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Investment Forex Version 21, Foreign Exchange Market Discussion

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bikerzfrenzy
post Feb 20 2020, 06:05 PM

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Hi i just started forex trading, specifically XAUUSD 2 weeks ago. first week went well, managed to get usd3k profit.

unfortunately this week all my profit and deposit blown away.

any advice for me if i want to start copy trade?
bikerzfrenzy
post Feb 24 2020, 08:12 AM

Getting Started
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Junior Member
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Joined: Apr 2007
QUOTE(e_X @ Feb 20 2020, 08:47 PM)
Learn

1a) Money management, 2% per trade is high enough if you think 2% is too small probably your capital is too small.

1b) Psychology, staring at your chart all days and revenge trading can't make your capital double or triple.

3) Find any technique and time-frame that suite your time.

Commonly newbie straight learn no. 3  cool2.gif
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If capital usd2k, 1 entry of 1 lot gold? Im a bit confused on point 1a
bikerzfrenzy
post Feb 24 2020, 12:54 PM

Getting Started
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Junior Member
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QUOTE(dwRK @ Feb 24 2020, 10:59 AM)
ok lah spoon feed you a bit...lol

2% is risk amount per trade of your account size

$2000 x 2% = $40, that you are willing to lose if stoploss

this $40, together with your entry and sl price, determines your lot size

example based on account type...say $0.1 gold price per lot = $10, then your $40 = $0.4 price...
-- long at $1600.4, stoploss at $1600.0 ($0.4), you buy 1 lot
-- long at $1600.4, stoploss at $1600.2 ($0.2), you can buy 2 lots
-- long at $1600.4, stoploss at $1599.6 ($0.8), you can only buy 0.5 lot

sl need to put at sensible levels...put too close always get hit...put too far lot size becomes 0.0000001...no sl noobs wipeout 100% guaranteed

btw...good brokers will have learning pages on these...and also lot size and leverage calculators
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Thank you very much!

 

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