Helllooo all senior members… all respectable fellows… i recently loss my 1450$ account in Octafx last week. Because i am a student so it was too big volume for me… Now because of too much big loss (for me) i want to start again with instaforex… i have some questions to Experts and also Senior Members…
1- Can i start a new account with only 100$?
2- If yes then with what volume i start trading?
3- With what leverage i start?
4- With which currency or metal i start trading?
5- I bought an indicator called Pivot Point (PP) Can anyone tell me how can i use this for getting benefit from this indicator?
I shall be very thankful to all of you who help me…
1- i think the answer is yes, instaforex as far as i remember do take minimum start up amounts
2-What volume is for you to answer depending on your mental and financial risk profile, but if you start with $100 then i would say your risk would be well managed with $1 per trade max if the commissions and spreads allow it. If commission is too big for this amount then you need to either increase the start up amount to around $500 and trade with $5 per trade or find a better broker.
3-it is not important, since you control your risk with your trade size in comparison with your capital and your stop loss. Let s just say 1:100 is okay. Instaforex offers 1:500 if i m right, in this case trade with $1 per trade only for the $500 account. (0.20%).
4-Thats is up to you, but if you like to keep it simple, just stick to the majors ($/Yen,EUR/$,GBP/$) for currency and gold (XAU) for commodities.
5- i think it is covered in the school of babypips: Forex Pivot Points
ps: no need to start with a new broker, nothing stops you from re-trying with Octafx agian. It is a very strong tool to re-learn through sticking to your broker, so as to avoid making the same mistakes again with a new broker.