Can someone teach me how to trade using £5
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No - the rest of this text is to fulfil the minimum post size laid down by BabyPips forum operators.
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I would suggest opening a demo account, you can learn to trade with $0.00.
Mathmatically, it is feasible although the odds are stacked against you. If a regulated broker offers a minimum deposit of £5, and maybe Mini lot sizes, you only have to contend with the spread and maybe commission on top. So, unless you guess right on your first trade with a risk margin of less than what’s left of your balance, you’ve blown your account.
I’m trading a small account of $63 since June that was left when I transferred money to another broker. It’s high was $85.74 and it’s low of $53.91. This is with a 100:1 leverage and currently a 0.01 lot size per trade with a risk of <$5 - which is higher than ideal.
It’s a great challenge to be able to manage a small account where discipline is critical. But it’s 10 times the size of yours.
Nevertheless, the live account experience would be worth every penny, IMO, as you’ll find out your emotional control level while it lasts. If you could rake up £10, you’ll get two stabs at it even if both lose.
Then you could educate yourself on this great site and practice and experiment on demo account while you save up enough to try live again.
Best of luck.
BTW, I exceeded the minimum post size laid down by BabyPips forum operators…
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It’s probably not enough and as for learning that’s going to take you a while
Brother please start of by going through the pipsology school here .
Plenty of content here and demo demo demo some more.
It’s a 0 cost lesson in trading chart analysis.
You can learn from the educational section of this site.
As you may learn over time, nothing beats experience, and if you want to learn forex trading, experience is the best teacher. When you first start out, you can open a forex demo account and try out some dry-run trading.