How do I set up for a profitable trade on MetaTrader 4?

[Alecia]

my leverage is at 500:1 and I put my stop loss at 10 pips below the current price and I put my take profit at 20 pips above. My demo account that I’m using only has 1.00 in it. What would be the best strategy to get a profit from this trade.

 

[Enivid]

Welcome to the Forum, Alecia! The best strategy would be to get some idea where you want your entries and exits be and why you want them there. Then focus on position sizing, and only then worry about the leverage.

 

[Dictorsto]

As Enivid noted, in trading Forex you need to know where your entry and exit levels are and most importantly, ask yourself why you are placing them at that level. When you are successful in defining profitable entry and exit levels, then you can include leverage to increase your earning potential