Hi there I have just set up a live trading account and ready for tommorrow. I first started learning about forex in 2019 but never really continued it but my mindset has changed now. Iv’e seen all the fake Forex traders bragging about making millions with no skill and I know that’s fake they just want you to click on their affiliate link. I know this isn’t a get rich quick scheme but a skill you need to master. I’m starting with £100 and will be trading microlots and only risking 1% per trade. I hope to continue learning here and meet some great people. I realise it’s a small capital to start with but I want to use some real money to practice and learn as with a demo account there is no connection
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Hello and welcome, good Idea to trade with small deposit, why 1:1 leverage?
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Hello. It’s cool and very interesting. I also recently joined and start learning everything. Although in trade for 4 years.
Hi Greg I just figured that it would be best for me to only risk what I have, last thing I want is a margin call or to get cocky because I can open huge positions.
It is just my opinion but I don’t think you will be able to really learn to trade forex with 1:1 leverage and £100 deposit. For example the pip movement will be so insignificant to your portfolio that it may be impossible to have risk management plan. Also if you open a position let’s day GBP/USD with and the price will move 15 pips how will you see profit in after closing the trade? Is there any online broker who actually offers 1:1 leverage? Just interested. Good luck anyway
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why 1:1 leverage what makes you chose that?
Hi I realised my mistake in wanting 1:1 leverage with only £100, I have changed back to 1:100 in order to buy microlots. I realise that I need leverage for such a small account. But i’m here to learn so I guess I need to make some silly mistakes. Do you have any newbie tips you could give me as someone who has been trading for some time?
Ah nice do you have any advice or psychological tips Terry?
Hi I have changed it back as I realised my rookie mistake of not fully understaning leverage and why I need it to at the miminum buy micro lots
As a beginner, you must focus on improving your skills rather than improving your profits. The more you run behind profits, the fewer your chances of making profits become. But when you focus on learning and getting better, you pave your own way to success.
It’s great that you have made up your mind to trade in forex, but with that I would also suggest you don’t skip the step of demo trading.
Making mistakes is okay in the starting only if you are not losing much of your money, otherwise it might demotivate you. Start with a micro or demo account and low leverage, then level up as you proceed.
Absolutely correct. Trading is something in which you get better with experience and the more you’ll trade, the more you’ll learn. I know you won’t earn anything via a demo account but you will at least learn about the trading world so as to not face any difficulties via trading. You can try demo trading through FXTM and Turnkeyforex as I personally found their interface very user-friendly. So you can learn easily.