I have been trading for the past 6 months everyday using 2 different strategies, 1 using ea,s and the other is a trend following strategy, I have a 70k demo account but I can’t seem to hit my target of 1% per day is this to high? I seem to get up to 73k and float around this mark. I am very disciplined trader making sure I only risk 0.5 to 1% for my stop loss. I sometimes think I’m overtrading as I can have upto 10 trades on at a time. If there are any traders who can give me some advice that would be much appreciated.
Yes sir. You are overtrading, especially if those are all forex trades.
It’s not just about throwing a bunch of spaghetti on the wall and see if it sticks. That’s gambling.
Sure, you can have ten trades going all at once as long as they are different instruments and you are doing it to diversify. But if you are new to trading I wouldn’t advise it.
The best advice I can give you, is to keep a journal, record your trades, and examine where you went wrong with your losing trades - which are inevitable.
Trading many pairs at a time is difficult, and possibly you’re not limiting correlated pairs to only two at a time. So, for example, going long on the EUR/USD & GBP/USD, correlates the USD, thereby risking more than 1% at a time.
Also, in today’s Covid 19 environment, more attention is placed on fundamental news that can affect market sentiment to react against the trend.
I would also use the ATR number X 1.5 to set a S/L, providing you don’t over-exceed your risk percentage.
And don’t try and target 1% per day - trading doesn’t work like that -, there will always be ups and down days - find out which days of the week are more profitable and focus on that per month instead.