Viable noob strategy?

Discussion in 'Forex Trading' started by beachallstar, Jul 30, 2010.

  1. :) hey, i was wondering if anyone has ever built a substantial account out of a micro account?

    I use a simple trend following approach with a medium sized stop loss(100 pip) and usually target 225-275 pip gains.

    I also use 5% of my account per trade and like to have a max of two trades open at one time,usually sticking to one trade at a time. Then i adjust my 5% after every trade win or lose to match my equity.

    Is this a typical or valid strategy or is there a fatal flaw that I am missing,being a trading noob?:confused:

    I want to try this for real first with a micro account,and then a mini,but I am also concerned a micro account is too small to withstand any consecutive losing trades.

    I try to use support resistance lines to enter on,and then simply follow the trend line,and have been using forexpros and stockTA to get my signals from.

    Anyone with experience starting with small accounts in forex?