I started learning in Babypis school and demotraded a bit in Jan 2017 - March 2017. I lost interest in trading after that and I started out again during Jan 2019. I have never traded in a live account before because of fear of losing. I am also not doing my own analysis. I instead use signals from a signal provider called Wetalktrade. But I realize that if I need growth, I should start doing things on my own and start a live account. I have some questions:
What capital do you recommend?
The signals from the signal provider is working out well for me. Should I stay with them or start doing my own analysis? (I am really scared to do that).
One of my friends suggested FRXE as a broker. If I go with them, I can get a deal on an indicator from Wetalktrade. Do you suggest FRXE?
U should use capital which is more comfortable if u lost it,
Or u can deposit everymonth 10$ / 30$,increase ur capital slowly
With ur experience using it, have u ever counter a loss?
It is included TP SL?
If u doing it in ourway i think u should use 4H timeframe,
(Till today i still use 4H timeframe,daily fibo retracment and weekly pivot as source analysis)
I am ok to lose $500. But I have heard that $500 is a very low capital and even the lowest trade volume is risky. I am thinking $1000 but it is a little hard for me to afford $1000 right away. Has anyone been quite successful with $500 capital?
With Wetalktrade, I have had losses and even some losing streaks, but when I look at the overall monthly performance, profits outweigh the losses.
No signal provider will make you money long term, things dont work this way regarding trading.
Open a micro account with a small deposit, trade small positions and if things start going well add money to the account, If you have an account with too much money things can go ugly quickly…
Dude, just go live, in my opinion you need to go live as soon as possible to overcome the mindset of losing real money. you dont have to start big, i started with 50. just rade 0.01’s and get experience in placing live trades. spending too long on demo will change as soon as you lose real money
Think of this - What will you do if someday whoever’s sending you signals decides to stop sending signals out of the blue? IMAGINE
So what i’d advise is that you lean to do your own analysis and then start applying that analysis on a demo account for at-least 6 months or more. And you can still do this while receiving those signals. But receiving signals - it won’t work out in the long run
Don’t worry about having a losing trade but make sure you don’t have a big losing trade.
You cannot have a system that produces 100% of winners and no losers. But every loser teaches you something about trading -
how to find a better entry price
how to size your position
why and where to set your stop-loss
how it feels to have a trade that is in the red for minutes or hours or even days
where you could have got out with a profit or at least break-even
how to select a better target market
the effect of the wider perspective on your trades, e.g. fundamental news announcements, longer-term trends, correlations with other pairs etc.
Easier to get these things from losers and they are all important if you see them.
First of all, I do not recommend using a live account until you are capable of doing your own analysis. Learn the basics, then continue to study and practice on a demo account.
As for the size of the live account, that really depends on how much you can afford to invest eventually (and afford to lose, for that matter). Generally speaking, however, it’s a good idea to start with a small live account that you can use for purely practice purposes, and only when you gain some experience and confidence in trading with real money you could invest more.
i have seen most of the time , newcomers always like to take suggestion from others particularly from experts , but in practical they don’t use this information when trading.