hi, let's say if i use $1000 capital deposit in forex. Yes i know that high risk play with forex , win or lost the deposit that for sure. just want know more .for 1 day trading with this capital how much the higher profit i can accumulated from this trading after all the calculation . Can all suggest that $1000 is the good starting deposit for play forex. As i knew the more deposit in forex the better return in profit if win the position cos of the high leverange of the broker. How about with this deposit $1000. let sy if i only play in buy &sell criteria.
question 2) I am new in forex still learning at the platform, today i got a little idea on this platform but still not very sure on making a order.
for example with buy &sell one currency . I click buy then what i need to do next? Order & market order ,i look at the platform Which i need to use to place a order . What I need to do in this area mentioned when I click on buy the currency & how I can sell it back ,the rest what i need to do. pls adv . Thanks .
The ***iest member of the FX-Men
Superior Master Contributor and Member
First let me say welcome to the forums. We're glad to have you here.
From reading your post, it sounds like you may be jumping into real trading a little too soon. To be completely honest with you, if you are having a hard time executing an order, you definitely should NOT be putting your real money at stake.....yet! Most platforms offer demo accounts for this very purpose. I suggest you practice executing trades on a demo account because it will help you familiarize yourself with how to enter and exit trades.
Now regarding your $1000 starting capital. While most brokers do allow you to open accounts with very little capital, I would highly recommend that you reconsider trading until you can start with at least $5000. And even at that stage, you should open a micro account as opposed to a mini account.
I think a good lesson for you to read if you haven't done so already is our leverage lesson. This will explain the dangers of opening an account with very little money.
My intent on this post is not to scare you, but rather to inform you. Yes you can trade with a little amount of money, but if you are in it for the long haul, then you want to make sure you start off on the right foot. And by starting off on the right foot, I mean that you should never be undercapitalized. There is no rush to jump into the FX market. It isn't going anywhere Take the time to build up your account and as you do that, read every bit of information you can on trading. Learn as you build your account. Not only will you save money from dumb trades (we all make them), but you will be 10 times smarter by the time you have enough to start trading real money.
Practice practice practice before entering with real money. I cannot stress this enough. Demo trade for as long as it takes you to make consistent profits before going live. This will save you TONS of money and heartache. Trust me, while it's exciting to trade with real money, it's far from fun when you watch your account get eaten away!
I hope my post has helped and I wish you the best in your trading career. You can learn alot on these forums from the experiences of other traders. Use it as a guide for you as you continue on your journey.
I'd just add that I have been Demo trading for a YEAR.
not a month, not two, but an entire YEAR (had a break or two in the middle though).
just nowadays I'm about to open a real account and I still feel a bit frightened about it for it might be a little too early.
make sure you can earn a lot of demo money before jumping in.
and about your first question, regarding the amount of money could be made - theoraticly, it's unlimited. you can make 100,000,000 dollars in a day with the right leverage and the right trade at the right time (if there's a world war III for example). but as you can guess, this things don't tend to happen. you can go to a casino as well and put all your money on one number in the rollette.
and of course, it all depends on your account type, number of lots and leverage. check out the link pipdiddy gave ya and you should understand.
I find the beautiful thing about forex to be the fact that you can start up with very little money and still be able to effectively exercise proper risk control.
More specific to ramzu's question, you could open up with 1000 but just make sure you do it with a broker that allows you to trade MICRO lots, where pip values can be as low as 0.10/pip. This is the great thing about forex.
In the above scenario your intention and focus is not the money. Respecting proper risk with this kind of initial deposit will not make you much money, that's for sure. But no matter...your focus MUST be on the process. That is, understanding how your platform works, recognizing low risk, high probability set ups and acting on them with discipline. Invest in your education and the time it takes to acquire the appropriate knowledge, then DEMO DEMO DEMO.
Follow the right process with discipline and the money becomes a natural by-product of that process.
Thankx for a good adv. I 'm still in the demo for a first 3 days. I haven't open the real a/c . I wrote above just to chk how its ok or not to play with $1000 deposit . And I a'm sure $1000 is not the good capital to play with forex. 5,000 should be fine right? and $10, 000 should be better.
and $100,000 should be the best . Maybe i"m right. BUt chk from the website looking at starting at $250.00. DO anyone try this in real trading . DO ur win or lose with the above capital and could ur make $500 profit in a day trading let say if you win at the $250 investment.
I"m losing so much in this demo a/c about 20,000 in just 3 days. means I need more months for practising. Practice until i will come out to 100%
profit makers in demo a/c then will move to real. that for sure.
And the rest beginner, pls do this. Just want to know more, how about the leverange and margin in $5000 deposit . DO ur think with this capital
broker can provide a good leverange . SO what a the best website do ur know that forex broker will provide with the best leverange . I chk few w website noticed they also provide online platform trading . DO you think this is a good idea to use online platform or the one i download like fxcm trading stations. or i just concerate on this platform alone. Plv adv.Thanks alot.
Best leverage? What do you mean by this? 100:1 compared to 50:1 isn't really better leverage, just more. In general I think it is a good idea, especially for beginners, not to use more than 100:1 leverage. Most brokers have at least 100:1 leverage. You shouldn't choose a broker based on leverage alone. There are a lot more things to consider when picking a broker. To just name a few: spreads, fills, charting packages, and the list goes on. I think finding a broker this soon in the game is a mistake. Just learn to trade and worry about your broker later when you are ready to make the step to live trading.
ok . need a guide in on this subject. I'm using the demo a/c right now
using the fxcm trading platform. I create a order selling USD/JPY with the amount $1000. immedetely I look at the platform stated below
and started to minus in pl &pl gross.
AMT : PL Gross used margin time
1,000 -40 -338 10,000 12/21/2006
From the above criteria .
I still confious about the time in the platform. AS I now the time stated in the platform is the time that I make a order. How about the
when the order i putting will stop? do i need create a time for make a order stop at the specific time . OR it stop automatic by the flatform.
after currency market close on the next day or when ?
let say if it close automatic at what time ?
that I 'm still confious. Pls adv thanks.
You have to manually close your position or put in a T/P (Take Profit) and/or S/L (Stop Loss) and if any of those numbers are hit then the position will be closed. To my knowledge you can not have a position closed on a specific time of the day.
Please refer to 12th Grade for more information on Market Time.
[QUOTE=swordofrue;1477]You have to manually close your position or put in a T/P (Take Profit) and/or S/L (Stop Loss) and if any of those numbers are hit then the position will be closed. To my knowledge you can not have a position closed on a specific time of the day.
Please refer to 12th Grade for more information on Market Time.[/QUOT
For example if i buy & want to sell back the Currency. I can close the
position anytime by myself if the selling value are high in the pair.
example within 5 minutes sell price high ...i close the order. Right?
BUt I don't see the T/P(take Profit) and/or S/L (Stop Loss) in the
fxcm 11 that the demo I have now. So how to T/P & S/L .
OR I just need to close the order. (Can I do this).
Still Confious ..pls adv ..thanks