I have been Practicing for a while now, very “on” and “off” and i recently started contimplating about the first initial ammount to invest with.
I spoke to a friend who told me that it is better to open an account with -+ $5000 than $ 500. Maybe thats true, but i dont have the “cojones” to just fork over 5k.
Is it possible for me the little guy to start with a small account and succeed slowly but surely.
Thanks 
Ps.( Personal Testimonials would be very helpful)
Open is with whatever amount you are confortable with, you can always add more to it once you are confortable.
If you are asking can you make a return that you can live off, most likely not,
Your aim should be to aim for a 5 - 10% return per month.
The maths doesnt change regarding the amount you should be risking 1% or less (my opinion, some may and do risk more), and hence the gains likely to be made based on this risk.
Just make sure you have a trading plan in place, that details
Setups
Entry triggers
Exit triggers
Money management
Stop loss placement
Stop movement
At a minimum.
N
thank you for the swift reply “N”, it made things a little more clear now.
making 500$ grow is no different than 5000$, make sure that you choose a trading account that allows you to use small enough lot sizes to practice proper money management, i would say you’ll be wanting a micro account, 0.01 lot size.
Hello, welcome to the world of forex.
US$ 500 is a good amount of money to start with. Practice until you get profitable and then add more money. Limit your risk to 2% maximun per trade,and have a trading plan, and a daily journal.
With an a broker that allows micro or even better penny lots the only difference trading a $500 account or a $50000 is the amount of money you make or lose.
If you can’t make a $500 account grow you are not going to make a $5000 account grow;).
I would recommend you open your first account with the lowest amount you would be prepared to lose all of it without it hurting too much, and trade small lot sizes while you become acustomed to live trading.
Cojones???, o huevos… I opened a 500€ account 2 month ago, and as other have already say, if you can not make grow your account with 500€ you wouldn’t do it with 5000€. I mea, the question is how much are you disposal to bet?..
Tipical spanish your expresion, isn’t it?
Richard
What??? Does your friend even trade?
I opened my account with only $50 with Oanda. Even starting that small you only have to double your money 15 times to make a mill. And if you can’t turn 50 into 100 then do you think adding two more zeros will make you a better trader? Do you make money or loose money on demo?
I recently went live after several months in demo mode. I started out with a very baby account of 250 to trade 10c lots, MM gives me a good 50 pips against me before I lost 2% of my account.
There is a huge difference going from zero risk to $250, as I make this grow and get comfortable I will increase the account and lot size accordingly. But the bottom line is start out small and take the time you need to incorporate the new added psychological challenges to forex.
As the others have said, you should only trade with what you are willing to lose. Whilst in theory risk simply scales up with account size (i.e. 2% of $500 or 2% of $5,000) killing trades is hard. But which is harder, closing one when you’re at -$10 or -$100.
I’ve also seen it suggested that those just starting out lose because of accounts that are too small, but with micro accounts your risk is lower with the same pip targets. The only problem is the longer term trades where you want a stop loss of a few hundred pips, even at the smallest pip value on a micro this can be a restriction.
I would go with $500 if you can afford to lose it, but start saving up another $500 that you’re ready to lose as well so you’ve got something to re-fund your account with later on.
Odds are you will blow up that first account so make it a learning exercise, but just remember that you set the price of that exercise, so why pay more for it than you have to.:rolleyes:
Anyway good luck and happy trading.
I would propose you never put yourself in that situation in the first place.
I would propose you never put yourself in that situation in the first place.
Never having a trade that loses, or never trading? 
You’ve got to get used to having trades go against you and dealing with them when they do. It can be tempting to move stops to give it a little more breathing room, but thats likely to be breaking from your plan and letting emotions get involved. 
You were referring to a trade that resulted in a margin call. This could only occur if you were over-leveraging or trading without a stop loss. Either case warrants one to stop trading and learn the game, first.
I agree in principle that if you can’t grow a small amount, you can’t grow a large amount. I blew my first account. The main issue I feel I had was getting stopped out of trades because my stops were too small. I felt that with a small amount of capital, i let that dictate where I put my stop as opposed to where the stop really needed to be. I did learn that your rules and money management are what’s important. If I can’t put my stop where I need it, I don’t take the trade. I like trading off the higher time frames so my stops can be pretty large sometimes. I don’t like the mouse on the smaller time frames. I don’t look at anything less than 4 hour for setups.
It isn’t.
Not only is it completely wrong, but there are actually several reasons why the exact opposite is true.
I think the most helpful suggestion for now would be to stop listening to that friend’s advice and to ask more questions here.
Q, doubt he’ll hear you, the date set up on the forum is not the greatest.
Yes. sure you can.
I have deposited $613.58 on July 17, 2017 and as of today,
exactly 20 days of trading, it’s grown to $2,304.58
275.5% return in 4 weeks, not too bad
I have made a withdrawal of $1,500 and ready to
start this run again with $800 in the account for the
next 4 weeks.
But to do this, you gotta be good… really good.
It has taken me a good 6 years of ultra hard work and pain for me to get here.
It is totally possible but you have to breath and live in it.
I will list some of my trading status to show what can be done.
Net pips gained: 541
Winning trades: 62
Losing trades: 5
Even trades: 0
Max consec Wins: 30
Max consec Losses: 2
Win rate: 92.5%
Avg daily return: 8.6%
Basically my average pip count was around 20 pips per day.
My total pip count was higher because on some of the trades I used lower lots.
You can do it.
Good luck and cheers.
TC.
Join a forex contest.
Don’t give up.
Revelation will dawn upon you one day.
$500 for live account is adequate.
Best would be trading live account with free money obtained from contest.
ROI of 5% per month is utter rubbish.
Good Luck!