I’ve been a fairly long time lurker here on these forums.
Several factors ,which mainly includes the friendliness and support that everyone provides to others, encouraged me to sign up and introduce myself.
I am an IT professional during the day and plan to start forex trading as soon as I find myself ready and qualified. For the past couple of weeks, I have been going through the school of pipsology which imo is the best and most elaborated resource for beginners like me. Thank you Babypips
I am planning to trade on Forex during my freetime which is mostly after working hours (starting at around 15:00 GMT). I will go with long term trades since I believe it is best for starters.
I have been practicing using a demo account for the past 2-3 weeks and so far so good. I still need time to get used to all of that techie stuff and terminology :eek:
Thanks everyone and I hope I’ll be able to contribute to the community somehow
Welcome. Don’t worry about all the techie stuff, you’ll soak it in really easily. I was also in IT. Its important for us to retain information lol. I remember having the hardest time trying to differentiate buy limit, buy stop, etc. but then it just clicks. I started learning about 5 months ago and I must say, I KNOW for a fact, that putting more time and dedication into this will make my future bright. I feel like I already know so much at a early stage but knowledge is limitless. This site is VERY resourceful.
I’ve been reading about why it is not safe to start an account with a low balance such as $100 or $200. Is that because of the risk of a margin-call or is there some other factor here?
Don’t drink Starbucks mocha lattes for 10 days, use the money to fund an Oanda account. Voila, a cheapo live account with the freedom to use however many units you want to use.
I have a mini account under InterbankFX. You can use lots as small as 0.01
They only way to get a margain call with $100 acct using 0.01 lots is if it went 10,000 pips in the wrong direction (never should anyways as you should always have a stop-loss). Money management is a very important aspect.