hum, Well this is just my opinion on the “together account”. The way I see it is it will tough considering people in general don’t like others to be in control, especially of their money. Plus if money is lost, the person who loses it will be told to take it out their pocket and the others keep their money. Plus if someone makes the money, they’ll just say they are the ones who earned it rather than the others. It might end up bad if all the money is lost because who knows if you’ll still be friend afterward. The thing about trading live is it’s stressful enough without others factors coming into it. Well listen though, I do wish ya the best eh, but just think about these things first. If you can get it to work that’s gold but you might have trouble in more ways then one. Have a good one eh!
When you all decide to go live with the group idea, I developed a spread sheet using Works. It is in two different formats.
As far as the group investment thing:
Who ever you put in charge (most likely more than one) should be able to do well on a demo first. And your group total funds should be no less than (the more the better) $1000 USD. And use a broker that offers some type of micro lot. This will result in small gains, but small losses as well. If you start making to many mistakes, take a few days of to reorganize your thoughts.
Good trading, Good Luck!
I totally agree with you shadow, but just in my case I see “together account” as the only option for now.
Thank you for your advices pipgod. I’ll try to follow them in the future.
Good Morning,
First let me say that shadow is right about the possible human conflicts that can (and probably) will occur. Hell - I’ve just been screwed by my best friend of twenty one years for $1 500.00 USD (nothing to do with Forex though).
I’m going to give you another radical take on this (I hope this view does not offend anyone - it is just my take on the subject) BUT:
Have any of us actually considered how and why we make money? We make money on other peoples misfortune. Think about it. Interest rate hikes are a terrible thing for citizens of a country - for us - it is a God send. Airbus puts off a couple of thousand people - and their share price goes up - great for CFD’s. People in the US can’t afford to pay for their homes and get foreclosed - the USD drops - all the other currencies get stronger - we make make money. Inflation rises in a country - bad for the citizens - great for us!
The point I am trying to make is that there can be no emotion in this business. You should be sure that the people involved in your group account know this and if you lose you lose - no come backs. Maybe you could even have an agreement drawn up amongst yourselves laying down the rules of what will happen if you make profit and what will happen if you lose. Hell - you could even go so far as to make this project a sort of ‘study’ i.e. form a mockup company with all the required statutory forms etc. etc. Keep accounting records and draw up your own financial statements and distribute them to the ‘shareholders’. I promise you that if nothing else you will learn more about business than any college will teach you.
I did my Bachelor of Commerce Degree some years ago and you won’t believe me if I tell you that only after I started my own business about fifteen years ago did all the theory that I had learned at University actually make sense and full into place. I did my degree part time so I at least had hands-on experience while doing my articles (apprenticeship?) (sorry - I know that some of the terms we use here are different from the US equivalent but I unfortuanately do not know the US equivalents). I had friends that were fortuanate enough to be able to do their degrees full time. Those of us that did it part time were far better off. We knew what a Bank Reconciliation looked like and learned very quickly that your average small business provided you with documentation in the form of cardboard boxes with thousands of slips and receipts in them and you had to make sense of all of this. The people that did their degrees full time and had all the figures presented to them in a beautiful glossy text book were shocked when they actually got to go to a REAL client to do write up their books for the year and perform the audit.
Like I said - nothing in this message is meant to offend anyone - that is just the way I see things.
Anyway - the long and short of everything is that if you really want to do this then you will - one way or another. I wish you luck and if you need a shoulder to cry on then we’re all here for you. I believe in the youth of the world (although at forty one I still consider myself ‘a youth’). I think it is great that you are seriously looking at this - it is people like you that are going to take the world forward when people like me are gone and you have technology on your side which is a big thing (not too long ago the only people that could trade Forex live were the big players and the banks). If I think of all of the ideas that I had when I was starting out in life - had somebody had faith in my back then I would be a wealthy man by now - but everybody said ‘Don’t be mad’ when trying to do this or that - ‘You’re just a kid’ or ‘you’re too young to be thinking about things like that’. ‘Too young’ - one of the saddest phrases in the English language! The irony of the whole thing is that back in those days many of the things that I thought of at the time were done by other people and those people today have made absolute fortunes. The even bigger irony is that as an adult I have probably made more bad business decisions than good ones. The key though is - ‘Never give up’!!!
Whew - well - that’s my thought for day! These markets had better start moving now before I get myself into trouble.
Regards,
Dale.
How are those fingers?
.
On fire man!
By the way - I really like that ‘Smiley’ you used!
Dale.
I just started my first live account with 500.00 USD at North Finance. I demo’d this three times on their demo account, (you can set your own starting balance on the MT4 demo they offer.)
My strategy is trading the news.
I turned the first demo account into 20,000.00+ USD in about 2 weeks.
I turned the second demo account into -45.00 USD on the first trade, my account went to below zero before I could react.
I turned the third demo account into 2560.00 USD in one week.
Then I decided to open a real account with 500.00 USD.
They have received my wired funds, and deposited them in my account, which they say will be activated tommorrow.
