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Its up to you on how much of your account is used for trading. Most say you should never risk more that 1% or 2% per trade. Now by risk they mean if you take a loss it should equal 2% or less of your account. So lets say you have $500. Your risk for loss in all open trades COMBINED should be $10 or less. Now in a micro account with average pip value of .10 Cents that means you can withstand a 100 pip loss & be at 2%.
WISE WORDS!! Thank you Bear! well said... (love the graphic examples)
I keep getting caught in the catch 22 that the safe % of my trading capital does not yield what my time is worth to monitor it. Even though I can make money with this and other methods (manual and EAs) the gains on a safe percent of my portfolio does not pay off for the time that I spend monitoring the trade... Then guess what - I find a method that starts to work well... and I ease right past my safety tolerances to make the experience worth my time and then WHAM! ya - that is the sound of me giving back...
So here I am scrounging the forum for advice and experience on a system that does not eat my TIME to monitor...