Beginner to Forex and have some important questions

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!

All trading involves the risk of some losing trades. Unless you have a strategy with a 100% win rate (which is unachievable at this stage) you are guaranteed to have some losing trades. These might be not because you did anything wrong, its just that sometimes the market will do the less probable thing compared to what you thought.

So every strategy needs a plan to limit your losses, usually through a stop-loss.

In general, high win rates (but low gains per winning trade) come from -
trend-following
longer time-frames
additional confirmation signals from the chart

In general, high returns per winning trade (but low win rates) come from -
trading reversals
trading news
shorter time-frames
entering live, rather than through pending orders

TA was developed on D1. TA works less reliably on shorter time-frames.

Many traders use price action to select a target ad a technical indicator to select entry timing. Long-term this doesn’t work. Indicators are useful to confirm targets.

1 Like

Hey thanks for the reply. Ill save this.