Halfway through babypips course, I decided to open a demo account of £3000.submitted by C11HRR to Forex [link] [comments]
Today I placed my first trade. I used EMAs and trend lines to analyse.
Price looked like it was starting to reverse. I noticed my 10ema and 20ema were becoming close and a crossover was looking likely plus the price also broke resistance.
Although I probably should have been more patient and allowed price to bounce and the crossover to happen I just wanted to place my first trade.
I used a risk ratio of 3:1 and set my tp 30 pips above buy price and sl 10 pips below buy price.
I used a lot size of 0.38 so I could only risk 1% of the account with a 10 pip stop loss.
This was probably a fluke and my strategy wasn't thorough enough to predict the uptrend continuing but hey it was exciting to see my first trade hit tp.
I think I could have modified my sl during the trade to make it risk-free whilst also altering the tp to continue riding the trend and maximise profits. However, I had a plan and stuck to it.
let me know your thoughts :D
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https://reddit.com/link/jgks1z/video/oxtl43deqtu51/playersubmitted by Level01Exchange to Level01io [link] [comments]
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