Hello All,
I've made 20% on an account in 7 days, admittdly high risk, it's just an experiment but i tend to need 4% risk on account balance to make a single trade.
Problem is i'll be honest, i do think it's a potential money management risk, and wondering if someone could explain in detail lot sizes vs account balance vs risk.
For anyone that wants to see the FXCM print out, i can show them.
The system is based on look at a 15 min chart, seeing if it's currently in the higher or lower section of the range, if it's in one, check on the 30 and 60 minute charts to confirm... thats it.
Set a stop loss below where the currency tops or bottoms out and set a reasonable profit target, yes it does mean taking 20-75 pip profits, with 150-200 pip losses, but i've made 1026 pips so far this week (started 2nd and print out of today shows this).
Admittedly i havn't actually hit a stop loss yet, and when i eventually do it will make a huge blow to profits.
Before anyone rants about my system being stupid due to MM, please just help me out with the info, as it's just the basics of something i want to tweak, and at least i'm testing it on live currencies and not on a meta trader backtester aye!
Thanks for reading and potentially helping
I've made 20% on an account in 7 days, admittdly high risk, it's just an experiment but i tend to need 4% risk on account balance to make a single trade.
Problem is i'll be honest, i do think it's a potential money management risk, and wondering if someone could explain in detail lot sizes vs account balance vs risk.
For anyone that wants to see the FXCM print out, i can show them.
The system is based on look at a 15 min chart, seeing if it's currently in the higher or lower section of the range, if it's in one, check on the 30 and 60 minute charts to confirm... thats it.
Set a stop loss below where the currency tops or bottoms out and set a reasonable profit target, yes it does mean taking 20-75 pip profits, with 150-200 pip losses, but i've made 1026 pips so far this week (started 2nd and print out of today shows this).
Admittedly i havn't actually hit a stop loss yet, and when i eventually do it will make a huge blow to profits.
Before anyone rants about my system being stupid due to MM, please just help me out with the info, as it's just the basics of something i want to tweak, and at least i'm testing it on live currencies and not on a meta trader backtester aye!
Thanks for reading and potentially helping