You can also use this currency converter to determine the exchange rate of Saudi Riyal against major currencies including US Dollar, Pound Sterling, Euro, Rupee and currenciesRead more
What this means is that you are not increasing your risk by taking the 2nd trade because youve already moved the stop loss of the firstRead more
How much money forex traders make
whether you are trading high or low risk, the amount of trading you can do will always depend on how much money you have to trade. Ill never be able to do this for a living at that rate. While it isn't required, having a win rate above 50 is ideal for most day traders. If you like to take heavy risks, you can see heavy account fluctuations in the positive or negative. Gross profit is 4,400 - 2,250 2,150 if no commissions (win rate would likely be lower though). They risk only 1 of their capital or 50 per trade.
I would not even consider a new trading strategy unless it had proven itself to be profitable after, at least, a couple hundred backtesting trades either through my trading platform or using a backtesting software, such. If youve averaged 10 or better for more than a year, youre unrealized foreign currency translation gains and losses a rockstar in the trading world. Take this into consideration: If you could sustain a 10 average monthly gain, you would more than triple your account every year. That may seem small, but losses occur, and even a good day trading strategy will see strings of losses. It takes discipline to keep trading when youre losing. That also means a winning trade is worth 80 (8 pips x 10).