The problem is I am using a very small balance :( 150$
OK, yeah I would say that you are quite under-capitalized. Unless you have extremely large leverage (i.e. 1:500) it will be difficult to grow the balance. But you can still practice, you can start out trading 1,000 units (0.01) with 25 pip SL and 50 pip TP. Of course, it will take 30 winning trades to double your balance, but your risk is significantly small. Even if you lost 30 trades in a row (highly unlikely!) you would still have 40% of your balance remaining. The important thing is to learn self-control and money management. If you're losing lots of money now, then more than likely you will lose even more with a larger balance. But if you trade mechanically and use a 'capital preservation' mindset then you will succeed.
aboutera posted: Do you think it is the same if I increased the lot size and decreased the Leverage?
If you increase the lot size then you would need to decrease your stop loss.
Leverage just tells you by how much you can increase the lot size.
Example: My balance is $2,000. I have 1:50 leverage on my account, which means the most I can trade is 100,000 units (1 standard lot). But I never trade that because it is too risky, I would blow the account in no time.
So if I wanted to use a larger position without risking any more than my usual 2%, I would decrease the stop loss. A 40 pip stop loss means I can buy/sell 10,000 units (0.10). If I cut the stop loss to 20 pips then I can buy/sell 20,000 units (0.20). All without risking more than 2%.
Recent GBP/USD loss was just plain over-zealousness....hoped I could double dip going on the way back up...dummy me. 🙃 Guess exiting the short trade before the weekend wasn't the brightest idea, considering GBP has dropped what, another 100 pips?! 😂 Oh well lol
Currently in Yen trade, and it's pretty interesting...came within 0.2 pips of hitting the stop loss but did not hit it! 😱 Again, should have waited until the downward momentum eased before jumping in. Trade still under water, but I think USD/JPY is due for a correction rally from the astounding ~100 pip drop late last week into early this week.
Not the greatest start to my week, but it's only Monday. 😄
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