I need help Guys

Beginner Questions
1

I’m new to forex. I just opened a live account with a free 30USD with XM. I have not deposited any amount yet. My question is can I buy and sell currency or trade if I use the free 30USD XM gave me? Thank You

2

Probably not. They are doing that to encourage you to deposit more funds into yiur account. A more important question to ask is, are you ready to trade live money yet?

3

Thank You for the quick response. I only invest in the stock market. I have been attending seminars in forex. I want to try forex. I have been attending seminars and doing paper trading lately. I thought I could use the free margin and equity XM gave me for opening a live account. :slight_smile:

4

No problem. If you are a stock market trader you will find the leverage available in the Forex/futures markets to be a great tool. Just be careful since that leverage can help or hurt you depending on whether or not you were correct about the direction of the move.

5

I only invest in the stock market/mutual funds/bonds for capital gains. I have never tried trading. :slight_smile:

6

Have you tried trading in demo?

7

Hello and congratulation on joining forex. First of all it is not possible to do live trade with free USD. There are many platform where trader can join for free and only using the demo platform. But for live trading you really need to invest some real money not virtual. Broker normally give some free bonus to attract trader to join them. There is a one big question that how new are you? How long have you spent in forex. If it is very few in length then you should not invest money right now. You should learn first and then deposit your valuable money.

8

Sometimes $30 can be used in the cent-account trading

9

Hi mate
if you are new to forex, You should not be even considering trading Live

ANSWER THESE QUESTIONS

  1. Have you gone and read through babypips school TO AT LEAST ELEMENTARY, (but preferably High School)
    if NO, You are not ready (not even close)

  2. Are you starting to trade with less than $1,500
    if YES - … don’t unless you want to lose it

  3. do you believe that if you start with a smaller amount that it’s safer
    if YES, then you are badly mistaken, YOU WILL FIND THAT YOU WILL LOSE ALL YOUR MONEY

  4. Have you opened a Demo Account
    If NO… go and get one (and don’t even consider opening a live account before 6 months of practice)

  5. Have you shown on your trading account THAT YOU CAN SHOW CONSISTANT PROFIT FOR A MINIMUM PERIOD OF 6 months

THIS IS THE BIGGIE
if the answer is NO - do not trade live until you can answer YES

  1. do you have a trading plan
    by PLAN… i mean… do you have STEPS (Step by step guide) on how you plan to trade
    if NO… then go and do that

there is more to trading than the above
but if you can’t answer these question correctly and honestly

YOU HAVE ONLY 2 OPTIONS

Option 1 : Ignore my advice , start trading AND LOSE ALL YOUR MONEY, then you’ll come back again
try again and lose all your money.

Option 2 : Go away and learn for the next 6 months to 1 year
copy and paste these questions into a word document and strive to answer them all correctly

THEN YOU CAN TRADE LIVE

this is how it works
be careful mate

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