An idea about real success in forex trading?
Pay attention to details
Understand the market
Be totally focused
Feel the pain of losses
In my opinion, beginner Forex traders should consider the following advices:
1. Understand how to use leverage in FX trading
2. Don't focus on just one technical indicator alone
3. Select an appropriate currency pair
4. Know your own statistics - Analyse where you've been making profits and losses by keeping track of all your transactions
Risk depends on your initial stop loss, lot size, and the value of the symbol. It does not depend on margin and leverage. No SL means you have infinite risk. Never risk more than a small percentage of your trading funds, certainly less than 2% per trade, 6% total.
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You place the stop where it needs to be — where the reason for the trade is no longer valid. E.g. trading a support bounce, the stop goes below the support.
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AccountBalance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the spread, and DeltaPerLot is usually around $10/PIP but it takes account of the exchange rates of the pair vs. your account currency.)
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Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
MODE_TICKVALUE is not reliable on non-fx instruments with many brokers - MQL4 programming forum (2017)
Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum (2018)
Lot value calculation off by a factor of 100 - MQL5 programming forum (2019) -
You must normalize lots properly and check against min and max.
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You must also check FreeMargin to avoid stop out
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For MT5, see 'Money Fixed Risk' - MQL5 Code Base (2017)
Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5 or 0.1 Lots maximum.
which broker is good for ?
Discussion and recommendations about brokers are not allowed in the forum.
You should make your own search online among the well known and regulated brokers with good reviews from their customers.
Don't get charmed from other inducements and promises of large profits, because there is usually a scam waiting for you in the corner.
Tony: It seems to me that you have a wrong perception of forex, take your wife to dinner, your children for a walk, you will enjoy it, this is like the casino, you have to burn the tabs with a demo account, and After you think you've got it down!!, start over again, and maybe you'll make money!! good luck!
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The disposition to trading in the Forex markets is the same. By mixing great analysis with viable execution, your prosperity rate will improve significantly, and, in the same way as other ranges of abilities, great trading comes from a mix of ability and difficult work. Here are the two strategies to work well for you in all markets,
Patience
When you know what's in store from your framework, have the tolerance to trust that the cost will arrive at the levels that your framework demonstrates for either the mark of passage or exit. Assuming your framework demonstrates a section at a specific level yet the market never arrives at it, then continue on to the following an open door. There will generally be another exchange.
Discipline
Discipline is the capacity to show restraint to neglect to move until your framework sets off an activity point. Once in a while, the cost activity won't arrive at your expected price tag. Right now, you should have the discipline to put stock in your framework and not to re-think it. Discipline is additionally the capacity to pull the trigger when your framework shows to do as such. This is particularly valid for stopping misfortunes.