You are Welcome for Stopping by in my thread
Spoiler:Account number: 8048970
Trading Server: 184.108.40.206 (InstaForex-USA2.com)
Start up capital: $113.17
Spoiler:I will be trading with the same method i used in the last contest. where i simply take orders from price behaviour when it gets the support or resistance zone
when price is at S+R zone it will either breaks or reverses. if it breaks then i simply apply the breakout strategy otherwise i go on reversal method
I will equally be looking at Some important news release that moves the market and i will equally straddle the spikes from the news with low risk
Spoiler:TIME FRAME: H4 and Daily
CURRENCY PAIRS: Any pair that harmonizes with my strategy and gold in some cases
INDICATORS: My Eyes
DISCIPLINE AND MONEY MANAGEMENT
Spoiler:My risk per trade will always be 5% and my lot size would be determined based on the level of my stop loss.
for example, from my account of $113.17, i will be risking just $5.65 ( 5%) in a single trade and if the appropriate stop loss level is 50pips means that i would be using a lot size of 0.11( from instaforex) which is $0.11/pip. this will mean that if am stopped out at the 50pips i will be loosing just $5.65(5% of my balance).
Note: this method will only be violated if the market movement is obviously moving in a particular clear direction then i can slightly increase the risk
therefore my lot size = (amount to be risked)/(stop loss level in pips)
Good luck to other participants and my fans out there to cheer me