I am scalper started trading couple of months back with $100.00 and placed around 169 orders and close around 140 orders in plus position:) I have applied for credit card once I get, I will invest more money hey guys pls let me know some broker who take small commission because currently my 50% incomes goes to commission only. I have lost my job few days back so fx trading is only one way if this does not work I’ll have to sell my lappy :o
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I hate kicking a man when he’s down but when reading the below, please appreciate that I have your best interests in mind Tom.
I wouldn’t want to completely deter you but Forex may not be for you. Financially, I don’t think that you are in the right position just now. It is not a “get rich quick” scheme & you need mon£y to make mon£y in this business.
Also the last thing I would ever be doing is using a credit card to fund my trading. You are far from guaranteed to be winning trades, especially in the early stages (a couple of months isn’t that much in trading terms) & using this method, any winnings will be spend on interest payments on said credit card & paying back the actual amount.
My advice would be to keep demo’ing (or even trading your small account) as with your current situation, you could run yourself in to debt and it may be a slippery slope that you try to trade your way out of & potentially slip further & further in to debt.
My apologies if this is not what you were wanting to hear but I’m just giving an honest opinion from an outside party. It’s got your best interests in mind & I hope that you take it on board.
I’m sorry to hear about you losing your job, & although I know that they’re not easy to come across in the economic climate, it should be (& I’d imagine that it is) a priority of yours to find another job & get that income again. In the mean time, continue to trade/learn & hone your skills & when you have mon£y to spare, come back to trading a live account.
Please please don’t rely on credit to fund your trading!
What ever you decide, I wish you the very best of luck & I hope that things pick up for you.
All the best & good luck.
Baz
Hi Baz, many thanks for ur advise and I totally agree with you. everything u have mentioned is 100% sensible. I will look into this. Hey do u know any broker who take small commission…what about Forex.com ?
Phew - I’m glad that you took my reply in the spirit in which it was meant. I didn’t want it to come across as harsh or anything.
I’m still new to the trading world myself so I’m far from experienced enough in the world of brokers to direct you anywhere. Sorry! Choose some of the bigger names in the game, go to their site & just browse the information & see if they suit your requirements. There’s a forex broker comparison thing in the “tools” tab of the BabyPips site.
And don’t used credit card for that, you are overleveraging. Leverage is a sort of borrow but paid for advance and using credit card or taking a loan for trading is a very BAD IDEA. You didn’t experienced drawdowns yet and belive me you will. The only way we learned is losing all our money and please don’t lose money you don’t have. Once you found yourself in the position when you need more and more money just to cover margin payments, well that is the end, better for you if live in a 10th or above floor or think into another less painful method to make a self defenestration. I’ve started just like you and many here did the same and the only thing I can say about it is “OH PAIN, PAINFUL PAIN.” Emotional pain is the worst thing you can deal with, I can tell you, you never experienced emotional pain, the death of a friend or relative is nothing compared to this. Sorry but that is how things works around here.
Hmmmm… NO. Keep on demo until you gather the funds to trade with an STP or ECN broker. Stay away from MM and DD brokers.
im new here aswell
Many thanks for advice doing trading with the amount came from credit card is really not good idea
I agree don’t trade it thinking it will solve all your problems in about a few months… that’s what my friend refers to as a poor man’s mind set you cannot, with the exception of algo and with that said you need some major experience under your belt already if you were a quant, still one cannot amass multi-millions by years end.
I would say do not dump money you cannot afford to lose especially since your jobless. That is highly reckless gambling and unless your nest egg and living costs do not interfere with you doing this then by all means do so but if not don’t end up owing money because unlike a college loan, you are more worried about making back a loss than you are wondering how big your severance package will be if they fire you tomorrow.
I agree or even if you have your life savings aside, DO NOT USE it all!
Take the example from Mr. SMAN1109… After 2 years of trading, he losses all his life savings because he admit that he doesn’t have self control. He is blaming the government that they didn’t stop him. He also think that FOREX is a SCAM and successful traders are evil…true story (atleast the one that he post it here…)
Talk about Psychological affect on people when you are not careful…
Billion thanks for all above advice I really started to find job and hope by the end of this month I will get a job I will continue trading with the amount which I have and will invest (30% of my salary) when I get paid.
Hi all, I think the top two best brokers are Forex.com and Plus500, reason being the super user friendly platforms they offer and speedy execution, they both have quality app’s if you want to trade on your smart phone.
Also Plus500 offer a £20 bonus to start your account off with, not many brokers offer this.
Happy Trading
Thank you I will contact them