As the title suggest I came from playing online poker. For a very long time, since one of our poker school introduced a trading school(tradimo), I became really interested. To make things short, I’ve been playing poker for almost 10 years, no high rollers, I play online micro stakes keeping a consistent positive graph. I lately lost my passion to the game and decided to quit for now. I thought about FX since it’s been a long time that I wanted to try this. So here I am, absolutely had no clue about financial staff or market. I started studying some few stuff and it’s going well. I deposited money in XM, haven’t trade yet until I get a grasp on what I’m going to do. I’ll be starting with $400 in Micro Lot, so anyone can give me advise or idea for a good Risk Management Strategy with my capital size, I would really appreciate it
I see a lot of similarities in FX with poker, with risk management, reward ratio, mentality and all. As much as I have learned, I can tell that they are fundamentally the same, mindset and managing risk, rewards, etc pretty much plays the same, but different of course in details.
I would suggest you withdraw your deposit and don’t put it back until you do get a grasp on what you’re going to do. That could take 8 months of learning to trade forex properly. As 90% of newbies are losing their capital, the odds are against you - as they would be for a new poker player sitting at your table.
As your mindset seems solid, and you can handle emotion, I suggest you look for the simplest strategy that attracts you. Plenty here on this site if you press the green Education button above. And then open a demo account to practice and experiment trading small lot sizes keeping risk to 1% maximum per trade, and set an overall risk limit on a daily basis.
Thanks man, well I can leave the money and don’t trade as they already took fee from deposit and will when I withdraw so that’s gonna be a waste. Probably just keep the money there for now. Learn and practice with a demo. Yeah, most I did was YT and will start learning here.
Best of luck. Forex trading is so damn hard - it’s a minefield The best you can do in your early days, weeks, months, is to find a strategy that works for you and provides you with more incoming money than outgoing, consistently.
Maybe also try and increase your capital to give you breathing space when you have runs of losses - which regretfully is inevitable.
It looks like you have been extremely early to make a deposit. trading forex is a major thing, it involves detailed learning, continuous practice, 24/7 market update, dedication and experience. To begin with, you should start learning the basics of trading like, types of charts, is a forex pair, how to read charts, trading terminologies and types of trading strategies. While you are learning the basics you can start demo demo trading side by side and practice your learnings. This is how you should proceed do not directly jump into live trading without prior experience.
I got it, thanks ele020? Just curious, how much would you consider an okay capital though? I mean if I decide to trade Micro in the future targeting 2% risk ratio or even 1%?
Hello and welcome, my advice would be to trade only one currency pair for now. Observe correlations and learn entry and exit points. Brilliant stuff on school of pipsology for you to learn. See if you can last trading one strategy for one week without making any changes. Good luck on your journey.
Well it depends on how much confidence and core understanding that you have gathered but still if a have to define a figure, i wont suggest you above $100-200… You can gradually increase the capital with time once you begin to understand this game
