What is recommended minimum amount to start trading…You can’t start with $100 can you? Is this site strictly for people with lots of money? :rolleyes:
I think a good amount to start with would be 1,000. I think you could probably get by with a starting balance of $500 with micro lots. Baby pips recommend 1,000 for Micro, 10,000 for mini.
What is recommended minimum amount to start trading…
That depends on every person investment. I do not think there is a recommended number, you can always find a broker and trade with as little as $1 - As long as you can setup your lot size according to your initial investment, and when your account grows, move to a more advanced broker.
You can’t start with $100 can you?
You can start with 100USD. You will have to stick to overall money management though, and I assume that the broker allows micro lots. Remember it is safe to risk 2% only per trade as average cost of trade.
Is this site strictly for people with lots of money?
That’s false, many people trade micro, I trade micro lots. and I do demo trading. There is no “Strict”, the site is for learning and informational purposes, and sharing knowledge between traders. The money factor does not play any role here.
Marketiva for example; a broker that allows you to start with 100USD, but please stick to overall money management regardless of your investment.
I want to add:
Please do not invest more than what you can afford to lose.
I will even refer to Babypips school as it explains this better:
http://www.babypips.com/school/protect_yo_self_before_you_wreck_yo_self.html