I’m staying on demo right now and that is why I’m asking because In demo I want to open an account the same as when I start going to live.
What would be an ideal account size for this one? The lowest I recon.
Thanks.
The higher the leverage the higher the risk of liquidating ur account , I never used more than 150 leverage , normally to make decent amount u need an account of min 5k to 10k . Some ppl can do it with 2k or even 500 USD but till they reach the safe side of 5 k they have 2 choices , either to wait an awful amount of time (and no one does that) or to use higher risk at the start like 10 or 20 % we trade , these latter are rare ppl, I saw only a couple in my life who can do that. On the other hand the some ppl who have a 5k accounts and trading for a living usually tend to open a 100 or 200 USD accounts to test something new with micro lots , but they are willing to liquidate these small accounts several times to test their strategy on live accounts.
Sry to burst ur bubble , but as the recent reply don’t waist ur money and time. Test on demo then reach solid results, after that look for funding . If u r really sure from ur results there are numerous funding methods (borrow , take a loan , sell something like a car, start saving monthly from now etc… ) every person has his way to get quick cash one way or another .
Again the key is to make sure u have something that CAN generate income for u before u actually start.
Thanks. I dont have plans in going into live right now. Im asking the question so that I can practice with the same funds from my DEMO before going live.
hello traders can I know the rules of this strategy or system thank you
try scrolling allllll the way up to the beginning of the post, it should already be posted
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Wow! I am gone for the whole week and our Strong Weak rankings are unchanged, and the 3 most recent Top SW trades hit new highs on Friday. I should go on vacation more often.
Anyway I am rested and ready for that Santa Claus rally
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Hi J,
as others have answered trading with $100 is not such a good idea, and I don’t concern myself with the leverage as much as the cost per pip, If you are trading micro lots your pip cost is around 10 cents for most major pairs, if you use a stop of 200 pips you are risking $20 which is 20% of a $100 account. But if you have a $1000 account then that $20 risk is only 2% of your account. In any case don’t expect to get rich or become a full time trader on a $1000 account,
The basic rule is to match the #1 and #8 and trade in the direction of the trend. beyond that I encourage each trader to make their own trading plan or rules for how to enter and exit these trades.
here are a few rules you may want to apply to your own trading rules
- Small positions with wide stops 200 pips or more is not uncommon
- don’t open a second trade until the first one has a breakeven stop in place
- Have 3 favorite pairs to trade and trade the pair that is strongest on my ranking, it does not always need to be #1 and 8 to be a good trade
Good Luck
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Thank you Dennis. For now I’m focusing more on the proceses, learnings and getting the feel for this strategy.
I’m still on to how you choose between entering in 1D TF or the 4H TF, or when you have a new SW ranking and you are waiting for the pullback to the 200MA before entering. Those are the biggest question mark in my head right now.
In any case Dennis I hope you dont mind me having my own trading journal in this link below so that I can track my progress and I can put my views on the market.
Thank you.
Looking at the weekly charts for the major pairs, to gauge “normality”. Currently checking which pair moved in line with the previous week’s 50EMA slope - so, if the previous week’s slope was upwards, was last week’s price movement upwards? - if the previous week’s slope was downwards, was last week’s price movement likewise downwards?
Last week, 23 of the 26 major pairs moved in line with their previous week’s 50EMA slopes. Across the previous 5 weeks, the best score achieved was 13 (once). On the face of it, this simple metric suggests the forex market is moving out of consolidation and towards continuation. Don’t know if this is useful or just interesting, I’ve not figured a way for it impact my trade decisions.
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Hi Dennis,
Is there really a Santa Claus rally? Or that’s just made up.
EDIT: I Googled it, feel free to ignore.
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I expect NZD will go down from next week…
Any Reason?
It “should”, right…
I would say the Santa rally is in full swing, look at that beautiful double bottom “W” formation we have in the DOW, If price can break above 26,250 this should go to 27,000
this is all because of good news on the Trade war, which is good for China, which is good for NZD and AUD, look for our top trades to extend gains when I post my end of day update
Yen declines as our top trades surge to new highs, US stocks hold on to their gap open gains, now we just need to see continuation
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It was about a year ago we started a stretch of 23 winning trades in a row, we now have 4 in a row, could this be the begining of another big winning streak
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Hi Dennis,
what is your entry strategy? I’ve read it here before but i can’t recall it. I would appreciate it if you can enlighten me one more time.
Thank You