I'm starting this thread to find out if I could develop a small account over time. All these are many who say that you have to have a certain amount of money in order to survive these markets. I disagree with this and believe with appropriate risk and money management it could be carried out. I have opened an account at FXsol with $425.00 and will exchange micro-lots.
I will do so with using no more than 3% of my margin at any given time, and no more than 1.5percent on any given trade. I have put margin at 1:400.
I have put a delta of $100 so that I will add 1 micro-lot for each $100 that I profit. In my account should fall back to the level that I included a micro-lot, I will return to trading the first number of micro-lots.
My weekly goal will be 5%, at the time that I accomplish that goal, I shall not begin any more trades to the week. If I shed 3 consecutive trades I shall stop trading to the week.
In the end of every month that I will pay myself 10% of total profits earned for the month.
I will focus on trading support and resistance levels, patterns, and fashion lines.
My goal on each trade would be to get at the minimum, a 1:2 risk to reward ratio, although trading is subjective in character, I believe this could be achieved more frequently than not.
By posting my trading outcomes, this can hold me accountable for my own actions. I'm a very spontaneous person by nature and have experienced the dubious luxury of learning how what impulse trading could perform to an account. I have been trading Forex for almost 2 1/2 years and have heard a lot not only about the markets, but what type of individual that I am. I believe that the Holy Grail lies between our two ears. I am not looking to become rich or to double my account immediately, what I am attempting to do would be to demone that an account could be grown over time with appropriate management.
Please don't hesitate to post any comments that you might have. Good trading.
in the event that you always do what you've always done, you can always get what you've always gotten. In case you want what you've never had, you need to do what you've never done.