what strategy did you find most useful for managing the risk?
it seems reasonable more than other comments, what brokers have micro lot sizes?
what do you exactly mean?
some says demo is not like live accounts, they are just provided to encourage you to start live trading. what do you think?
donât you think 1k is too much for a newbie to start trading?
i really thanks for your time and your complete answer to my question.
it shows you are carrying lots of info and experience of trading.
would you tell the forum how did you start trading? what are your sources?
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absolutely taking it serious. miiiiiin 15,000???
As mentioned in the thread by others,itâs an advantage obviously, having a sizable account.Though first you need to find some method which is consistently profitable
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Theyâre a fantastic way to really understand strategies, to back-test strategies, to become expert at using different types of orders, analysing charts etc.
What a demo account cannot do is plan how you will feel when youâre facing a loss. But hopefully, any losses by the time you get to a live account will be limited and you will know theyâre just part of the strategy, just an overhead like the bill for your electricity.
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Thanks for the kind comments.
As I have mentioned in other posts, in my early twenties I used to play poker for a living. That was back in the late-nineties and early-noughties. Thanks to its growing popularity on television at the time, there were plenty of new people coming into the game which meant that the poker economy was growing fast. Then the internet came about and, with it, an online version of the game that everyone had been watching on television. The gameâs popularity exploded both on and off line.
For already experienced players like myself, it was a glorious time to play live poker. Everyone and their neighbour started to fancy their chances at the tables. In reality, most of them were complete fish.
Inevitably, the fish eventually got tired of losing and the general level of ability started to increase rapidly. In short, the games became much harder to beat.
As Doyle Brunson famously says, poker is a hard way to make an easy living.
I eventually grew bored of playing so regularly.
I still play to this day but only occasionally. I usually stick to small and medium size tournaments rather than cash games these days. My favourite club is Dusk Till Dawn in Nottingham where I can still occasionally be found trying my luck against a new generation of highly skilled players.
Anyways, about five or six years ago, I bumped into an old poker buddy. Like me, he had long since stopped playing poker regularly but he was gassed about this new thing he had found called Forex. At the time, I didnât have a Scooby-Doo what that even was but his buzz and adrenaline for it piqued my interest.
Iâm a bit of a geek when it comes to learning so naturally I started out reading as many books as I could, watched countless hours of YouTube and even tried my hand at a few demo accounts. I then opened a few spreadbetting accounts and tried my hand at live trading. The results werenât good.
I lost a few hundred here and there and for a good while struggled to understand how to make money from the market. That frustrated me because, thanks to my years spent playing poker, I knew how things like probability, variance and risk management worked. I understood these principles on a deep level that most newbies couldnât even aspire to comprehend.
Why couldnât I win more than one or two trades in a row let alone turn a consistent profit? Was the whole thing a scam I wondered. Was anyone actually making money? Had my friend been exaggerating the amount he was making perhaps?
Then the penny finally dropped and, in a flash of insight and self-awareness, I instantly realised the problem: I had unwittingly become a victim of authority bias.
I had wrongly assumed that the people I was watching on YouTube âteachingâ me about trading must know more than me. To some extent that was perhaps true but only on a superficial level. Sure, they knew things I didnât, which pairs are correlated, how certain indicators work and which economic data was most likely to affect the markets for example. However, looking back over some of their videos, it became obvious that some of them didnât really understand the deeper more profound stuff like how probability really works, the role of variance in your results or how to actually manage risk in an optimal way. These were all skills that I had honed through years of playing poker.
I gave myself a Homer Simpson âDoh!â and tried again. I still made mistakes but I was learning fast and making some nice withdrawals from time to time. However, I had no ambition to become a full-time trader.
Now in my mid-forties, I enjoy spending as much time as possible with my wife, doing the things we enjoy most, which are all either free or relatively inexpensive: Going to the gym, taking a walk along the beach or eating out at one of our local restaurants for example.
However, after a recent health issue, I was forced to reevaluate the importance of money so I decided to step my trading up a notch. Itâs not only about the money, itâs about proving to myself that I am capable of producing extraordinary results in my life. Hence the reason for my small account challenge.
Up until this point I have only ever managed my own funds and made modest profits because trading has been little more than a hobby for me. I see it as a kind of puzzle that I like to solve from time to time.
However, thatâs all about to change. Iâm going all in!
Just yesterday, for example, I incorporated a company with the aim of increasing my own capital and managing several funded accounts.
I hope this answers your question.
Watch this space . . .
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I think the key is just doing your homework and due diligence. Just because some people have had bad experiences of prop firms does mean everyone has a bad experience. The same as if a person buys a burger at Ronaldâs and isnât happy with the amount of onions on the burger, that doesnât mean that volume of onions is not acceptable for other customers.
Another tool I like to use when checking out companies in the UK is to look them up on a website like: www.companycheck.co.uk here you can see financials such as cash in the bank and net worth, how long theyâve been trading and also the directors names that you can then click on and see what other companies theyâre involved with etc.
I actually do this when looking at companies for jobs etc. This information will give you that extra edge to ask questions at any interview, whether its for a job or with a prop firm, itâs a two way street, your interviewing them as much as they are you.
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Who knows about Ai smart trade ?
Itâs quite risk free and a regulated exchange
Is it guaranteed ?
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Hmm, I would say $500-$1000 for beginner traders. However, this depends on your risk tolerance as well. Itâs wise to start small and gradually increase your capital as you gain more experience and confidence. Make sure you have practiced and tested your trading strategies in a demo account or platforms like TradingView before pouring real money into trading. Godspeed!
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Hey there! When it comes to starting out trading forex, it really depends on a few things. If youâre just looking to dip your toes in the water, some brokers will let you start with as little as $10 or $100. But, if youâre serious about making money, youâll want to have at least $1000 to $5000 to start with. Having a bigger bankroll gives you more flexibility to manage risk and potentially make bigger profits. However, always remember to be careful and only trade with money you can afford to lose. Good luck!
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Thank you for your advice and time! Itâs great to hear that having a larger account is advantageous, but finding a consistently profitable method is crucial. Your insights are much appreciated.
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Awesome, thanks for the helpful info! Itâs great to know that using a demo account can give you useful experience and minimize losses in a real trading scenario, even if it doesnât quite prep you for the emotional rollercoaster that comes with it!
Thanks for sharing your story, man! Itâs cool to hear about your journey from playing poker to trading Forex. It sounds like youâve really put in the work to learn the ins and outs of the market, even though it hasnât always been easy. And I totally get what you mean about the importance of proving to yourself that you can achieve great things - sometimes you just need that extra push to really go all in. Good luck with your small account challenge and your new venture with the company! Canât wait to see what the future holds for you.
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Did you find anything interesting about that to share with us?
Thank you for your helpful response! Your advice about starting with a small amount and gradually increasing capital as experience grows is very practical. Itâs also great that you emphasized the importance of testing strategies in a demo account before risking real money. Your insight is much appreciated!
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Thanks for the helpful info! Appreciate the reminder to be cautious and only trade with money that can be afford to lose. Good luck to you too!