I dont have an awful lot of money and im just wondering how much you would advise a newbie to use in their first account?
1,000 demo is always a good start
As little as you can, but enough for you to feel the pain of any losses you might take.
As little as you can, but enough for you to feel the pain of any losses you might take.
If you are starting with a very small amount make sure the broker you chose allows for very small or flexible lot size. If not your money management will not work. Some brokers are better suited to small accounts.
could you recommend a good broker that would work well with a small amount of money?
I’m using gft now as a demo account
Perfect answer.
Listen to Rhodytrader, his advice is always grade A.
Try Oanda.
yeah I got Oanda, you can trade 1 cent if you want
from personal experience. I started with a demo, then moved on to a $50 real account, there’s no comparison. Even though I can throw that much away on a dinner… still there’s nothing that will get you elated or pissed off like winning or loosing real money. And you’ll find it’s not about quantity so much as percentage.
You will be starting with as much money as you have to your name. If you profit you will be worth more, if you don’t profit you will be worth less.
If your net worth is say 100.000 dollars, then that’s what you’re starting with.
Ya, that’s good advice…not. Jeesh where do these jokers come from.
Or, IBFX, if you want to use MT4
biting my tongue… no comment…
:rolleyes:
Yeah, say what you like but it’s true. The real question here is at what point do you descide that forex is not for you. At what point do you say that “I am no good at this”. You are worth what you are worth, end of story. If you first trade requires a deposit of 100 bucks then that,s what you are starting with, but ultimately you are starting with everything you own.
you are starting with everything that you own? That doesn’t make sense.
As a consumer, I need suppliers thanks!
so you start with 200 bucks let’s say.
2% is what the guys say is the most you should risk, that’s 4 bucks.
On a pair that requires 20 point SL that’s 0.2 per point win or lose.
Gonna take a long time to make any proper money isn’t it.
I risk 120 bucks a day, I,ve got a lot more than that in my bank. It doesn,t matter what is in your trading account as long as it covers deposits.
SO, as I said you start with what you are worth and you have to descide how much of that you are willing to lose before you become one of the 95%.
I didn’t trade until I had enough knowledge to risk 120 bucks a day, I didn’t see the point in risking 1 buck until I could see a real, spendable return.
It is easy to fritter away 200 bucks on 50 trades because your stop losses are unrealistic and give the trade no chance to bear fruit.
So what you mean by starting with what you are worth. You count what is in the bank in addition to the trading account. So if you deplete your trading account you can add more to it from the bank depending on how much you are willing to loose, did I get it right?
well like I said before. supply meets demand, Thanks! 
I strongly agree with the pass members options/opinions. Starting small is around $100-$1,000. Yet some major forex companies have you start with a micro trading account with as little as $250USD. I strongly suggest you start with a demo “micro” account. With a demo micro account (not a standard demo account) you are able to work with money that you willing to [B]lose[/B].
I myself being at the age of 19 started using a Micro account after I realized that trading a demo standard account was wishful thinking.
I was going to post a link to a companie’s site for a demo micro account, but I don’t want to be banned for advertising and or marketing.
Yes. If you can’t afford to lose it then it cannot be risked.
I don’t view my trading account as anything other than a current account with no interest. I am not willing to risk everything I have but risking 2% of 200 bucks is just a waste of time. Wait until you have the knowledge to go at it a bit more seriously and risk nothing until then.
Perhaps invest about as much as you would spend on a “friendly” night on the town. Good luck.