As stated before, I took all the courses on this site until I scored 100% on each test, I have experience with the MT4 trading software, and through admitted luck and (a little) skill learned, I made $17,000 on top of the $50,000 in play money I started with.
As I have now learned, and as this site has taught me, it is SOOOO much different when trying to start with $1000, like I will be doing… my question is,
What parameters (leverage, type of account, broker), would you guys reccomend I start with, in a new demo account, to give me an idea of what I might be dealing with if I were to start a live account with $1,000?
How much leverage would you guys start with, in a micro account, with $1000?
I’m a patient guy. No need to jump right in with real money. If a demo account with parameters close to my real life situation is not reccomended, what WOULD you reccomend? THANK YOU VERY MUCH! =)
i would recommend starting a real account with oanda, possibly a demo for a while just to get used to the oanda platform. They offer leverage up to 50:1, not crazy leverages like 500:1 (thats for the impatient)! you can trade from $1 and play with any sized lots… maybe start a real account with a very small amount and use very small units, just to get used to the psychology of trading with real money… and get a bit more experience, you can never have to much!They also offer the tightest spreads around
i suggest to search for a broker who lets you trade microlots and the no. of lots you want, so that at the beginning a pip=0.1$, 0.5$ etc, so you get comfortable with trading real money.
I made $17,000 on top of the $50,000 in play money I started with.
That was a good start, but anybody should be able to make money
on a demo with $50 000, in fact I made $500 from a $10 000 account
in one hour the other day, this also included finding my way through the
VT trade platform which I had never used before.
I am not boasting here, when it’s “play” money there are no bounderies.
As I have now learned, and as this site has taught me, it is SOOOO much different when trying to start with $1000, like I will be doing… my question is,
I applaud this decision too, I would make it even less than this, maybe $500.
What parameters (leverage, type of account, broker), would you guys reccomend I start with, in a new demo account, to give me an idea of what I might be dealing with if I were to start a live account with $1,000?
As you are now gearing up for going live, leverage should be as small as possible.
If you go for Oanda, they do not support MT4, they have their own platform, but it is not difficult to learn.
Also with Oanda they do not use the “lot” system, you can trade in units
from 1 to 1 000 000 & all denominations in between.
Whatever you choose best of luck, have fun. :wishes:
Thank you for the insight! Now, =) here’s a follow i
I went to OandA’s website and registered for the demo account. Is anybody aware of how to edit your leverage preferences and make it so that you only start with $1,000? When you choose “leverage prefs.” or “add/remove money from account” from the drop down menus at the top of the screen, nothing happens.
Also, last night, the charts were just flat lines, no candlesticks, even though I have it selected… is this because the market was closed last night? Friday, 31st and there’s no data?
Erp. I can’t stand some of these pieces of software. Also, does the OandA platform have support for custom Expert Advisors like MT4 has? Any advantages or disadvantages to this software? Some of these platform (especiallyforex
I went to OandA’s website and registered for the demo account. Is anybody aware of how to edit your leverage preferences and make it so that you only start with $1,000? When you choose “leverage prefs.” or “add/remove money from account” from the drop down menus at the top of the screen, nothing happens.
You need to allow pop-ups in your browser for Oanda, then
Account=> change leverage (add/remove funds)
These will then pop-up into the blue screen which loads first
& then sits behind all the other pages.
If you already know your way around MT4 why not keep using it for TA and just use Oanda to place trades. That’s what I do, I find oandas charts to lack some features and the customizability of MT4.
I think you have a good idea already in place. Demo with a $1000, use micro lots, and when you are happy go live. The only thing I would suggest is, since you already know mt4 find a broker that uses micro lots with mt4 software. I tried Oanda and hated them. I feel that any broker that won’t let you use thier entire charting software unless you have a large enough account is not in my best intrest. You know mt4 stick with them.
