Ok, good to know.
This is how I calculate how much I trade. I take my account balance multiply it by .0001 and this determines the lot size that I trade.
So for example you have $3000.00 in your account. 3000 x .0001 = .30 lots
At first glance, you might be thinking to yourself....30 cents per pip...I have $3K in my account, I am never going to go anywhere....well looking at my results for this week....I made 4000 pips. Whats 4000 pips multiplied by 30 cents? you got it $1,200.00 Thats a 25% increase for the week....Not too shabby.
When to increase the lot sizes? here's how that works. we have already defined what the starting lot size is. When my account size TRIPLES, I DOUBLE the lot size. This insures that as my account grow bigger and bigger, I am using better and better money management yet still increasing the rate of profit.
My goal is to make 500 pips each week...however I usually walk away with 1000 pips OR MORE. Forex is not about getting instant profits, its about consistently making pips and keep going.
When your account reaches $9,000.00 I would increase the lot sizes to .60 lots. Now you are making money twice as fast and being 33% safer on all trades.
Does this make sense? Dont be discouraged at the small lot size value. If you follow the trades that I am taking...you will find that your account grows much faster than you think. And within a month or so you will be at that tripled account balance mark....and from there your profits begin to accelerate. I hope this makes sense. If you have any questions let me know, or if you don't want to wait until your account triples to double your lot size let me know, and I will tell you how to increase your lot size as you go
This is how I calculate how much I trade. I take my account balance multiply it by .0001 and this determines the lot size that I trade.
So for example you have $3000.00 in your account. 3000 x .0001 = .30 lots
At first glance, you might be thinking to yourself....30 cents per pip...I have $3K in my account, I am never going to go anywhere....well looking at my results for this week....I made 4000 pips. Whats 4000 pips multiplied by 30 cents? you got it $1,200.00 Thats a 25% increase for the week....Not too shabby.
When to increase the lot sizes? here's how that works. we have already defined what the starting lot size is. When my account size TRIPLES, I DOUBLE the lot size. This insures that as my account grow bigger and bigger, I am using better and better money management yet still increasing the rate of profit.
My goal is to make 500 pips each week...however I usually walk away with 1000 pips OR MORE. Forex is not about getting instant profits, its about consistently making pips and keep going.
When your account reaches $9,000.00 I would increase the lot sizes to .60 lots. Now you are making money twice as fast and being 33% safer on all trades.
Does this make sense? Dont be discouraged at the small lot size value. If you follow the trades that I am taking...you will find that your account grows much faster than you think. And within a month or so you will be at that tripled account balance mark....and from there your profits begin to accelerate. I hope this makes sense. If you have any questions let me know, or if you don't want to wait until your account triples to double your lot size let me know, and I will tell you how to increase your lot size as you go
The only sovereign I can allow to rule me is reason.