Pharaoh
Brigadier General
- Messages
- 20,319
That still leaves you 2 ways to reduce risk.
1. Closer Stoploss. Yes, this will kill some traders that would have come back early, but price doesn't always come back. When price does come back, sometimes the reversal can be too big for the accout to handle. It's generally a good idea to set things up so that all open trades slamming into their SL will only take 2% (or less) of the account if you want to have an account running for an extended period.
2. Hold off on opening the live account until you have some more cash on hand. Keeping everything else the same and starting with $50 would have given the same total profits, but with drawdowns 1/5th as deep.
Another alternative would be to try to find a broker that allows for a smaller lot size.
1. Closer Stoploss. Yes, this will kill some traders that would have come back early, but price doesn't always come back. When price does come back, sometimes the reversal can be too big for the accout to handle. It's generally a good idea to set things up so that all open trades slamming into their SL will only take 2% (or less) of the account if you want to have an account running for an extended period.
2. Hold off on opening the live account until you have some more cash on hand. Keeping everything else the same and starting with $50 would have given the same total profits, but with drawdowns 1/5th as deep.
Another alternative would be to try to find a broker that allows for a smaller lot size.