I will let you know what happens.
I hope the real account works the same way as the demo, but we will see.
Congratulations - and welcome.
I do need to ask you one small favour though - please do post your results - whether good or bad - I am really interested to know if you find any differences between the demo and live account.
Best of luck (although I hate it when someone says that to me - there is an ‘art’ to this - it’s not luck, is it?)
Regards,
Dale.
I will post my results, good or bad…
I’ll let you know in about two weeks…
I’ll post it on this thread!
New balance : 504.80$
Today�s Approximate gain : 4.80
Today�s pips averaged : 53.3
Over all pips : 53.3
ROI : .9%
That’s excellent - keep going!
Just one thing though (which funny enough I just read off of rhodytrader’s website - and he makes a good point) - remember that a Pip count is all relative. Basically what he is saying is that when compring Pip counts it is only valid on the same pair - it is the monetary value that is important. I mean to say - you can make 100 Pips on one pair but only make say $10.00 but you could make 50 Pips on a another pair and make say $37.00 (at least that’s my interpretation of what he says).
Like I said - keep going - that’s great!
Regards,
Dale.
dpaterso,
You are correct in you observation, so your understanding is correct as well.
So the only thing I could add to a great post is that the only reason to pick one over another is to use the one that works the best with your trade style, profit target, and margin/leverage comfort level.
Thanks for bringing rhodytrader’s wisdom to the thread.
.
Hobbit,
You beat me to the post.
I was preparing mine when yours hit the thread.
.
My son is in two experiments, and I am only in one.
.
Nothing is impossible.
I know pros who started with 1k.
If you feel your system can produce more wins than losses.
If you are one with your system, your goals and you in the same time aknowledge your financial limitations and regulate them through proper money management then you [I]cAn[/I], but i recommend starting with 1k and using small lots.
Loose or win, either way you will learn an important lesson that only you can teach yourself through your eventual failure or success.
Sooner or later you WILL learn the same lesson and come to a similar conclusion despite the decisions you make and your experience will stimulate the neccessary connections to take place in your brain required to move your skill to the next level, whether now or later, the difference isn’t great.
I recommend you undertake endeavours as they present themselves, because there are many more waiting for you… too many.
The sooner you take the next step, the earlier the following will appear before you, the sooner you will advance and the faster you will reach the top of “your” ladder.
Good luck.
Regards,
E. Lang
i closed positions before 5 to take the profit and not have premums.
i forgot to open my overngiht positions, so there is no gain/loss to post today.
as i posted in the outher thread, i set my alarm for just after 5 to remember to place trades
Hmm… I know a secret, I know a secret.
Interesting. I read this thread again this morning and have a couple thoughts. The original question was, “Is it possible to be successful off of only $500?” We have been here before. I realize the initial question was about a demo account experiment, but the thread turned to �live� accounts.
The greatest benefit of such an experiment may be the knowledge you gain about your own [U]way of thinking[/U]. I believe you can gain some experience by trading a micro account with a small balance. Be realistic in your expectations. The markets will be here tomorrow, next week, and next year.
This thread may help:
http://www.babypips.com/forums/newbie-island/1441-should-i-open-mini-account-250-a-2.html
ntrader said:
Let me ask you something, are you psychic? Because you read my mind. I’m actually trying to introduce some of my friends to Forex, most of whom are very pessimistic about all this idea others have no idea what Forex means at all. In general I think this is a great idea to have a few people to manage one account. At first if you lose some money you don’t lose all YOUR money, but you lose only a part. Secondly if several people manage one account after a period of time you will see who is doing better than others and who shouldn’t do this at all.
Vic - Regarding joint accounts: Aside from stock investment clubs, I have seen very few successful pooled accounts. (Does anyone remember the Beardstown Ladies? Ha!) I believe one of the primary reasons is the mentality of �long term investors� versus that of �traders�.
Important question for you: Can you place a monetary value on personal relationships? Your post, referenced above, suggests that some of your prospective team members are somewhat resistant to the idea. This may not be the rock solid foundation you need to move forward. I suggest an approach where you pool your ideas and research with others who are interested in forex, but keep your money separate. Guard your capital.
It’s all good toptick07.
He will post the results of the $500 demo when he gets off the bus.
Feel free to post your results, demo or live, as well. All are welcome.
Thanks for sharing.
Nope, no monetary value on personal relationships.
My uncle passed about six years ago. He only got sick. Went in for a to make sure every thing was ok. For some reason the hospital put him in an induced coma so he could recover. (Hmm…) They could not state a reason why. (maybe price, who knows) While in the coma he was to have 24 hour assistance. (That had a price) One assistant left before the other got there and in that time he had a stroke. (about 15 minutes) He was in a very bad situation from then on. The hospital then decided to bring him out of the induced coma. The said " He really didn’t need to be there anymore". (What?) As he came out, a large portion of the family was there to see him. He was happy to see us. He then went to sleep and never woke.
He was a good man. His loss was great 
. The family did not sue the hospital because no amount of money could fill the void.