Hi to everybody,
This is Bogdan from Bucharest and this is my very first post out the many more to come, hopefully!!!
I am relative new to Forex but I find it quite challenging and potentially rewarding, should we all stick to the rules of the system (entry, discipline, money management, etc).
Anyway, I would like to ask you a bunch of questions in order to see other's approaches. Feedback is very welcome!!!
So, here goes:
1. How long have you been trading FOREX?
2. Are you able to trade full time?
3. What timeframes do you trade?
4. How much (%) do you risk per trade, relative to your equity?
5. What is your average risk / reward ratio?
6. What is your maximum leverage you are willing to take?
7. Do you trade based on technical, fundamental or both?
8. What is your average monthly profit target (pips and return on equity?)
9. What was the actual equity increase month on month or year on year?
10. What was your maximum drawback?
11. How many pairs do you trade?
12. I've seen many sites offering signals, Expert Advisors that promise you the world - do you use them?
Since I posted all these questions, let me answer them myself first so that hopefully others will too - thanks
1. I have been interested in FOREX for about two and a half years and actively interested for the last two. I opened a micro account of EUR 350 in Oct-2007 which I blew in about two months due to my inability to recognize that the trade I had placed was against the trend. Valuable lesson and I vowed not to repeat the mistakes I made back then.
Opened a second acount on Mar-15 and currently am drawn back about about 12% due to two trades that went bad onto which I used a 10:1 leverage and rather large stops (100 pips - I trade mainly daily charts)
2. Currently I am not able to trade independently full time as the day job keeps still my cash-flow running. I hope I will someday though.
3. I trade mainly 4H, D1 and W1.
4. It happened that I risked 10% per trade – I am not proud of it. The plan was 2% so I’ve performed a rather unfortunate adjustment.
5. 3:1
6. 10:1 although I used 30:1 and 50:1 for one trade. I am also considering 15:1 to be the “new” maximum allowed level for me.
7. Mainly technical with an eye on fundamentals that can either make my trade either go very well or can make me more cautious.
8. 200 pips per month is my target which I did not achieve thus far. The targeted ROE for me is 2.5% or 30% per annum.
9. Currently, after 2.25 months it is -11% or so.
10. Maximum drawback was around 22% due to two trades onto which I had a 10:1 leverage and allowed a rather wide stop loss due to the fact that the trades were based on the daily charts.
11. Two pairs so fair mainly USDJPY and EURUSD.
12. I believe that the majority are scams. I don’t know what to think about the various EA for Metatrader out of which some are available for purchase.
Okay, that’s all for now, hope you found my questions somewhat interesting and it would be nice to get feedback from you for all or some of them.
Regards to everyone and have a good weekend!
Bogdan.