i guess its time to move to the minim account.
Yeah and they are also less risky. I like them too, mostly because they give me complete control over managing my account. Works for me.
See they are like a step up from demo accounts and you really don’t have to worry so much about them. The initial deposits on them are quite low and they are comparatively safe. If you want to get a good feel of live accounts, I’d say go for micro accounts.
Yes, it does. A strong and positive attitude is a must for trading. So, stay positive and focus on your trading plan.
Alright, thanks mate!
You can go ahead with the micro account first, it is always advisable to try it on a smaller lot first to get the hang of it. Once comfortable, you can switch to bigger lot size.
Apart from working on the strategy, you can try and focus on your risk management. Try not to risk more than 2% of your capital to stay on the safe side.
I kind of feel that micro accounts are a step up from demos. Since you’re investing a very small amount, the risk tends to be low as well. You can give it a try, there is no harm in that.
Work on bettering your trades instead of worrying about them. You can also add indicators to your trade strategy. Just pick a broker, be it IG, Fxview or IB, etc and get started with it. You can choose from a variety of them like relative strength index, MACD, moving average indicator, stochastic, bollinger bands, fibonacci, average true range, etc.
Did you ever try pivot point indicators? They are pretty good for the financial markets.
No, I haven’t but I’ll look into it. Thanks.
Pivot points can perhaps be a good indicator to get a grasp of what’s the overall trend of a currency or commodity over multiple times.
Yeah true @gazumppeter. Just calculate the currency pair’s average price. Now take for example the last day’s high, low, and closing levels and then the following day you can compare the averages to learn whether the market trend is bullish or bearish
Are you sure Kevin, that it guarantees the prices will revert to the same level as the previous day’s. I guess it creates a distorted view of a continuous bullish or bearish market
True. When in a volatile market, the pivot points do fluctuate. What’s the point following them when there’s no reliability?
So you mean the smallest lot?
Richardhar, i usually go within the range 10-15k dollars in a month
If you want to invest large amount then go for standard account.
Sounds about right! I would like to think you are a risk-taker like me, not here to make mere pennies.
That’s the reason Bollinger Bands is my go-to strategy with hotforex. It helps me figure out where the market is headed. It works really well for locating breakouts.