Hi, guys! I’m Jay - man from Down Under. :50:
I’m a total newbie in forex trading and don’t have any background in this area. But I’m very persistent person, so I’m sure I’ll get some pips with your help and the help of this outstanding Pipsology School! I want to make FX trading one of the streams of my income, and that’s why I’m here.
Have a questions for you, guys, right away:
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it’s said here that this kind of trading is not for people with low income (I consider myself low-incomer at this moment); so it is not possible at all to start with low investments and gradually over the time increase revenues? I’m not in a hurry, and I understand that in my situation money won’t fall from the sky! I want to start with small amount of money first, is it possible? What do you think?
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another question - it’s written here that it is better to open DEMO accounts with few brokers and select which one suits me best over the time! Could you guide me through the large number of those brockers and tell which may deserve my attention and subscription. As I said - I’m a total newbie, and I have weak orientation around all of that massive number of brokers. Could you advise me about 2-4 reasonable brokers to sign up with, please!?
My respect to you all!
:50:
Hi!
I’ve just started myself with $200 (US) and not that I aimed, or expected, to make a nice earner ( I just trade for fun) I’ve been making profits/losses of just a few dollars each way with a 25:1 leverage ( max allowed here in Japan) and I’m placing all my margin on each trade. {I know guys! It’s ill advised but it’s only $200 and like I said I do it for fun}. Basically it’s true what they say: need money to make money.
Conclusion I’ve come to is that for me to give up the day job I’ll have to start trading with AT LEAST around $30,000 and be very good/lucky not to be begging for my old job back after a couple of months! But as I said I’m also a beginner and don’t really know the ‘game’ so other more experienced people might have drawn more accurate conclusions.
And what they say about how going live is different from practice account is VERY true. I can lose just $200 max (not a huge amount) yet I start sweating when I’m down 5% on that watching the charts! Money is money and no one likes to lose any of it when they’ve worked hard to earn it in the first place!
As for brokers I happen to use Oanda though I’m not at all promoting them. Spreads are better elsewhere but I find their iPhone app easy to use.
I suggest just starting with any one to learn the ropes with and then when you know enough about forex and what you want from brokers after some experience shop around then. But then again I’m a newbie so I’ll let others advise on that too. Good luck trading. I’m gonna go lose some more money on trades now … 
[QUOTE=“whiteNinja;503232”]Hi, guys! I’m Jay - man from Down Under. :50:
I’m a total newbie in forex trading and don’t have any background in this area. But I’m very persistent person, so I’m sure I’ll get some pips with your help and the help of this outstanding Pipsology School! I want to make FX trading one of the streams of my income, and that’s why I’m here.
Have a questions for you, guys, right away:
-
it’s said here that this kind of trading is not for people with low income (I consider myself low-incomer at this moment); so it is not possible at all to start with low investments and gradually over the time increase revenues? I’m not in a hurry, and I understand that in my situation money won’t fall from the sky! I want to start with small amount of money first, is it possible? What do you think?
-
another question - it’s written here that it is better to open DEMO accounts with few brokers and select which one suits me best over the time! Could you guide me through the large number of those brockers and tell which may deserve my attention and subscription. As I said - I’m a total newbie, and I have weak orientation around all of that massive number of brokers. Could you advise me about 2-4 reasonable brokers to sign up with, please!?
My respect to you all!
:50:[/QUOTE]
- people with low incomes who turn to forex trading tend to approach it with unrealistic expectations… The are more likely to rush things and to take on way more risk then they should as they are trying to obtain ridiculous profits.
Realistically… 5 to 10% monthly returns is what you are looking at if you are managing risk correctly… That being the case, you are going to need around a $30,000 account to trade with if you want a legitimate shot at trading as your only income.
If you have a small account, 5 to 10 percent of a small account doesn’t seem to add up to much considering the effort it takes to make it… This is where impatience sets in and the trader begins risking too much or taking more trades then he should to make bigger profits… This leads to blown accounts.
- brokers you may try are pepperstone, fxcm, fxdd, and gain capital.
Thanx guys to you all for answering my questions! I don’t expect big profits from the beginning. So, as Japanoob said - i’d trade for fun and experience first, and only after - consider getting in serious game!
Thanx ILovePizzaMore for advising some brockers to check out!
My respect!
Hey, Jay. Welcome to the boards. To answer your questions…
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You can start with as little as $200 with some brokers and trade in micro-amounts. You can always add more to your account as time goes on and you’re able to earn on it or gain additional funds from your day job. I think the low income advice is more meant to dissuade people who are broke or close to broke from “gambling” what money they have left away in the market.
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For out of US residents I usually recommend MahiFX. But, if you want to do more research I would suggest hitting the Forex Brokers forum and taking a look at some of the information there.
Thanx a lot, StoneColdMichael for your advice! You’re reading my mind! I want to start with 200-300$ and gradually add some funds from my daily job or other savings. And I’m not a brocke man - pretty alive!
Could you tell me, should I finish all Pips School first and then start trading DEMO account, or I may open DEMO right now and continue learning from Pips School as it goes?
My respect!
[QUOTE=“whiteNinja;504423”]Thanx a lot, StoneColdMichael for your advice! You’re reading my mind! I want to start with 200-300$ and gradually add some funds from my daily job or other savings. And I’m not a brocke man - pretty alive!
Could you tell me, should I finish all Pips School first and then start trading DEMO account, or I may open DEMO right now and continue learning from Pips School as it goes?
My respect![/QUOTE]
Open demo while you are doing the school… That way you can see what the school is actually referring to in action.
Yeah, open a demo. There’s no harm or commitment to do so. Every reputable trader offers a demo account and platform for potential customers/traders to try them out before they commit. You’ll also want to learn how to use the functions provided by the platform- which you can pretty much only do by using it.
As to reading your mind- well that’s exactly the path I took when I started. I trade on daily charts because I have other career goals. I use forex as a supplement pretty much since I have no desire to quit my primary career even if I do make a ton of money. But I started with a very small amount as well and just built on it from there.
One point of advice- don’t take money out of your savings. If you want to add more from your job; designate a percentage to add from your paycheck to your account. Always assume that the money in your forex account is already lost. If you can’t live without it; don’t trade with it. The forex markets are as cruel a mistress as the seas at times.
thanx, mate for your advices! i’m definitely learning here! :57: