Hi, I'm 18 years old, and am getting into Forex for the first time. I've been reading about forex and have had a practice account for the last month and this is what i've been doing. let me know what you think.
I do nothing but look at charts, and using common sense, try to buy low sell high, I set my stop/loss at +/- 10 pips. using my practice account, it has worked. with my stop/loss at the same number of pips, anything over a 50% success rate would be making me money. It seems to make sense that by my judgement, i can win over 50% of my trades. My goal is around a 60% success rate. If i make 5 trades a week, i want to win 3. What does everybody else think about this?
I do nothing but look at charts, and using common sense, try to buy low sell high, I set my stop/loss at +/- 10 pips. using my practice account, it has worked. with my stop/loss at the same number of pips, anything over a 50% success rate would be making me money. It seems to make sense that by my judgement, i can win over 50% of my trades. My goal is around a 60% success rate. If i make 5 trades a week, i want to win 3. What does everybody else think about this?
PipMasterFlex