As long as you have a good money management strategy, worst case you won’t lose that much. I personally don’t like the idea of demos unless I’m backtesting a strategy. Going forward, I always trade live. If it’s a new strategy, I usually put a few hundred into a live account and test with that. I say go for it as long as you don’t go all in on one single trade. Remember, you don’t have to be a genius to beat the central banks/money managers. If you have a strategy that works and you follow good risk management practices, no central bank can seperate you from your money.
I would suggest starting with 1% risk and as you get more confident, feel free to up that to 1.5% and then 2%.
Yes, you can absolutely make a killing trading. But for that, you will have to either start with a nice chunk of capital or keep at it for a long time. I’d suggest the following:
1. Start with a small account even if you have a lot of money. I’d say $1000 and prove to yourself that your strategy works live. This will also give you the confidence in the face of adversity.
2. If you don’t have more capital to add on to the $1K, go out, get another job and save up money. I’d say 20-30K would be a good start.
3. Never forget that anything can happen at any time. So, you should never ever risk too much no matter how sure a trade looks.
You’ll be well on your way to buying that Rolls Royce.
if ur money is tight, then you can do some basic math. If you generate 300 pips in one month then it could be your 30% gain, in other words 100 pips yield 10%. I was trying to live test PA system similar to yours but only using inside bar, but maybe I can use your system along with mine. I was considering this: whenever I see IB whether it’s Sunday’s and when it breaks I’d enter with 50 pips SL with 100 pips TP. This is just to see the win loss ratio, if it satisfies my needs I will tweak little bit to find more additional trading opportunities (scale in when we’re profit)