Hi, Just new here to forex - so apologies in advance for questions that might seem silly.
I have done the babypips school and am trying my hand at demo trading.
I thought I’d start with Van Tharps Secrets of the Masters trading game, so i could learn some money management skills and exit strategies.
However I’m having difficulties understanding the user interface,
Is there any reason I’m being restricted to 1:1 gain. Im thinking its to teach me conservative trading, and to limit my stop losses - but still unclear about how it would work…
if im buying shares / forex at a certain bid-ask spread - and i enter the number of shares i want to buy. why do I have to put a specific amount again in my $risked per share area - wouldnt that be normally calculated. Or again, is it a way of teaching me stop-loss strategy. (ive understood pretty much everything in the pipsology school - except for a few varied topics like pivot points, stop loss and the importance of leverage (pretty important pieces I know)
or maybe just a basic understanding of how the game works. as I’m getting too confused with the basic details, before i get on with the real (i.e. demo stuff)
the understanding i have at this level is that Im supposed to get to an understanding of betting small percentags of my equity and RR ratio of 1:1 (in the initial levels).
does that mean i have to place bets equivalent to 1-2% of my equity and just be patient so those 2%s add up over the 75 trade limit at each level.
he also says that usual systems work 25-40% of the time, (though i have heard the usual average is closer to 70%) and that you limit your losses to R and your gains to 3R - but im still unclear as to how this occurs in the game or in reality.
so some confusion between Tharp speaking about a real life strategy of netting 3R but a game strategy of 1R
basically what im doing is fiddle around the share prices so I can buy enough shares and risk enough so that theyre both 2% of my equity and I ride enought trades and time. (and getting confused about pretty much everything - what with all those hopes post pipsology school - i am trying a GFT demo account and a dealbook 360 account based on tymens reccos, but thought id give this a shot first) - which i dont think is how im supposed to be trading (or am I?)