Replies to post #135878 on Simple's Green Room

[pennies2007]

You'd be surprised how fast 10 cents a pip can add up Kirby. On the main intro to the Green Room, Simple did a great job of explaining how to increase your trade size exponentially as you go along. At 10 cents a pip, you're actually trading a mini-lot. Here's the breakdown...

Micro lot = 1000 units = 1 cent a pip
Mini Lot = 10,000 units = 10 cents a pip
Standard Lot = 100,000 units = 1 dollar a pip

If you can average 20 pips a day, you can gradually increase your trade size to where you're trading full standard lots before you realize it.

[simplegreen]

Gooc afternoon KIRBY...am so glad the boards been a help to you...FOREX is tough and can make you wanna pull your hair out at times.Also I/m glad youre being wise with the micro acct..might not seem like it but if on the wrong side of a trade 10 or 20 cents a pip can put a nasty dent in your equity with a small acct...my accts(I have 2 FXCM and one Oanda) arent small but I still use caution on entries and usually scale in beginning with little 20 cent a pip entries and sort of test the waters at first to see if I/m right on the call..thursday I had a preset long entry trigger on AUD/JPY at .7975 and soon after all hell broke loose and it crashed to around .7760!!...found myself about $41 in the hole by the time it bottomed and that was at only 20 cents a pip!!..see what I mean if on the wrong side..anyway I just let it ride and started adding from the bottom up and yesterday I closed all for a nice profit at just shy of .8050 mark.Am now a happy camper with that one(LOL)BTW I did NOT add on the way down which is what so many traders do in a case like that..I waited for plenty of consolidation time so bears could get exhausted then switch to bulls...took about 5 hours for me to feel good about adding and riding the return trip north but finally turned a bad trade into a nicely profitable one by being patient.I learned a longgg time ago to stay away from the old falling knife thing by either taking the loss or waiting til I see a high probability condition where my wrong side trade finally changed to a right side trade even tho I was in the hole starting the ride.
Conservative trading will keep your trading manageable and keeps YOU in control of your acct..trade to make GOOD TRADES..not to make money...making money is simply the sweet byproduct of a good trade.