Howdy,
I'm consistantly in the black, although only just, and thought I'd try and get some MM feedback.
I have a AUD $1,000 account with Oanda and trade 5 minute charts. My broker leverage is set to 50:1 and I have my preferences set to use 5% of my account when I trade. I trade two contracts of 5% each trade which is $100, times my broker leverage is $5,000 true leverage. Someone elsewhere recommended around 5:1 ratio of true leverage to equity, so this seems good.
My chart tells me that I am risking $3.80 on a standard trade with a 20 pip stop loss. This is only .3 of a percent of my account, so seems nice and conservative which is what I'm after until I'm more confident.
I'd really appreciate any advice, especially if I've mis interpretted what I've read on these boards
Thanks FF and everyone here!
PS my strategy includes a mix of 5 minute and daily charts.
I'm consistantly in the black, although only just, and thought I'd try and get some MM feedback.
I have a AUD $1,000 account with Oanda and trade 5 minute charts. My broker leverage is set to 50:1 and I have my preferences set to use 5% of my account when I trade. I trade two contracts of 5% each trade which is $100, times my broker leverage is $5,000 true leverage. Someone elsewhere recommended around 5:1 ratio of true leverage to equity, so this seems good.
My chart tells me that I am risking $3.80 on a standard trade with a 20 pip stop loss. This is only .3 of a percent of my account, so seems nice and conservative which is what I'm after until I'm more confident.
I'd really appreciate any advice, especially if I've mis interpretted what I've read on these boards
Thanks FF and everyone here!
PS my strategy includes a mix of 5 minute and daily charts.
