@orclavey I guess that depends from broker to broker. The one I’m trading with use cold storage wallets with no online linkage. I understand your apprehension and it’s quite valid. When you search for a broker, go for one that uses cold wallets without any risk of losing the funds. Of what I understand, they segregate your account from the company accounts.
Is it even possible to have multiple accounts and transfer within those accounts? I know it makes me sound like a complete noob but any suggestion would be really helpful.
You must go to a regulated broker in order to keep your funds safe as they are abide by rules and regulations, they will keep your fund safe and you won;t face any issue while withdrawing.
You can have multiple trading accounts with the same broker and transfer your fund internally. But broker to broker transfer is quite difficult and I haven’t heard about it.
Yep I’ve been doing this but only if the positions in the accounts I ask transfer from are closed.
Also, if you’re transferring in a different currency, the funds will be converted at the exchange rate that’s current.
True that. This for me has proved to be a great risk and money management technique simply because it helped me figure out how effective the trading system is. I could easily commit to the larger lot sizes.
Can you suggest any money management technique for micro lot trading?
I thought so too, but I hear so many traders complain on issues regarding withdrawals even though they are using regulated brokers. So many times issues seem to crop up, and extra fees and all, only while taking money out, don’t you think?
Ya I checked with the broker, transferring funds is possible at the current value.
I also trade with small amounts of money in either micro lots or with higher leverage and keep different platforms to keep it neat and clean. Even amounts of micro lots like 2, 4, and 6 with turnkeyforex to scale half of my lots and practice profit management techniques. Also with xtb, I put up $10-$50 of my money on a trade while using 1:50 or higher leverage.
I plan on taking a sabbatical for a month or so. Do these brokers charge any fee for the inactivity?
Depends who’s your broker. Usually, reliable brokers don’t charge any inactivity fee. Mine doesn’t as far as I can tell you.
It totally depends on your broker. Some brokers do charge inactivity fees, so it is better to check with their Client support.
All the reputed brokers have cold storage wallets with no online linkage. Also, they keep company’s funds separate from client’s funds, so in case they ever go bankrupt, your funds will still be safe.
The most important thing is to ensure that you are trading with a trusted and reputed broker. I started off with a regulated one but eventually moved to an offshore broker for better spreads and commission. It is difficult to make money with regulated brokers, especially if your initial investment is low.
I will suggest you to go with Turnkey Forex (for offshore broker) and XM (for regulated broker).
Can I start with 200 with the brokers you mentioned?
Is trading on bonus a wise decision?
If not great Mark, it definitely isn’t a bad decision either. You can trade on the bonus as your additional margin. The best part is that you won’t be losing the bonus amount while trading since the system will put a stop on your positions once you reach the bonus losing limit.
1 Like
Definitely. For Turnkey Forex, the minimum deposit is $10 while for XM, min deposit is $5.
Oh great 
both are options I can consider, I hope they allow hedging and are flexible with all styles!?