Most Important Q to all forex traders?!

[Babysteps]

i just read this and i want to know What do think?? Is that true:-(((?
what about to start by 300$ to try with is that mean i will lose?!

Don’t ever open a “standard account” with just $2,000 or a “mini account” with $250. The number one reason new traders fail is not because they suck, but because they are undercapitalized from the start and don’t understand how leverage really works.

Don’t set yourself up to fail.

We recommend that you have at least have $100,000 of trading capital before opening a “standard account”, $10,000 for a “mini account”, or $1,000 for a “micro account”.

So if you only have $60,000, open a “mini account. If you only have $8,000, open a “micro” account. If you only have $250, open a “demo account” and stick with it until you come up with the additional $750, then open a “micro account”.

I will be greatfull for all replies and help

[wq7278]

This is true. at least to me.

Originally Posted by Babysteps

i just read this and i want to know What do think?? Is that true:-(((?
what about to start by 300$ to try with is that mean i will lose?!

Don’t ever open a “standard account” with just $2,000 or a “mini account” with $250. The number one reason new traders fail is not because they suck, but because they are undercapitalized from the start and don’t understand how leverage really works.

Don’t set yourself up to fail.

We recommend that you have at least have $100,000 of trading capital before opening a “standard account”, $10,000 for a “mini account”, or $1,000 for a “micro account”.

So if you only have $60,000, open a “mini account. If you only have $8,000, open a “micro” account. If you only have $250, open a “demo account” and stick with it until you come up with the additional $750, then open a “micro account”.

I will be greatfull for all replies and help

[daydreamer65]

The number one reason new traders fail is not because they suck, but because they are undercapitalized from the start and don’t understand how leverage really works.

The part in red is the main idea behind this whole section.

The warning is DO NOT attempt to trade with
$300 as though you are trading with $3000.

You will not survive too long in the market if you trade with
a pip value greater than 10 cents.

It is a long haul, but keep your eyes on pip count not monatary
gain, until you can bring your account up to a large enough level.

Learn to trade not gamble.

[tonymand]

Originally Posted by Babysteps

i just read this and i want to know What do think?? Is that true:-(((?
what about to start by 300$ to try with is that mean i will lose?!

Don’t ever open a “standard account” with just $2,000 or a “mini account” with $250. The number one reason new traders fail is not because they suck, but because they are undercapitalized from the start and don’t understand how leverage really works.

Don’t set yourself up to fail.

We recommend that you have at least have $100,000 of trading capital before opening a “standard account”, $10,000 for a “mini account”, or $1,000 for a “micro account”.

So if you only have $60,000, open a “mini account. If you only have $8,000, open a “micro” account. If you only have $250, open a “demo account” and stick with it until you come up with the additional $750, then open a “micro account”.

I will be greatfull for all replies and help

There are many reasons why new traders fail quickly but it is certainly true that the risks they take in terms of leverage are truly staggering and it is almost inevitable they will take a fatal hit

[kagein]

If your going to start with $300 there's only one broker you should be considering and that is oanda. They allow variable lots which allows you to adjust your risk up to the last cent.

[Babysteps]

Originally Posted by daydreamer65

You will not survive too long in the market if you trade with
a pip value greater than 10 cents.

It is a long haul, but keep your eyes on pip count not monatary
gain, until you can bring your account up to a large enough level.

Learn to trade not gamble.

Could you please give me the names of other brokers besides Oanda that allows to any size trade such as 10 cent per pip and will be cool if this broker offer MT4 platform

Thanks so much

[kagein]

You wont find a reputable broker other than oanda who allows that kind of position sizing. You could use mt4 for your charting and oanda to place your orders.With $300 as your opening balance oanda is really your best bet.

[BarryPips]

Originally Posted by Babysteps

Could you please give me the names of other brokers besides Oanda that allows to any size trade such as 10 cent per pip and will be cool if this broker offer MT4 platform

Thanks so much

For the 10 cent/pip brokers I have seen both Alpari and Interbank FX who use Metatrader 4. In both cases you can use lot sizes (at least for demo...which is where I am) of .01 giving 10 cent pips. I know NOTHING of their real trading policies, record, etc.

Speaking of this, the other day I was house cleaning and I found 11 cents by the washing machine. More money than I had made demo'ing, but I'm still trying.

Barry

[Josef Benjamin]

In response to Interbanks trading methods...yes, you can start off trading with just a penny a move if you have a much smaller account size...I know this b/c it's the way I started for a couple of weeks. It's good for practicing and getting a head start on learning the actuall game, but not much more than that. If you want to make money, then you need a much bigger acount size...atleast a grand as some else here mentionned...perferbly 5k to make some decent returns each month without presure.

But that's just me, I can live off of 500 - 1k a month easily and live a very comforatable life style...so it all depends on your means of living.

[Trade It]

I wouldn't consider myself as a newbie but I did open my trading account with $300. Trading mini lots. I usually trade 1 full lot for majority of my system, if I'm only 75 to 80% sure, I'll open .5 lots and still make a little bit of profit.

I really don't think the main problem is undercapitalization(is that a word LOL) but I think new traders have unrealistic expectations. I demoed for 3 years before going live. All of my demo accounts were opened with $250. Because I knew I would at least put that much in.

When I first started out, I figured if I could just make $15 a day, that would be more than I had. When I doubled my account, I doubled my goal to $30 a day. Now, I just trade my system and what I'm happy with making for the day. I don't want to get greedy. As that is the main reason for failure in my opinion.

I don't even look at pips anymore as pips to me are not as important as lot sizing. Its all about size right? If you don't think so, ask your wife or girlfriend.

Trade well everyone!