I just got MT5 and started a demo account and have been trading it.
When I started the account, the leverage option I choose was 1:50 or something like that but when I go to place a trade, I’m not sure if its actually using the leverage or not and I can’t find the leverage anywhere in the MT5 app. I just want it to be as near to live as possible you know, so I can practice accurately.
Ok so I’ve read that its probably not the best to start an account with a low amount because you’ll have to trade with quite with a lot of leverage, but I’ll probably have to start low.
I’ve been doing some research and there are tons of brokers to choose from so I don’t know a good one to choose. What is a good one with mico lots?
I’m starting to understand the lot sizes and how much they cost like if you type 1 in the volume bar for the buy, it cost 100,000. So lets say hypothetically I had a $100 dollar account size and I put in a buy for 0.01. How much leverage would I have to use? And with that leverage, how many pips would it take to blow the account if it went the opposite way?
So far, I like watching the 15 min for buys and do a little analysis by looking at the 4hr and settings up trend lines. I use the MACD histogram, Stoch Oscillator, and Moving Average on the chart and know some basics on how to use those. With the moving average though, I don’t know what parameters to use on the charts though. Should I use a different size moving average for different timeframes? If someone could give me a basic idea of what I should set those, it would be nice.
Do lines of support and resistance work with forex? So far I can tell that when the lines cross on the MACD histogram, it normally indicates a reversal and that normally plays out.
Yeah I don’t know much but I would love to learn, and I know many people blow there accounts in the beginning and I can’t let that happen. So I’m just going to continue to practice on the demo account on MT5 and look for good strategies.
If anyone knows a good place to learn different ways to trade, it would be really good of you to help. I like the idea of intraday scalping and not holding a trade for too long.
I know a little bit about tech analysis but of course I am no expert. I halfway know when to take the trade, but finding a spot for the TP is another story. I’ve had a few lucky ones where I let it ride and it hit my TP.
Is it best to just press the buy button, instant buy, or to set a limit buy?
And one more question… How much could I expect to earn on single trades with a small account like $500 or less, with 0.01 lot sizes.
I’m looking for trading strategies for a small account that is halfway safe and not just gambling.
Thanks for the help!