Advice for brand new trader...

[pippinallover]

Hey guys, Started reading the baby pips school and its really informative and great. Just have a few questions about the different brokers and account types.

I have been hearing about "Cents Accounts" where the minimum initial deposit is ridiculously low such as $1, Is it possible to actually do anything meaningful with these types of accounts?

Also, A micro-account being the only kind I could really afford with the deposit being $1000, Would I be able to grow that amount to eventually open a mini-account for larger margins?


Thanks.

[mytwopips]

Yes, and yes.

That is how I started.

[Yarcofin]

"Is it possible to do anything meaningful with these kinds of accounts?"

Obviously if you invest $1 you aren't going to live off the money. If you DOUBLE your money, 100% profit, you will only have $2.

$1,000 is getting there, but the reward doesn't really even seem worth the effort.

[trader123]

Originally Posted by Yarcofin

"Is it possible to do anything meaningful with these kinds of accounts?"

Obviously if you invest $1 you aren't going to live off the money. If you DOUBLE your money, 100% profit, you will only have $2.

$1,000 is getting there, but the reward doesn't really even seem worth the effort.

Hi just went into your website and was pretty impress by your track record. We are few of the traders who have guts to post our trades into website for the world to see.

By the way, how do you post your signature? I do not see the signature function in my user profile.

[daydreamer65]

By the way, how do you post your signature?

You need 50 posts.

[trader123]

Originally Posted by daydreamer65

You need 50 posts.

Ok thank you.

[pippinallover]

Originally Posted by Yarcofin

"Is it possible to do anything meaningful with these kinds of accounts?"

Obviously if you invest $1 you aren't going to live off the money. If you DOUBLE your money, 100% profit, you will only have $2.

$1,000 is getting there, but the reward doesn't really even seem worth the effort.

Well, theres no chance I could free up $5000 right now to risk. From my understanding, with $1000 is different because even 40-50% profit is 400-500 dollars so I do not understand the risk isn't worth the reward.

[NewFX]

$1000-3000 is pretty much the base for any meaningful trade in forex markets.

You could start with $100 or so, but that's like having a demo account -- You'll be learning to trade from trial and error but won't be making much to count as 'profit'.