cash ( risky i know ) keep an eye on my fxbook & i hope to hear some constructive criticism back from you one of these days.
well these percentages help you alot
it helps you set a stop loss limit, say your account is 160$, 2% of that is 3.2$
if each trade loses you maximum of 3.2$ then you know what your stop loss target looks like
for 1 micro lot, you set a stop lost for 32 pips
for 2 micro lots, SL is only 16 pips…
after factoring the spreads, it’s even lower than that
so anyway, it’s just an idea, it’s a ballpark, it helps you survive
learning to survive is the key to success, once you know how to survive, then you can start to build up profits
many beginners start out with 0 money management and nearly alll of them go bust
i went bust before too, haha
learned it the hard way
anyway, good luck trading
thanks for the info, only time will tell