I am a Forex Newbie and this is my very first live account. After about a year of practising with a demo account I am taking the plunge with a little account.
I have been trading with it a short time, opened it in ealry January. I began with #300, becoming that up to #330 by early February but I made a few mistakes (breaking my SL/TP rules) and gave most of that profit back. I am applying money management skills and wish to document my progress on here so that I can get any suggestions or pointers on the way.
My Risk/Reward is 1:2 and my method is quite easy for now. I am going to use RSI when the market is sideways and Bollinger Bands, MACD and Stochastics for when it is trending. I always look at Support and Resistance when calculating my odds too because this worked for me when I was only a mid - long term commodity trader.
So far the account equity is #305.12, my risk is between 1% and 2% per trade. This varies based on time period and how certain I am of each opportunity. In my head I think there's less than a 60% chance of something playing out I do not make a trade. After I've made up my mind I put the trade and log out to ensure my emotions cannot get the best of me and make me move my SL or TP (which caused me to lose all that profit I said before.
I have 1 trade open at the moment.
- Short USD/JPY at 93.504 with a SL at 93.660 and a TP at 93.384