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High. I'm training on demo on MT4 (on HugoWays if it's important). and lately I found out that I am most profitable when trading the 1 minute Time Frame. I trade 10 lot sizes usually. trying to trade as I learn in this course. Profit target is usually around 2-4 pips. which is 200$-400$. commission is 50$ per 10 lots. usually I close the trades manually. sometimes I let it hit profit target. Is this method realistic?
You've given us the average winner size ($200-$400). Kind of impossible to answer this question without knowing your win rate (probability) and your average loser (risk). You're not giving us the full Trader's Equation here. I see you've only joined 2 months ago, so if you haven't watched the video's on Trader's Equation yet, you'll be able to answer this question yourself after watching them.
thanks. the account it self is profitable. the question was more technical about a single trade taking place. I'll give an example. I place a trade on the 1 minute chart, 10 lots, wanting to take a profit of 10 pips ( after commission and spread). the trade reaches to a profit of about 300$ meaning 3 pips after price has passed through the spread. and I see it might go back on me so I exit the trade manually. paying 50$ on commissions and I have 250$.
the question is. on a real live account. can I make this fast trades and the computer will be fast enough to exit on time or will it take much more time to analyze my exit order? or are there other things to consider that may prevent me to trade this way on a real live account?
I'm asking that because Al says 10 pips is the minimum scalp size. I understand this is the minimum I should look for (which I do). but what if I exit before it reaches 10 pips. Can I still make profit that way?
Yes you can do that. 10 lots is tiny by Forex standards. You won't have any issues getting filled on major pairs 99.999% of the time, but any big news will cause the price to gap. Forex majors are the most liquid markets in the world. Try it out and see how it goes.
If you have a good ECN broker and stable internet connection it should be technically feasible. Al does not recommend it for psychological reasons as few could maintain that level of intensity and focus. Just stay reasonable and objective and don't panic if it gaps during big unexpected news and you end up with a much bigger loss than you planned to. That will happen eventually when trading such a low timeframe.
