$5000USD to start, what should I do?

[allinger]

Parade-rainer...

Have you ever considered why most brokers have a 20-day limit on your demo account? Preferably you've gotten into the groove on 20 days (which is too small to witness any significant swings) and are ready to go for the big time!

Based on my knowledge of the on-line brokerage market... - sign up for another and yet another test account until you feel confident in what you are doing (i.e. having risk&money management in place, stop policies etc.

[rhodytrader]

Originally Posted by allinger

Parade-rainer...

Have you ever considered why most brokers have a 20-day limit on your demo account? Preferably you've gotten into the groove on 20 days (which is too small to witness any significant swings) and are ready to go for the big time!

Based on my knowledge of the on-line brokerage market... - sign up for another and yet another test account until you feel confident in what you are doing (i.e. having risk&money management in place, stop policies etc.

Actually, Oanda offers an unlimited demo account (FXGame), so you can practice trading for as long as you like without having to worry about getting cut off.

I'm also a fan of Oanda for small account traders. They don't really have "lots" - mini or micro. Their lot is 1. By that I mean you can trade a single EUR, GBP, AUD, or USD. That gives you enormous flexibility in setting your risk on any given trade.

And because Oanda has no minimum account size, you can actually start live trading with a really tiny account to at least get a feel for what real-money trading is like. I'm sure most of the experienced traders here would agree that paper trading is not the same.

[naveentrader]

How can i be a professional in trading.where is the place for practicing ...........where is the Demo money for trading and place to see the tradings where ever one is Doing.plzss any one help me withthe details........where to go and wat to do.
Thanks in Advance.

Originally Posted by tradeguru

Conan,

What has been your experience this past month?

I would recommend that you practice some more before you try real money.

Come up with a workable trading plan, practice, back test it and don't go trading real money until you are consistently proficient with practice money.

Some recommend that you demo trade for at least 3-6 months before you try with real money

My 2 cents

[pipbull]

Originally Posted by naveentrader

How can i be a professional in trading.where is the place for practicing ...........where is the Demo money for trading and place to see the tradings where ever one is Doing.plzss any one help me withthe details........where to go and wat to do.
Thanks in Advance.

My friend did you read the babypips.com website? It will answer these basic questions for you and then some. If at that point you still have questions feel free to post them here. You will not find simple answers here because there are none to give. You must research and study then ask

[pipgod]

conan,

Good luck with all of this advice. Every opinion is personal to that person. (bet that wasn't hard to figure out). Ask 100 people, get 100 different answers. One is not wrong, and the other right. They are all right to the person who has it.

I believe in the end, you will do what you think is right for you. Many will most likely disagree with your choice. Just don't ever stop, your financial future depends on it.

Happy trading, Good Luck!

[NEWMAN07]

I am new into this business and i have read alot of saying that one must not invest the money he can not afford to loss.This i can understand but my incase of wrong trading and so on but my question is this.IF I HAVE A HUG SUM OF MONEY WITH MY BROOKER , IS THE MONEY SAFE_?. please experienced Trader talk to me on this subject.
A million thanks

Originally Posted by naveentrader

How can i be a professional in trading.where is the place for practicing ...........where is the Demo money for trading and place to see the tradings where ever one is Doing.plzss any one help me withthe details........where to go and wat to do.
Thanks in Advance.

[daedalus]

What to do with 5k?

Put 500 bucks in your account and save yourself a 4500.00 additional loss.

If you can double the 500 to 1000 then consider adding more money. Until you can do that why risk your hard earned cash? If you can't perform on small size you sure as hell won't be able to with bigger size.

Save yourself the pain and take it easy with a small initial account size. Then if you blow it out you can refund it 9 more times.

[SEEpip]

Originally Posted by conan

so should i best apply for a '1k contract size' account at FXSOL???

FLEXI Contract
Contract Size..........................Currency Units
1K .............................................. 1,000
5K................................................ 5,000
10K ("Mini" Contract) ....................10,000
50K.............................................50 ,000
100K ("Standard" Contract)............100,000


FX Solutions - Platforms

I have ben at FXSol for years, I just cant believe it took me this long to change to Oanda- there is no comparison! But Im glad I did, Oanda's got it going on!


Bank It,
SEE

[SEEpip]

Originally Posted by rhodytrader

Actually, Oanda offers an unlimited demo account (FXGame), so you can practice trading for as long as you like without having to worry about getting cut off.

I'm also a fan of Oanda for small account traders. They don't really have "lots" - mini or micro. Their lot is 1. By that I mean you can trade a single EUR, GBP, AUD, or USD. That gives you enormous flexibility in setting your risk on any given trade.

And because Oanda has no minimum account size, you can actually start live trading with a really tiny account to at least get a feel for what real-money trading is like. I'm sure most of the experienced traders here would agree that paper trading is not the same.

AGREED 100%!

[SEEpip]

Originally Posted by pipbull

My friend did you read the babypips.com website? It will answer these basic questions for you and then some. If at that point you still have questions feel free to post them here. You will not find simple answers here because there are none to give. You must research and study then ask

Another great sourse, Rob Booker, my Mentor- YOU got to listen to what he says, it WILL help you build your fundamentals. Highly recommended, ask me how to contact this guy or google him, LOTS OF FREE ADVICE! Hes truley one you can trust!

Bank it-
SEE