Another approach is to set a 100 pip stop and adjust lot size to whatever % capital u are prepared to lose, say up to 5 %. The stop shouldn't be taken out very often, but if it is, your max loss is 5 %. With a $10k A/C this means you can only set 0.5 lot max.
Well I normally have a 2x's what I'm prepared to lose stop as a backup, ie internet goes down, PC dies bla bla, haven't got the account to do that, but FXCM are going Micro soon so could try some smaller positions, I'm a manual exit guy, not really focusing too much on how much it's a when the trend changes it's time to bail, in the mean time its just a rough entry double up.
Don't get much time to trade, so when I do, I'm a $4 per pip on a $800 account kinda nutter
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
