Hey all piple! (Wow that pun was bad, I am really sorry, it`s late here).
Anyone know any good brokers that have Demo Accounts where you can have low startup money, around 2000 or around there, and with a very low leverage, around 1-5:0? This is because this is how I will start my first real live account, (probably) and so I want it as real as possible.
I currently use oanda`s web based platform, however the min. leverage, except 1:1 is 10:1.
OH and also, hopefully the broker of my choice will have USD/NOK…
What risk/reward ratio do you guys use? Like stop-loss and take profit, in pips.
High leverage is only ever a problem if you use it with disregard to position size. If you can’t get leverage where you want it, adjust your trade size to the size it would be if you were 1:1.
GCI Financial has the pair you want, but IBFX has the leverage options.
Neither have the account size. You can open a demo with $3,000 on either.
Okay, thanks.
“High leverage is only a problem if you use it with diregard to position size”. Can you elaborate on this, give me an example? I`M not sure I get it.
I thought a high leverage was questionable no matter what, because you would risk more than 2% of your account no matter, and in order to set the the stops tight enough to ONLY risk 2%, you would make an error e.g. too tight stop?
With a 2k account at 1:1 leverage you would be only able to open one micro lot. If you used leverage of 100:1 you would be able to open 100 micro lots or 10 mini lots.
So instead of $0.01 pips, you would be trading $10.00 pips. That’s why people get in trouble.
Just because you CAN, doesn’t mean you SHOULD.
Your risk goes up exponetially.
Instead of having thousands of pips leeway to determine your stops and position sizes, you would only have 100 pips or less if you maxed out your lot size potential. A guaranteed margin call in short order.