I’ve been studying quite a while now and started demo trading about a month now though I’m no where near where I want to be as far as trading is concerned. But I’ve made progress since day one. And needless to say I am very happy about it :)). Anyways I’m thinking of going live soon probably in 3,4months from now. So I was thinking how much start up capital will I need ? I’m going to trade weekly and daily TF using price action together with other confluence factors such as s&r , currency correlation , overall trend. Since I’m looking to profit from big moves in the market over a longer period of time I thought I needed more start up capital that I was initially planning to start with which was 100$. Now I’m thinking probably 2000$ ? So that I can trade 100000lots depending on the broker but generally which will allow me to wait longer so that I can profit big moves otherwise margin call will ruin my strategy. What do you guys all think ? Any response will be greatly appreciated !!!
Hi (again) rookie39, good to see that you’re asking questions and eager to learn. $2000 is definitely a better amount to start with once you’re confident in the skills you’ve gained from demo. In fact, I wouldn’t recommend trading with less than $1000.
Have you tried the BabyPips position size calculator? Position Size Calculator: Free Online Forex Position Sizing Calculator
As you can see, you’re calculating the position size of your trade [I]from[/I] the amount you want to risk, not the other way around. You mention trading a standard lot (at least I hope you didn’t mean 100k lots, or 100 billion units like you wrote) of 100,000 units - certainly not something you want to be doing with such a small account. With a standard lot of EUR/USD, each pip is worth $10 ($.0001/unit * 100,000 units). It’s common for EUR/USD to move over 100 pips per day! Since you said that you’ll be looking to trade longer time frames, your stops will need to be larger (200 pips or more is not uncommon). At $10 per pip, you’d face a margin call in no time.
Using the calculator, you can see that you should be trading micro lots. 2% risk per trade with a 200 pip stop loss comes out to 2 micro lots, or 2,000 units. Of course you can increase/decrease the risk as you see fit to what you’re comfortable with, but always be aware of drawdowns which you will face at some point.
My goal is to double my $1000 account each year. If I’m successful, in 10 years I will be a millionaire. Compound interest is your friend. 
It will take you 11 years !!! 
Yes 11 years is correct. 10 years was a guess.
Start with the amount you are comfortable losing, may it be $100, $500 or $2,000. Do not start with capital that you will be stressed out if you lose that capital. PERIOD.
Why don’t you guys focus on what forex trading is all about (emotions, risk management, discipline, focus, etc…) rather than starting with a mindset of doubling your acount, BLAH, BLAH, BLAH.
Cheers,
FxTurtle