How much money is it safe to keep in a single Forex account?

How much cash in USD (deposited or earned) is it safe to keep in a single retail Forex account with your broker?
At what point should I withdraw my money?
Is it safe to withdraw a big amount in one transaction or should I do multiple transactions over a period of time?

On the assumption that your regulated broker seperates your funds from theirs, it’s up to you how you manage your account.

If you’re using a standard percentage of capital per trade in terms of both risk and reward, then the more money you have, the larger your positions and the greater the profit per year. Lot of traders limit their risk per trade to 1 or 2% each.

If you’re in the UK your deposited funds are protected up to a certain level in case the broker goes bankrupt. If your broker is required to be in such a scheme by their regulator, it makes sense to deposit no more than the protected maximum. The UK scheme does not cover unrealised profits.

And how much is this protected maximum?

£85,000 per account

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I have had over $30k in myself at one time, I know a guy that trades with a few million in cash with Oanda.

Oh wow. :open_mouth: The trust and relationship he’s established with Oanda must have been pretty intense to invest that much and keep that much money there. :open_mouth:

He is also stupidly wealthy, inherited $20+ million from his parents estate, already was a VP of a commodities firm in California making $400k+ a year, and before that an additional $50k+ a year trading forex.

After the inheritance, he now can make $20k+ a week when his strategies win.

He is going to sadly drink himself into an early grave, just has that personality type that is destructive.

Last I talked with him, he was building a giant house in PR. And was getting ready for his 4th marriage.

At least he understands the value of donating his wealth to deserving charities.

He is a good guy, losing your parents to a car crash when you are 42 must be hard. I would hate to lose mine in 7 years.

Dang. Good for him. Inheritance plus already making money on his own!

For newbie I would recommend they follow the 1% rule which is one of the best methods for mitigating trade risk. If your account contains $1,000, then the most you’ll want to risk on a trade is $10. If your account has $10,000, you shouldn’t risk more than $100 per trade.