Hi there,
My name is Eddie, I have been learning and studying FX since aug 2010. I finished the babypips school, practice with some demo since then.I currently own small construction business company, so most of the time am on field, looking into forex as alternative income, am willing to go further and pursuing it full time if possible.
I have read through the forum and see how you may/or not succeed on it. here people do not like to disclose what they make, interm of money, instead of using pips or pippete.
The reason why i mentioning is some indivisual go live with $50,100, etc i’m looking at this as the same as demoing.
how can someone advise me since I want start with $2K at least for 3months and open another account with $10K after being compentent open another at least with $20k.
I do understand that it has been stated clear that we should start with small amount, and I feel to start with large amount will make me concentrate learning and be serious with.
another qn is: After being compentent with the market and the business, is it a good idea to trade a single account with $100k 0n it or just open a multiple acccounts with at least $10k on it.
NB: I will be trading from Kenya, and ooh sorry for my english for not being fluent!
How much you want to invest is completely up to you. A small account size can be something completely different to two people. It is good that you have been demoing and want to go slow. As for opening up one big account instead of a few small accounts, I don’t see the point. If you see a trade opportunity, wouldn’t you want to make the most you can on it with your full capital? Anyway just my 2 cents.
The most important thing about any account is not the size of the account but the amount you risk per trade, i.e. money management. Most advice is 1% or 2% risk per trade. Above all you must first develop your confidence in your trading strategy, once you have done that and you are making consistently winning trades, you will easily be able to decide on your account sizes, it will just come naturally based on your confidence in how much you think you can win.
All good questions. And frankly, I have not the one answer. There are advantages and disadvantages whatever you do. So, you must decide. I’d start smaller. Say, not too small. If you have 50k spare capital. take 1k or 2k as you mentioned and try. If it works for say 1 year or better two, you can always add up. Plus: If forex is that great as income for you, then it doesn’t matter what is your starting cap.
So then, with a smaller amount you can also start with just one broker. Later I would split that. Never put all eggs in one nest. Particular with a lot of value. 2 or 3 however would be reasonable as upper limit I guess. Though, I trade with bots. So, it doesn’t matter to me. I can let run the bot in several accounts the same time.