Hi Traders,
I’m based in Dubai, UAE and am 4 months old to trading and pretty much useless at present . Useless in the sense I win trades but I also lose a lot of them. I opened an account with US$ 2,000 and although I thought I was being conservative and careful am down to $1,000 and if I don’t improve my trading will exhaust the remainder of my capital as well.
Baby pips has opened my eyes and I’m so grateful for the education although I’m still in Middle School and have quite some way to go.
I’m looking for a mentor whose trades I can observe, learn and copy which I’m sure will be more successful than me.
Can anyone guide me?
Your loosing because well you might be getting to many trades wrong than you are right,
I’l help you from a margin persepective
what ever your account balance is
you need to say it or was 1000 dollars you need to x it by .70 = 700 then times it again via 100 = 7000k
so your buy or sells shouuld be 7k as it grows or deminishes use this formula - its a nice stable risk managment way i use
thank you for responding. I’m sorry but I didnt understand your suggestion of the buy/sell 7k. Guess I’m still way too new in this biz.
Its your margin , your ballance say its 100 dollars, you times 100 dollars via .70 x 100 which means the max you shoud put on a trade is 7k
which means this gives you a 45 pip buffer so you dont blow your account
how many trades do you win out of 10 ? if you loose 1 trade you wont blow your account at .70 unless you are over 45 pips wrong. your account will hold
as you get better use this method