I am looking to start trading again.
Have been looking for ways to make more $, after reading the books that I wanted to read.
Finished LKY and Robert Kuok books.
Wanted something to fill my life to make myself productive.
So I will try to restart trading again.
Just found a missing piece of my strategy (I think).
That is to use SMA 200 to determine if it is down or up trend.
It is downtrend when line is sloping down, vice versa.
I will trade in 5 mins, major FX currencies, just like old times.
Still have 3k left in my IG account.
Firstly will determine is it is up or down trend using SMA 200.
If down trend, I will wait for it to hit the resistance level.
Then I will enter.
If it break above resistance lvl, I will exit soon.
Keep in mind that Profit Limit should be at least 2 times of Stop loss.
Learning from Adam Khoo, bet size should be around 1-2% of the money you have.
Why? It is like trading in casino with odds in your favour.
Short term you may not win, not in 100 bets, you will win.
For my case I have 3k, so my bet size should be around $30.
When I lose, it is $30, and at least $60 when I win.
My Profit Limit should be set considering the next Support lvl (if down trend).
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