Saturday, August 21, 2010

Forex Set and Forget: Your Initial Deposit?

It seems that, in all the documentation that comes with Forex Set and Forget, I somehow managed to forget to mention what your initial deposit to your account should be! OOPS! So, I will summarize it here as best as possible...
  • If your account can place trades of 0.01 standard lots (1 pip = $0.10), then deposit at least $300 and set minTradeSize=0.01, and set scaleDivisor=300 (at least).

  • If your account can only place trades of 0.1 standard lots (1 pip = $1.00), then deposit at least $3000 and set minTradeSize=0.1, and set scaleDivisor=3000 (at least).
  • If your account can only place trades of 1.0 standard lots (1 pip = $10.00), then deposit at least $30000 and set minTradeSize=1.0, and set scaleDivisor=30000 (at least).
That's pretty much it. With these settings, Forex Set and Forget can withstand losses of at least 9 consecutive trading rounds and still have enough left in your account to recover fully. Not that you want to lose so many in a row, but knowing that you can do so and not lose everything will help your emotions when trading.


No comments: