Been telling him the same thing.
Which broker are you using? Just curious!
Start with a mini account if you have a lot of extra money that you want to get rid of
There are actually more fun ways of losing money lol
Nice, managing risk is the best thing we can do.
There are different kinds of accounts for different kinds of traders, there is no one answer for this.
Sure, but there is a broad framework which can be followed so that not all is lost.
What I meant was pretty simple, that after testing out various strategies, check which indicators work where and stuff, what leverage to use, etc, a plan is made. But when we trade we often donât stick to the exit plan because we feel that just a little more time we can recover the loss or make more profit, and in the process, hit stop loss. That is when it becomes important to not listen to what we are feeling at the moment but stick to our plan.
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I still havenât started trading live, just practicing on Fxviewâs demo account.
One should just bear in mind to not stay in a trade when the conditions because of which the position was opened, are no longer there.
I would suggest that beginners should go for a micro account. And yes, if you have a lot of extra money, go for a mini account.
I always stick to my plan. I enter as per the signal on RSI and CCI and exit based on my risk to reward calculations. SL is fixed at 50 pips away and TP 50 pips away from entry price. I have been following this ever since I started trading with Instaforex and later with Fxview, and am happy with the profits I am getting on a regular basis. I am not one who will get greedy too quickly and lose what I even have.
CCI works well for trend trading but I reckon only for longer time frames, I donât think they are suitable for day trading.
What currencies are you trading?
I am mostly trading common currency pairs such as USD/EUR, AUD/USD and sometimes exotic pairs such USD/ZAR to make extra bucks when my other trades are getting in losses.
JassyRayder! I had also gotten into exotic pair trading during my initial days. I wrongly assumed that exotic trading means huge cash. I was wrong and but luckily got back in touch with reality at the right time. I opened many demo accounts with IG, Fxview, XM etc. Due to the demo trade I understood why exotic pair trading is meant for very advanced traders. Micro lots can be a great addition to the demo trading phase where we trade with actual money.
Itâs a common newbie mistake that they get into complex derivatives and pairs to earn a quick buck.
Thank God you didnât stay on that destructive path for far too long or else you would have been bankrupt. Micro is the way to go after demo trading before going with a standard account.
Itâs better to start small than to lose big. You must not rush things when you go live. Create a micro account and get acquainted with the live market conditions.
But how much do you think is a good amount to start with? Some can only afford to risk $5 in the beginning while there are many who would be comfortable with risking $500 also