DislikedThnx for your Money Mgmt attached file. It's a great help. However, what is your leverage? In my limited newbie knowledge, I think that is a consideration to manage risk.
Obviously, my leverage was too hi (200:1), I think, since ea. pip=$6+. And that = 6.4% risk, if my math is correct. What is your leverage?
Thnx again,
SidIgnored
Yes, I am also using (and surviving) the 200:1 leverage on a mini account of $500. I've decided to start with a small mini account to train myself in the forex market, develop the necessary dicsipline and get the necessary confidence.
Just some general comments:
Start small and build on it. As a medical person and lecturer, we don't start doing major surgery the day you enter med school. Why do you want to do the same with the forex market. You start learing about techniques, looking at how it is performed and then you start with minor cuts and small operation. Later on (after years of experience) you would be able to perform major surgery.
The same with forex trading. First learn the market (read and do demo trading), then start small (mini account) and then later you can go big. We won't make it if we start immediately with an account of $2000.00. My logic tells me at least 3-4years of training/trading before that can happen.
Enjoy it.
Willem
Forex recipe for success = Patience, discipline & hard work.