Money Shots

OK first apologies for the delay in getting this post out. Basically money management is to do with percentages. You may think that having a £1000 to invest is great, stop right there if you invest that much you will be overconfident and take risks. A few hundred to open an account is fine less if possible. Stake amounts at the lowest you can, if you are going to use the I G INdex account then you can start with very small stakes, take advantage of this. Otherwise one to two pounds or dollars per pip is usually the lowest so stay to that. This will concentrate your mind. Stop loss set at 10 to 15 pips for safety and if you set it at 10 remeber if it goes into a loss get out before 8 pips , if you set it at 15 then get out before it hits 10 pips. If you are on a dial up system then set limits to between 5 and ten pips for safety reasons but otherwise leave the limits alone if you go into profit, try to keep your head and dont get too greedy, grab a profit as soon as you can and get out. Only when you can do all this confidently and calmly are you safe to progress and stay in longer. Will say more about that in a future post. So quick recap : get on computer and online at least 15 mins before an announcement that will affect the GBP/USD or EUR/USD get charts of them up set the charts to candlesticks and 3mins make sure all is working ok, and about 5 mins before click on the deal button and go to the tab for setting up order and set limits and stop loss etc as instructed and go by the rough figure at that time , wait for announcement see if you go live . Remember to set up buy order on GBP/USD and a sell order on EUR/USD, try and stay calm. Wait about five mins after announcement if it still hasnt triggered cancel them , dont be despondant there are plenty more orders and days to play. DO NOT EVEN THINK ABOUT PLAYING LIVE ! Ok you can start on this strategy now in my next post will go through it all in a bit more detail. This is a good strategy to learn on. If you are still a bit unsure my next post will go through the whole process in detail so wait for that if you are a bit unsure. The reason this is a good strategy to learn on is that you have to do a lot of focusing and it makes you concentrate and all this builds confidence in dealing and you will quickly start making pip = profits but do go carefull. When i started i did well then got overconfident and made big losses but this strategy can soon get you making cash again and gets you to focus. Take care and will try and get a detailed step by step account of all this before next week. PLEASE PLEASE read through all my previous posts to get an idea and feel for all this.