Hi i have an account ($500) and i have been trading with a freind who gives me signals to help me out etc (as i am just building my own knowledge from this forum and working out my stratagies etc)
after reading many posts about risk and money managment i think i am risking to much of my account per trade...
like i said it is a $500 account (now at $450) i have been setting my risk as follows:
risk level : x100
amount :$50
stop loss: $50
can anybody tell me if those figures are correct for an account my size (obviously i understand the stop loss can go up or down depending on the type of trade/news release), or if i should be doing something different?
thanks
after reading many posts about risk and money managment i think i am risking to much of my account per trade...
like i said it is a $500 account (now at $450) i have been setting my risk as follows:
risk level : x100
amount :$50
stop loss: $50
can anybody tell me if those figures are correct for an account my size (obviously i understand the stop loss can go up or down depending on the type of trade/news release), or if i should be doing something different?
thanks