Hi everyone. My name is Eric and i’m 44 and used to day trade stocks in year 2000 for a year until i left it.
I want back in. This time thinking of FX trading. I have very limited capital (±$500) but want to take it slow and will do whatever it takes to succeed.
Any advice will be greatly appreciated.
Regards and good luck to all.
Eric
Take it easy. One step at a time. Forex is highly speculative, nothing is guaranteed, ever, and damn hard work to reach being a breakeven trader, so expect at least 6 months of challenging agony ahead.
With $500, only trade the micro lots e.g 0.02 - 0.04 max, set a max leverage at 1:100, keep risk at 1% max per trade, and never overtrade, so set a daily risk limit and stick to that, whatever. Easy to say, but control your emotions by e.g.treating trade outcomes in percentage terms, not money.
best of luck.
BTW, I have more freedom trading a live $1,000 account - gives me breathing space if suffering a series of losses - or gains, when I can increase a lot size.
Thx Steve.
Hi Eric,
I’m in a similar position, was introduced to FX in 2012-13, then stopped. Do you remember why you left it? Were you making gains overall?
I started in stocks and was laid off 2 weeks before 9/11. Worked in one world trade. I would have been more successful if I followed one strategy. I
loved what I was doing. Was low risk according to the person that viewed my trades that was training me. I was losing little.