Hey guys im starting with a 500$ account and i need some tips like what levarage is the best for a small acount, with what lots to trade, and how many pips should i seek for a day.
$ 500 is proper amount to stat live trading first tip is to get prior experience on demo account so that you can use this amount in right way. In forex market thousands of amount can ruin in seconds. So best is for any trader to know the usage of trading essentials. He should get knowledge of money management during trading then he will get some profit from this amount.
What timeframe will you trade? What’s your average stop loss size?
I would stick to starting out with .01 lot sizes if you want to be as conservative as possible and gradually increase the lot size as your account (And knowledge!) grows. Always remember slow and steady wins the race. Trading a .10 lot size or higher can get you into trouble starting out; without stop losses especially. As a rule of thumb you shouldn’t risk more than 1-2% of your account on one trade. Stick to 1% every trade starting out. Good Luck !
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