$5000USD to start, what should I do?

[SEEpip]

Originally Posted by 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

I think theres risk in any broker you use, the guidelines set my the govern officials is to have over 5M in capital. This I consider to be a borderline amount. I use big brokers, although not guarentee, but I feel better 100M or more- this forum has a thread on Rank Your Broker- dishing out there financial statements. Make sure they ARE REGISTER with someon, although that doesnt mean anything either, but it makes me feel better, and that is what this is al about - making sure you feel good about all this .

I use Oanda. A powerhouse backing of luke warm cash! Doesnt mean the lower CAP brokers are bad, but IM all about highrollers and protection.

If your book is borderline 5 MIL, becareful - research! They will increase this amount soon too, so dont think 5 M is safe.

bank it-
SEE

[pipwrangler]

I agree with deadalus. If it is not worth your time to prove you can trade wiht pennies to gain a track record save your dollars retirement!

[mromanuk]

Originally Posted by conan

ok, guys, i have around 5000USD to spare to invest into FOREX and i am deciding whether I should join Oanda or FXCM.

i would like to ask, is 5000USD sufficient enough to use a 10:1 or even a 20:1 leverage?

i would like to trade long term and may only open 10K-30K at a time.

thank for your help

Hi, I'm new here too. Maybe you could read this:
Leverage the Killer | College: The Number One Cause of Death for Forex Traders | Learn Forex Trading
It helped me to find an answer to the same question.

Regards,
Martin