$5000USD to start, what should I do? - Page 2
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  1. #11
    Join Date
    Dec 2006
    Posts
    9
    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.

  2. #12
    Join Date
    Dec 2006
    Location
    Wichita Falls, TX
    Posts
    2,805
    Quote Originally Posted by allinger View Post
    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.

  3. #13

    Default I am New for trading..........plzss help me seniors.

    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.





    Quote Originally Posted by tradeguru View Post
    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

  4. #14
    Join Date
    Dec 2006
    Posts
    184
    Quote Originally Posted by naveentrader View Post
    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

  5. #15
    Join Date
    Feb 2007
    Posts
    653
    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!


  6. #16
    Join Date
    Nov 2007
    Location
    Germany
    Posts
    17

    Default Is My Money Safe In Brookers Hand?

    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








    Quote Originally Posted by naveentrader View Post
    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.

  7. #17
    Join Date
    Oct 2007
    Posts
    476
    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.

  8. #18
    Join Date
    Apr 2008
    Location
    Florida- USA
    Posts
    15

    Default FXSOl vs Oanda

    Quote Originally Posted by conan View Post
    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

  9. #19
    Join Date
    Apr 2008
    Location
    Florida- USA
    Posts
    15
    Quote Originally Posted by rhodytrader View Post
    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%!

  10. #20
    Join Date
    Apr 2008
    Location
    Florida- USA
    Posts
    15

    Thumbs up Find a Trusting Mentor

    Quote Originally Posted by pipbull View Post
    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

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