ok, guys, i have around 5000USD to spare to invest into FOREX and i am deciding whether I should join Oanda or FXCM.
i would like to ask, is 5000USD sufficient enough to use a 10:1 or even a 20:1 leverage?
i would like to trade long term and may only open 10K-30K at a time.
thank for your help
If you want to trade long term you will have to have very wide stop losses. With $5000 you should open up a “Micro” and make sure you don’t over leverage yourself. I know FxSol offers micro accounts, but I’m not sure if Oanda does. I know FXCM only offers mini accounts. A micro account will allow you to take huge swings so I think it will suit your long term trading style.
Hope that helps.
Oanda allows you trade micro lots and even smaller if you wish. I agree with fanatic. If you gonna trade with a 5k, stick to FxSol or Oanda although they’re not my first choice. Due to your initial capital, you already limit yourself to broker choices.
I would NOT even think of trading mini lots with 5k. That’s suicidal. You will not last long in this market.
so should i best apply for a ‘1k contract size’ account at FXSOL???
FLEXI Contract
Contract Size…Currency Units
1K … 1,000
5K…5,000
10K (“Mini” Contract) …10,000
50K…50,000
100K (“Standard” Contract)…100,000
With only $5K USD, I would stick with trade 1K unit lots. You can practice sound money management this way - one of the keys to survival in this game!
i would recommend you FXCM as i am also trading with them. 5000 USD is good amount to start and you can make money. i am not sponsoring them at all. it is there simplicity and easy trading station that will facilitate you. start there mini trading account but first if you have traded some strategy on demo and know its rule and have confidence in that along with pure money management both in lot sizes and stop losses along with selection of currency pairs. if you dont have than this would be a sure way to destruction what so ever your broker may be.
hallo guys, thanks for your opinions. some of you are telling me it is Ok with 5K and some of you are telling me what to trade. i am really not sure what to do.
can you tell little bit about your trading experience.
i have been playing with the FXCM demo account for one month
Conan,
What has been your experience this past month?
I would recommend that you practice some more before you try real money.
Come up with a workable trading plan, practice, back test it and don’t go trading real money until you are consistently proficient with practice money.
Some recommend that you demo trade for at least 3-6 months before you try with real money
My 2 cents
Parade-rainer…
Have you ever considered why most brokers have a 20-day limit on your demo account? Preferably you’ve gotten into the groove on 20 days (which is too small to witness any significant swings) and are ready to go for the big time!
Based on my knowledge of the on-line brokerage market… - sign up for another and yet another test account until you feel confident in what you are doing (i.e. having risk&money management in place, stop policies etc.
Actually, Oanda offers an unlimited demo account (FXGame), so you can practice trading for as long as you like without having to worry about getting cut off.
I’m also a fan of Oanda for small account traders. They don’t really have “lots” - mini or micro. Their lot is 1. By that I mean you can trade a single EUR, GBP, AUD, or USD. That gives you enormous flexibility in setting your risk on any given trade.
And because Oanda has no minimum account size, you can actually start live trading with a really tiny account to at least get a feel for what real-money trading is like. I’m sure most of the experienced traders here would agree that paper trading is not the same.
How can i be a professional in trading.where is the place for practicing …where is the Demo money for trading and place to see the tradings where ever one is Doing.plzss any one help me withthe details…where to go and wat to do.
Thanks in Advance.
My friend did you read the babypips.com website? It will answer these basic questions for you and then some. If at that point you still have questions feel free to post them here. You will not find simple answers here because there are none to give. You must research and study then ask
conan,
Good luck with all of this advice. Every opinion is personal to that person. (bet that wasn’t hard to figure out). Ask 100 people, get 100 different answers. One is not wrong, and the other right. They are all right to the person who has it.
I believe in the end, you will do what you think is right for you. Many will most likely disagree with your choice. Just don’t ever stop, your financial future depends on it.
Happy trading, Good Luck!
I am new into this business and i have read alot of saying that one must not invest the money he can not afford to loss.This i can understand but my incase of wrong trading and so on but my question is this.IF I HAVE A HUG SUM OF MONEY WITH MY BROOKER , IS THE MONEY SAFE_?. please experienced Trader talk to me on this subject.
A million thanks
What to do with 5k?
Put 500 bucks in your account and save yourself a 4500.00 additional loss.
If you can double the 500 to 1000 then consider adding more money. Until you can do that why risk your hard earned cash? If you can’t perform on small size you sure as hell won’t be able to with bigger size.
Save yourself the pain and take it easy with a small initial account size. Then if you blow it out you can refund it 9 more times.
I have ben at FXSol for years, I just cant believe it took me this long to change to Oanda- there is no comparison! But Im glad I did, Oanda’s got it going on!
Bank It,
SEE
AGREED 100%!
Another great sourse, Rob Booker, my Mentor- YOU got to listen to what he says, it WILL help you build your fundamentals. Highly recommended, ask me how to contact this guy or google him, LOTS OF FREE ADVICE! Hes truley one you can trust!
Bank it-
SEE