As of today the account is sitting at $665 up from yesterdays total of $650. I have one remaining order in the GBPUSD, and the stop is at break even. So I am letting that position run. Either I will make 300 points or it will fail and cost me nothing.
The % increase so today is a little over 2% with one order running. A couple of people asked why am I trading for $0.10 per point? Well, the reason is that to get the account off the ground is really the hardest part. Its like flying the closer you are to the ground the more chance you will crash. Typically, at the start, I try to trade 0.2o per point, as soon as the order offers 50 pips I close on half. Then I look to run the remaining position. A typical stop is 50 points, so 0.20 X 50 is $10, this is about 1.5% of my account that I risk on a single trade. I could go to 3%, but I like the way things are going and I like to keep risk as small as possible.
Once the account is at $1000 I will up my risk to 2% on each trade, so then I will be trading $0.40 per point.
All the best
Mike
The % increase so today is a little over 2% with one order running. A couple of people asked why am I trading for $0.10 per point? Well, the reason is that to get the account off the ground is really the hardest part. Its like flying the closer you are to the ground the more chance you will crash. Typically, at the start, I try to trade 0.2o per point, as soon as the order offers 50 pips I close on half. Then I look to run the remaining position. A typical stop is 50 points, so 0.20 X 50 is $10, this is about 1.5% of my account that I risk on a single trade. I could go to 3%, but I like the way things are going and I like to keep risk as small as possible.
Once the account is at $1000 I will up my risk to 2% on each trade, so then I will be trading $0.40 per point.
All the best
Mike