Hey everyone. New to Forex, but taking a recommendation I should learn. Once I have the basics, what size of bank would you recommend (assuming I’m going to lose it anyway!!)?
Welcome. Your intro made me laugh, albeit that’s the reality if you go straight in before learning on this FREE Education site how to trade forex properly. Another cost-free alternative is to open a demo account, and use it to practice and experiment before even considering going live.
What I did was to open a $1,000 demo account, and trained my mind to treat it as though it was a live account. That means you would need to have a mindset to control ‘artificial’ emotions of fear and pain.
Add learning to control risk and money management by being patient and disciplined NOT to overtrade/revenge trade and that’s for starters.
Now, to answer your question, save up as much as you can afford to lose without suffering a painful mental breakdown. IMO, $1,000 is the minimum to give as much breathing space when you will experience a string of losing trades - as do all traders. Leverage at no more than 1:100.
Trade the micro lots and keep risk exposure to 1% per trade, and set a daily limit that you must comply with - that’s discipline in action.
Alternatively $100 account, trading Nano lots. You’ll need to find a safe regulated broker (XM) who offers that, but it’s boring and I guarantee you’ll pay no attention to disciplined risk management…
Best of luck.
Ok that’s hilarious knowing you’re prepared to lose money. How about you change the course by opting for demo trading first? This way, you’ll get to practice your skills without having to lose money. Analyze the market well and then make the right move.
Keep the spirit high! The more you learn, the better you trade. There are no shortcuts in the market and you can perform well only when you have an idea about the market and its functioning. A lot of things need to be considered when you are trading. Better keep your goals clear.