I've been trading for 30 days on a demo account on OANDA; 5K, 40K, 100K and I've been able to build up to 90,000 dollars. I'm live as of Dec 1st 2011, -800 plus, then tried to recover, and ended up -1400 plus so I stopped for the day. On Dec 2nd I tried to recover and I try to stay in my trade, ending the day with a positive $1.14 still unable to recover the previous days loss as of Friday Dec the 2nd, 2011. These two day where weird ??
I've reviewed all 12 videos, and I was wondering what is next ??
Anyway, I need help understanding risk, vs lot size. Everything I'm reading over the last 32 days including your stuff still confuses me to NO END. And based on what I've seen and read, I still would have been in a negative using money management.
What I do with Oanda when I select let say "SELL", a box appears and I'm able to purchase 550,000 units and that is what I do. Why, I like to maximize my per pip value. Apparently, this is a violation of risk management, why, I have no clue yet. I don't understand why you would buy multiple pairs vs total focus on one pair at a time. To me total focus on one is better than focusing on many. Maybe there are tools out there that allow managing multiple pairs. But for now, I've been extremely successful in my demo account focusing on only one pair at a time.
Very soon I'll be trading with 10K plus, and what is so wrong buying pips valued above 50, 100 dollars. Personally I think it's the only way to buy / sell. I jus need to learn how to ENTER the trade better!
So, watching you videos; I'm still confused ?? Plus, how can I manage my risk of 10K plus, and still buy my pips as high as possible ??
I'm trying to Skype but I can not find the button on my Skype page to do it, hmm ... ??
Also, you initially started with Oanda, may I be so bold and ask you why you moved.
I live in the United States, ECN accounts, I'm still looking for, and I've learned that using some MT4 platforms you are sent through a Market Maker even if your in an ECN account ?? huh! thats weirded. Forex Pro is this way, I'm not sure if Hot Forex is or not. Anyway, for a person living in the United State, who can I use for ECN ?? Do you know any ??
If you reviewed the videos, then you need to go through them again until you understand them, those who have followed them correctly have made money.
You can't maximize your pip value by making loses all the time, you have to stick with the MM and let time do the rest.
Why buy multiple pairs? Simple, to spread out your risk, you got more risk applied to one trade open than you have having 10 trades open...
you don't open 10 trades at say 10 lots (if 10 lots is the equated MM based on your balance), you split it across those 10 pairs for 1 lot each... some will hit a profit, some wont, end result as an overall profit status should yield a positive.
I suggest that you do not open a 10k live account until you hit 70-80% perfect trades.