Dislikedthanks for your information.i am still newbie in forex so i still don't know how to make profit like you.
assume i could easily make 5-10 pips per trade and my initial capital is 1000K,how much % per trade will your suggest?and for 5-10pips TP, our winning ratio should be always 1:1 and 1:2?Ignored
Hi Amenlo9
1st off, it sounds as though you've had a rough go trading....reasoning for this is your phrases "once we lose the trade" and the word "assume", so you might want to get more "schooling" and "screen time" studying one pair first, learn that pair, everything you can....learn how the pair "breathes", fundies, techs, Support and resistance levels...Avg Daily Range...when news comes out....everything. Fear not, I blew my first account....and it was 10x more than yours....I wanted it FAST...and that is what happened, it went FAST!!!
2nd - $1000usd is way to low, though you can use it as "tuition" to learn with....don't kid yourself thinking you can earn with this amount. FYI...I am anti demo accounts.....they are not the same are $$ accounts....you always get filled in a demo account, real world is very different.
You have to do what is ultimatley right for you....as for myself, with hindsight... I'd get a mini account and only trade 1 mini lot ( 10k ) ... why?? because I'd want to learn how to capture consistent 5-10 pips per day and get a mindset that it CAN be done. As you can see, your account is not going to grow but $5 to $10/per day.....though what you are seeking is real world experience....gotta pay the price, if you have more time than money...than spend the time learning and saving for a bigger nut. In a year, you'd have a years KNOWLEDGE and EXPERIENCE, still in the "game", and your account should be about doubled $7/day x 5 = $35/wk x 50wks = $1750 + your $1000 start cap= $2750. I know it doesn't seem glamorous, but it beats the hell outta blowing up and quitting for awhile and starting new all over again....make sense??? Now remember that 7 is an avg....once you KNOW you can do this on a daily basis.....Get your account funded ( capitalized ) correctly...Than maybe 2 mini's...than 3 mini's ..I'd never go higher than 10:1 leverage....one never knows what fate has in store out in the world, and the first time you go all out....BAM.... Murphy's law hits.
As for stops....You gotta decide that....personally I only use emergency stops, far away from spot....I only trade when I am at the screen working, there is no Auto Ex for me....when I sleep, play, or travel.....I am flat and in cash....and my $$ is at risk for as little time as possible.
( unless I have a long term trade working - totally different discussion )
Hope this helps...
Proper Prior Planning Prevents Piss Poor Performance