If you haven’t tested it live yet go with a small acocunt and test on micro lots
I agree with demo accounts being the most important. I used them too with IG and Fxview. It is good to begin with them for practice and understanding.
Demo accounts are no doubt very important to ascertain the ideal risk reward ratio, leverage, capital, account etc to use. Whatever works in demo should be used.
Actually everything else is the same but the capital that I’ll be investing in live would be slightly less as I have thought of cutting down on the capital size that I used on demo. This change happened much later otherwise I would have stuck to a more real figure in my demo from the beginning.
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Probably Micro is the best.
It’s important to have a trading plan but it should always be kept flexible. A fixed mindset, plan will never take you far.
Like a lot of people here, I am also someone who favors micro accounts.
Yes the micro accounts are great to know if a strategy is good to go or not. I mean once it has been practiced thoroughly on demo that is.
For a newbie, micro account is advisable.
Micro accounts are beneficial to an extent but in practice you cannot do much with them; I mean to say the potential for the profit is not much but nonetheless it is a great learning experience.
Would micro lot be suitable for capital above 10k?
There are many brokers like Fxview, XTB, etc. which provide micro lots and have low minimum deposits which is great for starting up. Leverage is good too. One single profit can help you get a sufficient amount of money to do regular trading.
For a beginner which account is the most suitable to start live trading, Micro or Mini?
Consistency of profits for me matters more than single trades because frankly how long can you sustain on that one profit. Through micro and demo trading traders must use the learning experiences as the stepping stones to get on to the next part of their trading plan.
Either you can manage your risk accordingly in live or to be very definite you can test your strategy again on demo with the same capital.
So, do you make a trading plan without using your mind? LOL Never listened that someone can make a trading plan without a brain and then there brain starts telling you things! Of course your brain tells things when you are making your trading plan even. There are many factors to trading, stress management, emotional control, discipline. But what I meant was every trade and trading strategy is different. What worked for one does not define works for others in trading. It needs experience.
I would use a calculator to calculate lot size that fits in with your risk strategy regardless of capital size.
Ya, I have again activated my demo account, raving to go live but it doesn’t seem to be happening. I mean can anyone be fully prepared ever?
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The brokers I am using for demo do offer all kinds of calculators but I mostly just use of the pnl calculator.
Use the one on this website: Position Size Calculator - BabyPips.com
Ensures you never exceed your risk %