I’m thinking of finally opening a live account. How much capital do you think should I start with?
Big enough that you take it seriously yet small enough that if you were to loose it all it wouldn’t financially ruin you. That amount will be different for most.
Then maybe set yourself some targets…
say if you manage to stay around breakeven to slightly positive/negative then add in another X%.
If you have 3 profitable months in a row then deposit ‘X’ amount each consecutive month you are profitable?
These are just examples but I guess the goal would be to force yourself to get better AND get used to taking bigger and bigger losses (and winners of course).
What is your aim for this live account?
What are you hoping to achieve?
Depends on how much you want to make per week/month. If this is your first time opening a live account, there is no need to rush. Use less than $100 to open a live micro account. Some brokers like Forexchief accepts $50 minimum and allows trading 0.01 micro lots. When you use micro lots to the lowest, you will be able to practice all you want with little capital. When you fully see your potential you can deposit as much as you want and set a weekly/monthly target.
Whatever you can afford to lose without effecting your standard of living, not mortgage money or rent, food or utilities.
So there is no definitive answer, everyone will be different, but will apply the above rule.
Do not start with any size account at all until you are making a consistent profit in demo trading by rigorously following a simple defined strategy. I mean not a single penny.
How much money a beginner should invest in Forex depends entirely on the beginner. Some brokers accept an initial deposit of $50. Knowledge less trading is like suicide, so every beginner needs to know about market. So, it depends on how much you have learned. If you learn a lot and master it, you can get 20% profit as a beginner.
I’m a beginner and should i start trading with a low trading balance or use high leverage.
I think you can start with $100 at the very beginning. When you become confident than you can invest more.
Use 100$ for your initial funding. If you can make it 3 times by following sysmatic strategy and a solid mindset. Sometimes profit happens by blind trading. But you have to make it thrice with a specific system. Only then top up more money or go back to demo if you fail.
I thing $100 for start is enough, any other less capital is dangerous because ($100 to but:) with every trade bad/lose trade you are close to total lose (my opinion)
I’m not exactly consistently profitable but this is perfect because one of the reasons I want to trade live is because I think I would take trading more seriously if there was real money involved.
More for learning than earning. But of course I would be glad to earn a little from it.
While you think to open live account I can assume you know how to trade and you have tested the strategy?
If you know how to trade and you are profitable on the demo account then calculate how much money will be enough for you to make on each trade.
To make that amount on each trade you will know how much money you need to invest.
If you do not know how to trade and be profitable then invest $50-$100 which you can lose until you learn.
Any amount you invest must be enough to satisfy your needs on each trade. That amount should be enough to give you possibility to open a trade with small stop loss where stop loss should be 1-3% of you account balance.
if you want to have stop loss with 3% of your account balance on that trade which will be $30 you will need to have $1000 large account.
If you aim to make 6-10% on that trade you will make $60-$100 which is quite ok.
If you do not invest enough where you can open a trade with small % of stop loss and profit is high enough to satisfy you needs, you will not succeed because you will start over trading and over sizing your trades.
While I definitely recommend trading Demo to most who start as I don’t want them to loose money - in reality it wasn’t until I went to a live account and started loosing REAL money that I was emotionally charged enough to make sure I made it work for me - If I stayed on Demo until I was winning all the time I probably wouldn’t have ever put in the work to make it work. But that is just my personality and I was aware of that. I can put in the work there is something real on the line. You know you - why not just start off with a small amount and see how it works for you.
It is important to note that you should have been learning and testing the strategy in the demo account and when you are ready, you can start with low amount, $100-$200 and see how it turns out for you.
I dont believe both can be done. You have to pick one as it changes the amount of capital you start with. And you dont want to lose real money while you learn.
which amount is more appropriate for beginners , its really a tough game . because its depend on your financial ability . i think $200 can be started.
if you have demos 6 month experience with pips school knowledge , then i can assure any kind of balance is appropriate for you. good luck
Only you can decide that considering a number of factors like your income, goals,risk taking capacity etc.
As of my opinion, its always better to start with the amount that you can bear to lose.