if break today high...i'm gonna short this baby again...
My own money management has told me that I only need to risk 3% or less in order to make lots of money.. My hypothetical idea is... If I have $10,500 USD to start with.. And I take 1% of 10,000 to grow the 500. That 1% can let me open up one 10K lot... which should be about $1 depending on the pair. If I get 25 pips on average per day.. that would be 5% growth on my $500 (10,500 - 500 = 10,000) I am risking 1% of my 10,000 to make 5% per day on my $500. I bet this all sounds confusing... ha ha ha.... Anyways, if I get an average of 25 positive pips.. meaning after pip spread cost ... and over coming any possible negative pips.. in 20 trading days, my $500 will now be $1000....So now my account will be $11,000. Of course I will slowly increase my lot size as my account grows. So what does everyone think of my conservatice 1% Money Management idea. Again I am a newbie, so if I am super off the beaten path, someone please help me.
Thank you everyone for your great comments and solid logical advice. I opened long on the EUR/USD on Monday my time... which would be Sunday evening North American time. And while I am typing this, I am about 159 positive pips. I drew a trend line under the daily chart and it seems to be bouncing off of that support line, like a water skipping across the water.
They Won.
For me I did not won, but did not lose too, and for a countertrender not a easy thing to do.
Watch out for the HTF top lines. The Trend will not last forever!
