For a beginner trader I think it will be the best if he/she can practice in demo account for six months with concentration though it is tough because of having lack of emotion. But you have to be patient in trading.
If anyone want to trade in micro account I think deposit of $25-$100 is enough and should risk no more than 2% is a particular order. Can use small lot like .005.
I dont like demo trading, especially not for 6 months. You don’t feel the ‘heat’ in demo accounts. In live trading when there is a risk involved of you losing some money there is a great psychological pressure on you that affects your trading behaviour. Therefore, in my opnion it is not wise to solely rely on demo trading for experience
I know this has been said many times before, but after a few years I have come to realize that the account balance which you decide to use when starting off is the least important aspect of trading. Be it $100 or $10,000, it’s just a matter of percentages. What is important is the returns you are making as a percentage, and the consistency of these against your losses. Once you have a constant and stable return the money will start flowing, and so will potential clients who wish to pay you for your services. Of course accepting clients is another story. It’s really your ROI that matters, nothing else prior to that stage.
I agree with Jezzode…Whatever the capital that you are willing to put into your account is the least important. Focus on the PIP and or the ROI.
My goal is to beat my husband’s 401k ROI because they are suck! Even just 6% per month compounded will beat that 401K.
I agree that the ROI is very important.
I also think that one can start forex trading with a modest amount - however, from what I’m learning in school, you do still have to have sufficient capital and be trading the correct number of pips for your account, so to speak, all the while not getting carried away with the ridiculous leverages offered by brokers. Hope I made sense there…
To recap, I asked this question originally because in ‘school’ it mentioned starting out with 50k or 100k…
Personally, I like the view that ICT and Clint appear to take with complete Newbies like myself (and I speak only for myself here when I say this), that starting with teeny tiny amounts is best, until such time as you’ve proven yourself with a track record and that you know for sure (because you’ve recorded it in b&w) what the hell you’re doing.
I’m prepared to very patient with this endeavour (because I enjoy it so much) - hence I’m spending 20 hours a week studying, reading, take notes and reading some of the posts to educate myself further. Because I ‘really’ want to do this, I have no problem in starting with the teeny amounts - way down the line - and then injecting some cash into an account once I’ve proved myself (to myself). I can be incredibly ditzy at times (haven’t I shown that already) but I ‘know’ that I am very diligent when it comes to money…
Alas, I don’t have big cohonas (spelling?) to deal with - I’m a tiny blonde thing who is just happy to bide her time and enjoy the ride - and if I do well - off in the distant future with this, ah well - that would be nice!
Happy Thursday all, forgive my ramblings… 
I think you are already in a good start Jessey126
You will do just fine… I too taking my time as well and enjoying the ride…
We are very fortunate that we are part of this community and found great people around here who are willing to help to the best as they can. I couldn’t ask for more I am very very thankful.
Look at it like this,
No matter what number your working with, if the logic is faulty, you wont succeed…
$10-$123-$252342, $25324636267, it dont matter…
You MUST use the same, exact approach to Each and every trade. So starting balance means nothing, if your backpeddling, a loss is a loss.
Find a Pair to trade, break it down as best as you can, then add a strategy to take best uses of what you learned, and be consistant with each and every move, stop, and approach…
You know, it is like rocket science when you think about it…
Just focus on getting from point A to point B, and thats taking a profit with every trade you place, the rest will fall into place on its own.
Now, if you really want to dig into it, deposit what you can afford to lose… Simple as that…
As you asked, I think it is ‘cojones’.
Personally, I started with £1000, risking 1% per trade. That was not quite enough to cover all of the Stops I wanted, so I upped it to £2000, then to £5000 as confidence increased, then I reseeded a final time with a more substantial sum once I was up and running. I continue to risk 1% per trade. Personally I did not demo trade, as I thought I would treat it too much like a consequence-free video game. I’m much braver racing cars on my xBox than I am in real life, but I have far fewer crashes in real life…
As for the nerve to have decent amounts of money attached to a trade, I was worried about that but it came over time as my confidence in the strategy and my own execution increased. Initially I was risking £10 per trade and it felt nerve-wracking, but it does get better, I promise!
And my wife is a tiny blonde, almost a foot shorter than me, but has bigger cojones. She’s pregnant, too, so doubly effective at the moment!
Seriously, it feel a long journey at the outset, but and enjoyable ride, and the distant future is not necessarily that far off and is very nice.
ST
I only started with a small amount, but that was more so i could get a feeling for real live trading, with proper money and start to deal with the emotions attached to that. I’m more about being consistent before trying to make large sums and i’ll add more as like ST says confidence grows.
Morning Everyone
Thanks all for your replies here…
PiPnRoll - great to ‘meet’ you… Yes I agree, we are fortunate indeed to be ‘here’…
Money - as always, I like your ‘swagger’ and good to hear what you have to say - yes, I’ve taken your words of wisdom on board I ‘do’ listen!
ST - always good to have your input - great words of encouragement, thank you!
Aesop - thanks hon, also for your input.
Everyone, have a great day…
Happy Trading and especially, ST - here’s lots of pips to you today and Money - here’s to your 5%… :53:
Jessey
Thank you, you too. And you’ll find that once you hit 5% regularly you suddenly start hitting rather more than that pretty consistently… Looking to go long on various Yen Pairs at the moment and we trend traders are almost spoilt for choice! Or if you don’t want the Yen, try that rising channel on the EUR/GBP Daily. The market has suddenly cleaned up a little for October, imho, it’s a relief after a spiky summer.
Good stuff Jess, Hope you have a great Friday yourself. Get that Swagger Kid,
Its Friday, I havnet drank a Beer in, ummm, 24 months, so, Im about to make tonight a Celebration type night, drink a few, by myself, and reflect on my future, and pat myself on the back a few times, Ive earned it…
Not to bad today, Im already finished, but could of gotten more. The thing I have to be consistent with, is stopping once I hit my 5%…
