Another day, and another day of practising.
Rather than consume more video material, this week has turned into a ‘demo’ week, where I’ve just been practising executing trades, both copy-and-paste (Dr. Kathy/ECC11) and Price Trap (from Chris Derrick’s markups on GoldCup).
I’ve realised that, whilst Dr. Kathy’s trades appear to be profitable, you have to get in there quick. The minimum lot size is 1.0, which means you are ‘risking’ £10 per pip; so whilst the wins can be big, so can you losses. As I’m only going to be starting with as little as £20 in my account (£100-200 tops), I won’t be taking such risks initially so these trades will be out of the question. (That said, on demo, there’s no harm in giving these trades a go and assessing their ‘reliability’ for the future…)
In other words, I want to rely on trades where I can trade using a 0.01 (10p per pip) to 0.1 (£1 per pip) lot-size. (At any one time, risking just 2-3% of my account, as per the recommendations).
Here are some of today’s trades:
Above: a Dr. Kathy/ECC11 trade; I got in slightly late, but gave it a go nonetheless (immediately upon placing a trade, you are always ‘in the red’ initially, due to the spread/commission the broker takes.
Above: a couple of twin-trades (Price Trap) looking good at time of screenshot…
Above: a snapshot of my account before going to sleep that night. A mixed bag, but looking pretty good.
Month 1, Day 18