And again I have some questions…
So to all the people who know best on here please advise…
When i want to open a live account, and look I am not being stingy just being careful what is a good amount to start up with, where i can still get good leverage etc?
Thanks in advance
If you’re new to trading and not consistently profitable; stay in low amounts. The minimum will depend on the broker but you want to aim for $100-$500 and then trade in micro-lots (which is determined by your position size). You can always add more to your account from there as you get more comfortable.
less than $100 with 0.01 lots is a viable option to minimize the risk.
I don’t really know about others, but I use Profiforex.com. They offer leverage from 1:1 to 1:500. You also get the opportunity to open a micro account. This means you can start trading with as little as 1$ and get a bonus of 5$ and10% bonus for deposits higher than 50$. I think its ok to use 1:50 leverage depending on the amount you wish to start with. This is my broker and the trading condition here is very good.
Simple advice Dear - Use money that you can afford to lose. At the beginning less than $ 500 would be ideal. Also keep leverage at low level.
unlike in the stock market where the recommended minimum is $10,000 opening balance, in forex everything is in percentages, and it all scales up and down with how much money you have, so you can get the exact same leverage and pay (nearly) the same spreads whether you have $100 or $10,000 in there. yes, as you have a larger balance you enjoy slightly smaller spreads, but as a whole those changes are small. it’s not like in trading stocks where you pay a $4.99 commission (flat fee) which - if you had only a $100 balance - could make a MASSIVE dent before the price even moved.
I started my live account with 500 bucks, so i agree with everyone in this thread.
I just checkout Profiforex and I think you are right about the bonus. Aside from that, I also noticed that the spreads are really low and this is good for me as a beginner. I have been trading demo from one other broker, But I think I’ll have to get a live account from Profiforex. Thanks
I just checkout Profiforex and I think you are right about the bonus. Aside from that, I also noticed that the spreads are really low and this is good for me as a beginner. I have been trading demo from one other broker, But I think I’ll have to get a live account from Profiforex. Thanks
I would suggest $100 and only trade 0.01 lots until you can achieve constant weekly profits for 12 weeks running. Then increase your lot size.
A good start will be with an initial investments of $500 with a leverage setting of 1:100.
It depends on you own personal circumstances, how much can you afford to use? Are you able to remove emotion from your trading, are you in control and not going to be chasing losses. All of which are required even before you consider going full time. Secondly to be consistently profitable with little draw down or mistakes (bad trades). Stick to a trading plan and proper money management no more than 5% of capital per trade, although 1-2% is best
Anything less than 1000 USB/GBP/EUR would be fine, leverage up to 50 while your learning the markets. No more than 100:1 would be sufficient. Considering you thinking of going live, you’ll of practised the pitfalls and adventures of several wonderful broker demo accounts.
My broker FXPRIMUS offers a minimum deposit of USD250 with up to 500:1. I thought that’s a good min amount and reasonable leverage to start with. Anyway it really depends on how much you are willing to fork out and risk for trading.
you can say that again, the conditions are really favorable, especially executing your orders faster and quicker