"Broco" dealer died last summer and I lost 2500 USD.
Decided to trade with broker who has all licenses and banking activity (not only FOREX dealing).
So want to try Dukascopy contest for practice and open real account in Winter 2013.
Possibly will build some software to control jForex Java application.
I don't care about contest as it destroes risk management basics.
My normal risk is 3%-5% per trade.
Solid stop loss not more then 30 pips.
Example:
Balance: 100 000 USD
Risk: 3% = 3 000 USD
Risk: 20 pips
Volume: 1.5 mio
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Volume: Loss of 3 000 USD on 20 pips = 1.5 mio (15 lots) = 150 USD / pip.
150 USD / pip * 20 pips = 3 000 USD.
So to risk 3 000 USD on 20 pips I need enter the market with 1.5 mio.
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With such risk I will never get giant paper profits but it is enough for real money trading.
Sure I don't think about contest. Real profit with real money is my objective. :-)
Sattva