I have just set up this blog and configured my MT4 demo account with a free app from www.mt4pips.com which is used to show a MT4 statement on-line. You can track the progress of my account on the page http://www.mt4pips.com/lasoi . It shows all of my progress so far since around September 2009.
There was a lot of experimentation with this account over the 6 months or so I have been running it (bare in mind that I am still holding down a full-time job while doing this so I'm not trading nearly as often as I would like to!).
If you look over the statement you will see that there are much smaller position sizes September through to December 2009, but in January 2010 I became a little more confident with my observations as to how the market moved and decided to increase my position sizes. Of the £5,000 account, the maximum I would risk on a trade was less than 1% to begin with, but since January I would risk a maximum of up to 5% depending on how well I knew the currency pair and how likely I thought the trade was to meet my profit target (typically I would be risking between 2%-3% of capital).
I hope to write some more about my thoughts on position sizing and the characteristics of the different currency pairs in the posts to come.
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