How much did you start with or how much do you think is a reasonable minimum when starting out?
3 Likes
First learn how to trade properly and proficiently on this great education site, open a demo account with a tier one regulated broker - not eToro as their spreads are dismal - and practice and experiment on it. Try to treat it as a live account with low risk exposure.
Going live is a whole new ballgame which brings emotional control management into action. This is where most newbies fail by overtrading, revenge trading and gambling. If you open a $100 account you’ll likely blow it, but you would have learnt from what mistakes you made.
IMO, to give your S/L breathing space, save and aim to open a $500 account minimum. Ignore social media marketing hype - it’s fantasy land. Trade a 100:1 leverage and 0.03- 0.06 lot size. Cut losing trades quick - never nurse them in the hope they’ll turn in your favour - there’s always other trades waiting.
4 Likes
$100 is reasonable to start out and practice with. But after you gain confidence with live trading. 1k to 5k is reasonable minimum to earn worthwhile profits
1 Like
If the new trader starts their trading journey properly, the size of the account is almost irrelevant. The principle is that before you place real money at risk you demo trade a strategy and make sure that you are consistently profitable. From that point onwards, as long as you follow your strategy, the account will grow. The strategy does not have to be super-effective and should not be complicated.
amount is not a big deal to start trading for beginner’s. cent account is more appropriate to avoid unfortunate risk and losses.
which amount is more appropriate for your it depends on your trading condition. of course its a big deal , with very short amount it is really challenging to survive here successfully.
One the one had it should be what you can afford to lose but in reality it needs to be an amount that allows for risk management to be practiced well.
The minimum requirement differs based on the broker you choose. Some will allow you to open an account with $1 to $10, while others ask for at lest $100 or more. In some cases, a broker may offer different account types and you can get more perks depending on how much you’re willing to deposit.
I think that a $10 deposit is rather low and may not get you very far, so I would deposit more if possible. However, there’s nothing wrong with starting small if that suits you better.
I second this!
1 Like
Demo or live?
Demo, doesn’t matter really at first. Just starting out, maybe just get the hang of the software and then placing trades, figure out that position size you feel comfortable with, make some trades.
I think once you get the hang of that, even with demo, make the demo account funds about what you would trade with a real account. Makes it a bit more realistic.
There’s varying min deposits with brokers .
Some in the mid hundreds some as low as $10 even lower .
Best to start small enough your not emotionally attached to the money but still have a healthy respect for proper money management
100 us dollars
How do a new trader get to know of the right strategy?
Wellcome aboard,
Join scope markets daily webinar for guidance
STUDY…
I hope we can all agree that a trader’s first strategy should be as simple, objective and unhurried as possible. We can also see that most new traders lose money very quickly, so a successful strategy for a new trader might fit with an approach that most new traders don’t use - if you do what the losers do and in the same way, you will get the same result. Most new traders trade intra-day and by jumping in at what they hope will be reversals in trends.
Therefore I recommend as a first strategy a trend-following strategy which involves identifying pull-backs in uptrends and buying as they come to an end and the trend resumes.
1 Like
Pro Trader MIN = 10.000 with LOW Leverage NO leverage if possible,
IN UK Leverage is now 1/30 so if you start with £100 your looking at Trading 0.01 lots on EUR/USD
That’s £0.01 Profit per pip… and a required margin of £28.08 to open the trade
Your can open the trade and lets say have a 20pip stop loss and a 60pip Take profit
you lose 20 pence or win 60 pence which hardly seems worth trading at all.
may as well stick to a demo until you can afford to go bigger as the reason we are
all in this game is to make ££££’s not pennies.
NOW Lets say you put £1000 in and up your lot size to 0.20 Lots
You have to put up over half your capital to open the trade same stop loss and take profit 20 / 60
you either lose £40 or win £120 which is a lot better but if Margin call is 50% you would not be able to open the trade in the first place SO
£1000 Trading 0.05Lots is what i would start with realistically and if you WON 34 trades in a row you doubled your money. LOL
Now last example starting with £1000 capital at 1/500 leverage Trading 1 Lot
You use £168 to open the trade and with same stop loss and take profit 20 / 60
you either lose £200 or win £600,
so NOW if you won 34 trades in a row you make £20.400 he he sounds good if you never lost a trade 
1/500 leverage exists for one reason only… For the broker to eat you alive.
1 Like