Hi everyone
I still quite new to FX and that is my very first post. I stumbled into FX just over 2 months ago via a biz opp website and currently it looks like I have discovered the holy grail (at least for me).
I demonstration exchanged for about 6 weeks during the initial 2-3 I mostly messed around and blew my initial $5000 account, but then armed with a'refill' that I began to try and'trade properly' including a detailed log and rigorous post commerce analysis. In those 4 weeks of trading I won about 2/3 of my transactions and dropped my 2nd account.
I mainly used two very easy approaches:
1) day trading with Bollinger breakouts aiming for 5-20 pips per transaction
two ) MA cross on 1h chart for 10-40 pips at one time.
I then discovered a custom trend indior that enabled me to get into intra day trades which sometimes ran for several days and pull on 50-100 pips on single transactions. At first I had a few big losses but then I managed to maintain those low and come out on top.
2.5 weeks ago I opened my very first live account with GBP 2000. My target was 10 pip a day or 50 a week, ie. #50/250 profit per day/week.
Critically, I did ignore some crucial suggestions for novices by trading complete lots and potentially risking more than the recommended two or 3% per trade. Basically to benefit from bigger moves you can't keep stops tight.
However, at this moment I have made 200 pips and achieved 80% return on my starting funds. So doubling my account at a month looks achievable now.
Anyhow, must stay humble and not boast a lot of. Instead I just wanted to inform other beginners out there which you're able to think a little bigger if you have a trading strategy to begin with. To me some of the advice that is customary look just a little patronising like you will blow your initial account and you must begin trading minis or (worse imho) micros.
Good luck to all other beginners!