I have been studying and using practice accounts for the better part of 6 months. I was finally banking pips, had a well disaplined trading plan and minimizing losses. I had set up my practise account for $200 equity at 50:1 leverage and that gave me $10,000 to play with. I used the demo accounts to try different strategies, quality of signals, indicators and ea’s. I reached a point where I used the demos as like I was using my own money and through conservative trading, I was growing my account. Now I am finally ready to pull the trigger on live trading. I used $200 for funding the live account
Well, now for the fine print I didn’t read. After connecting to the live server, the margin and equity showed $200. The other ‘surprise’ was the currency pairs weren’t a fixed 50:1; they varied from 50:1 down to 20:1. I am trying to figure out what to do next. I’ll die of old age trying to make money with $200. The obvious answer is to invest more money. Does anyone have an idea on how to grow an account this small?
Trade 1% of your balance. 200x1%=202x1%=204.02x1%=206.06 etc. As your trading improves move up to 2% and so on. There’s no quick solution no matter how much you money you throw at your account. Worry about conserving your balance. Also check for other brokers that may operate differently. Hope that helps
Gp
My trading so far has been based on 1% of balance. I want to stick to that disapline and count on the compounding interest factor. I am trying to find more dough which is ultimately the solution. I chose Forex.com as a broker due to the fact that there in the US. Has anyone used a broker that matches deposit?
Hang on, Hang on…
Did you think that you could deposit $200 and have the equity say $10,000 ? hehe
Mate,… of course if you start with $200 your equity and balance is going to be $200.
the broker is not an idiot , they won’t just give you $10,000.
when you get 50:1 leverage you are given the ability to control a larger amount of funds, but when you are paid out , you are paid according to your level of investment.
the only difference is , you get to trade with larger lot sizes so that you get a larger return.
but why would you think someone would give you $10 k if you give them $200
@rjbabcock
Mate, if you meant that you are looking for a broker that gives you the largest bonus for trading.
My god, Mate
this is not even worth commenting on
Like @Falstaff said, Yeah… Don’t even go there
the only advice i can give you is DON’T DO IT
as hard as it is for you to understand that if a broker gives you $50 bonus or $200 Bonus and your view is "if it’s free why don’t you take it"
as hard as it is for you to understand why you would not do this… TRUST ME , DON’T DO IT
forget about it completely
Exactly. Before you know it you have a bankroll and the experience from trading will be invaluable when you have the bigger bankroll. Stay the course slow and steady
Gp
Being a retired engineer, all the charts, indicators, etc were easy to grasp. The financial aspect was kind of difficult. I posed a question about the relationship of margin, equity and leverage and Martin_k gave me an answer that was easy to understand. Now that I opened a live account it’s all VERY clear.
I did some serious data mining regarding ‘matching deposit’ brokers and most of what I found were nightmares! I guess the old saying 'If it sounds to good to be true…’ I’m going to stick to the trading plan I have developed slowly grow my account
Thanks again for all the input
hi mate
for a moment (no offense) i forgot who you were. but not i recall
as for this…
yes i agree, i’ve been down this road
then this…
Actually this statement is outdated and not correct or applicable in this situation. do not follow the rule of if it seems too good to be true etc etc
Nikola Tesla once proposed the idea that he could shoots lightning bolts at his head and survive,… AND HE DID IT… didn’t he ?
that was definitely too good to be true, and even in that time.
No mate, forget that saying, that’s my advice to you from one who trades successfully
i relate that saying to people who also say “it’s too hard, it’ can’t be done” hehe, and we know how that works… don’t we mate
so yes…
Very smart
Very Logical
Tweak 1 thing at a time if you need to and analyze the results of the change
Create a flow chart to follow (that’s why i did) it keeps you on track
if you need any help, ask… ok
oh… and forget that free crap… ok
seriously
As one Engineer to Another… that free crap is a distraction designed to keep you Not profitable.
even if you win, you are in a trap… forget it and ignore it completely , i don’t care if they offer you a Million dollars… do not take it
Mate I think there is something wrong. Like all who we are doing forex business is not a mad nor a fool. Though a broker still they are intelligent at their point to make profit. Why will they give you $ 10K! Don’t you think something really fishy? If it is bonus then for investing $ 200, 100% bonus amount could be $ 200 but not more than that. Don’t see dream in day.
That is one old saying which still has a deal of validity - unlike some which seem self evident for our purposes like “Nobody ever went broke taking a Small profit…”
I’m pleased you did your own research on “freebies from “bookmakers”…”
I beleive it was Einstein who said “Compound I nterest is the Eigth wonder of the world”.
I think you’re doing it right. As you prove your system, start making consistent profits and your reliability is proven, you can revisit your account funding later if you feel the need.
Try to concentrate on your invested capital first. And here you will get immense opportunities to multiple your small investment but you have to be very alert and don’t be panic. Yes in the mean time try to recover your capital and then moves to a broker that will provide facilities on diverse scale.
No you won’t die to make fortune with 200$. All you need is to be skilled in trading. Prove yourself by making consistent profit for a year. Money is not a problem at all. If you have a good track record, you will find a lot of investors. But don’t try this without making yourself a pro trader.
I did think something was rather fishy. That being said, I have been in other business situations that I was given money to use and at the end of the day, I still owed the principle. I am a little pissed at with my broker on the carefully crafted responses and being very vague with direct questions. I guess I was blinded by the potential riches. I think I will be able to grow an account but it’s going to be a longer road than I had planned on.
indeed it will be a longer road
and
indeed they are carefully crafted responses
I’ve learned to get past the BS of it
I have brokers calling me all the time, in a way it’s good , in a way it’s annoying
it’s annoying for obvious reasons
it’s good because i’m exposed to the technology of BS out there and i know what to listen for.
i can now identify an account manager that doesn’t have a clue and one that does so you approach them differently
and then i can also identify when someone is so new that they are honest hehe
and they’ll company secrets slip from time to time, but they themselves do not realize they are puppets in a bigger game
at the end of the day a broker that doesn’t call you and that just let’s you trade is a good broker in my opinion,
one that doesn’t “Just touch base to see if everything’s ok” Kind of BS
As if they gave a rats to begin with hehe
i actually (a long time ago) had a guy that was so stupid… LISTEN TO THIS…
i THINK I HAD LOST AROUND $7,000 AT THE TIME
and he calls up and says “Hi Martin, just touching base to see if everythings ok and if i can do anything for you”
and i jokingly said “You can return that $7,000 into my account” LOL
AND HE SAID THIS…
"Ok, let me go away and speak to my manager and see what i can do “
No Kidding, he gets back to me 3 days later and says
"I Spoke to the manager and he said, UNFORTUNATELY we can’t actually do that”
HE ACTUALLY ASKED
it’s funny, a week later i was told “he is no longer with us” I wonder Why ??
some people are so dumb
Imagine i actually got the money credited to my account , that would be funny.
but sadly it didn’t happen.
