learn some money management skills, plenty material about to learn from- should've sorted this out before going live, don't be impatient to go live it will kill you, get a money managemnt plan together & practice it before going live. with $200 scale down, work out 1-3% of account risk depending on preference and then work out the amount of pips to cover the volatility range and stop loss needed and your risk/reward ratio depending on your trading methods/strategy/timeframe - if you want a stop of 30 pips - and trade 3% risk of $200 - that's $6 - you fit those 30 pips into the $6 risk - divide up your mini/micro lots depending on the value of each pip per lot for that particular currency. bottomline
- you've got to learn and then know what your doing by practice, how the price action and market works and how to manage your trades- there's a tendency here to get this indicator or that 'system' and hope it makes you money on the quick without knowing the why - question is if you repeatedly blow up your accounts and you can't figure out and reflect by yourself what's going wrong - do you ever think you can make any money?, think like a disciplined professional, take the long view - get some genuine forex education, take a look at the forexmentor products for a start - solid stuff, and above all get responsible for yourself - think it through yourself and when you can do that you'll improve - i'd genuinely wish you luck, but luck is no substitute for the above. all the best.
Help me understand forex.
in General Forex Discussions
Posted
Re: Help me understand forex.
learn some money management skills, plenty material about to learn from- should've sorted this out before going live, don't be impatient to go live it will kill you, get a money managemnt plan together & practice it before going live. with $200 scale down, work out 1-3% of account risk depending on preference and then work out the amount of pips to cover the volatility range and stop loss needed and your risk/reward ratio depending on your trading methods/strategy/timeframe - if you want a stop of 30 pips - and trade 3% risk of $200 - that's $6 - you fit those 30 pips into the $6 risk - divide up your mini/micro lots depending on the value of each pip per lot for that particular currency. bottomline
- you've got to learn and then know what your doing by practice, how the price action and market works and how to manage your trades- there's a tendency here to get this indicator or that 'system' and hope it makes you money on the quick without knowing the why - question is if you repeatedly blow up your accounts and you can't figure out and reflect by yourself what's going wrong - do you ever think you can make any money?, think like a disciplined professional, take the long view - get some genuine forex education, take a look at the forexmentor products for a start - solid stuff, and above all get responsible for yourself - think it through yourself and when you can do that you'll improve - i'd genuinely wish you luck, but luck is no substitute for the above. all the best.