I have need some information regarding Forex Trading. So please let me know what do you say about it so that i could develop my self in this. coz… i m new in this line.
from my experience do allot of practice in a practice account. then try a micro account. with minimum cause your more than likely going to lose it. but its good for the experience. Real money makes you think a whole lot different. then practice more.
Im not a professional and am still in a practice account. but i have lost my starting balance in real a couple of times. im working my way to starting a micro again when im confident enough.
I believe the smaller the account, the more likely you are to lose it. I would recommend opening an account with much MORE than the minimum, but trading in micro lots. That way you can afford some draw downs.
This common idea of starting an account with the bare minimum looks good on paper, but you have to remember it greatly increases your chance of a margin call, which = a blown account.
Just deposit more money and [B]WATCH [/B]it. Don’t let it fall below what you are willing to lose. (In fact, if you aren’t willing to lose some money, don’t invest at all. Go back to demo accounts. You’ll get there eventually, don’t rush it.)
Mostly true only with brokers that don’t allow you to break up the lots into nanolots, and most don’t.
If you want to feel the pinch of real money at very low cost, go OandA. you can trade even 1 unit as opposed to minimum 1k
Back to OPs query, what exactly are you after and want from doing Forex? It’s no get rich quick scheme for sure but definitely a worthwhile thing to study for consistent sizeable profits.
No harm in trying to learn it, there’s tonnes of demo accounts provided out there to practice on to see if you’ve got the stuff =P
I do agree with this, this will be my statage when i go back to real account. trading fxcm micro right now. good charting software.
open a demo account.
practice demo till you get the hang of it.
practice in a micro account till you are making consistent profits.
Demo then micro is the way to go, some said already a small account is easily blown, but that is the whole point, you can blow it during your learning eperiences and not lose a lot of money, there is another plus to that too, trading a small account is a way to practice good money management as a small failing in that can so easily lead to a blown account, all makes for a valuable learning experience and make you a better trader by the time you trade a larger account where real money is at risk.
That is completely untrue. Almost all major brokers have micro or nano accounts and allow fractional lots. You can open an account with $10 and trade a penny per pip or less if you want to.
Having a small account is only bad if you have a scammy broker that forces you to trade in whole lots. It does NOT increase your risk of margin calls or of blowing your account
Good to see you back here again [B]Phil838[/B]!!
The whole point of trading a small account is that a margin call does not matter, it is a learning experience, a small account that hits margin call can be re-funded to continue practicing without any risk of blowing your life savings.
BTW margin call does not equal blown account, margin call=margin call which is always a figure higher than zero funds.
I disagree… A margin call and a blown account are basically the same thing…
A blown account doesn’t mean you’ve lost every penny. It means your current account balance is so low that you have no hope of ever getting your original balance back. You might still have 10% of your account left, but you’ll never have 100% of the starting balance again.
Well the reason I put it that way was because ‘blown account’ is such an emotive term implying all is lost, the end, finished, which is probably true if the account was someones life savings but in the context of trading micro accounts as a learning exercise for the beginner trader a margin call is not a big deal, and is probably a valuable learning experience for the new trader to see how easily it can happen, it is better to suffer margin calls on ten dollar nano accounts and learn how to avoid that in the future than to open your first account with 50 grand and then find out how easily a margin call can happen due to a trading mistake or miscalculation.
Forex trading is one of the best work in which a person can earn a lot of amount only if they got experience by applying successful strategies. Although the number of loser’s percentage is much higher than winners.The fact is, this is the most lucrative work around the world. Now i can’t imagine my day & night without placing trades.
Would you be kindly be specific of what kind of “information” you need regarding Forex trading?
Is it about technical/fundamental analysis or anything in particular ?
Old thread, but sure she/he appreciated the reply
LOL…Oops… I didn’t look at the date… Can you tell, I’m so eager to help out hahaha…
I`m still amazed, why no one suggested School of Pipsology ?
the topic was from 2010 and im not sure if pipsology was in existence yet then, lol.
I ve been trading for couple of years and i am satisfied with my earning till now, if you are really interested then should go for it without a doubt.
Forex Trading is trading currencies from different countries against each other. Forex is acronym of Foreign Exchange.
For example, in Europe the currency in circulation is called the Euro (EUR) and in the United States the currency in circulation is called the US Dollar (USD). An example of a forex trade is to buy the Euro while simultaneously selling US Dollar. This is called going long on the EUR/USD.