You should get the basics of this business and should work at least 2-3 months on demo account then you should start this business with at least amount 300-400 USD for fruitful result, never start this business without having knowledge and experience.
Of course demo trading should be done by beginners till they not know how trading is made and how risk is managed. Then some good amount in live account should invest to get smart income. If you are easy with trading not loose much then you can grow your small capital too.
Thatâs the best case scenario, definitely. Unfortunately many newbies invest too much too early and lose their entire account.
Yeah, I did it and brew up some 10,000$ class demo account deposit. It happened when I was checking the scalping and made my way of a short loss hiding by getting 1000$ profit each day (10% total profit) and it was the two bad WIFI connectioin failure. I left it whole night and Gold brew up and lost 5000$ in SL and another time was OIL.
Iâd say the smallest ammount could be the good confidence building for the newbies in the REAL account. There would be the hardware side failure and a sudden slipping down of the price without any reason to happen. Itâs not normal but the worst thing could happen any moment. If you do it good from the first couple trades, then it would be the same with the same method in the common sense. Some people would decide to see what would happen as the human error and learn to reduce the risk by not trading too much. A newbie could go with the normal deposit like DEMO, but the real money would hurt more for the psychology with the real losses. It would be better for the newbies to check if their strategies work as they did in DEMO like scientists rather at the first few tries than be as traders to aim for the profit. Test few times and then the real money to be spinned would be a science model.
1 Like
First of all make sure that you have enough knowledge about forex and got the reasonable experience of demo trading as these are the two basics due to which we can survive in forex efficiently, after getting these two basic you should start this business with amount $500.
I completely agree.
At least you only blew a demo account. Itâs what they are for, after all - to be blown and to illustrate which trading ideas are poor and which are good.
Obviously demo trading ought to be finished by novices till the not know how trading is made and how chance is overseen. At that point some great sum in live record should contribute to get brilliant salary. In the event that you are simple with trading not free much then you can become your little capital as well.
I really donât think that investing a large amount of money for the first time after youâre done trading on a demo account is a very good idea. Start small, see that youâre doing well and gradually increase the initial investment. A large initial deposit can have a very intimidating effect on newbies.
Being a new trader, you should start this business after having basic knowledge and demo trading experience and should invest 200-300$, always use the lot size according to your planning in order to get the benefit from this business.
I will be honest with you, until you know what you are doing, you will lose money, how long does it take to start winning, this varies based on what you are doing. Experienced traders (greater than 2 years average & the more the better) have a better control of their emotions. I recommend you paper trade until you can establish a proven system (minimum 3 to 6 months). Not trying to discourage you, just making sure you have all the information cheers and good luck.