You have done the demos for a few months. Now you want to make a deposit on a live account. $100 maybe to get your feet wet. That’s all ok, kiss the $100 goodbye, but hey there is a price to pay for experience, so get ready. Some tips, then I’ll get to deposit secrets. Don’t trade within 30 mins before or after red folders (news), well unless you like to gamble. I did once, maybe twice and went from 1 pip to 60 green pips in 2 seconds ! However, it could be the reverse . Do not try to analyze the market like a seasoned trader and try to trade it. For sure do research on technical analysis and fundamentals. But to keep your brain from being fried stick to something easier. SCALPING. just look for price movement up and down 5-10 pips either in an up trend or down. Best to know what direction the trend is for sure. You could let it ride if it takes a bigger than normal price hike. Ok, the Deposit Secret. Most Brokers require 2% on a standard lot (100,000 units of currency) $10/pip. That requires a little over $2000 deposit. Well I say yes, DO IT!!! Trading only 1000-2000 units, micro/mini, with a $100 deposit, gets real boring fast! I suggest depositing $2500, but you are NOT allowed to trade your $2500 deposit, its just a base. Deposit another $100 or more and then you can buy 50,000 units or 100,000 units, set your stop losses 5-10 pips, only risking $30-$50. When you go +3-4 pips ($30-40) and close the trade in 5-10 mins for profit, you will feel rewarded. If you lose a $100 on a few SCALPING trades, so be it. It happens. Hopefully, you will start winning more SCALPS than losses. Just don’t trade with your original $2500. Your $2500 is just to allow you to have enough margin to buy bigger lots, while only risking $25-50 with tight stop losses and of course only trading a calm market. Dont try this in periods of high volatility. More to come.
I can tell you a lot on how to lose money on FOREX, but for the record, Ive only lost a total of $1000, and have traded off and on since 2008, and I feel like the experience and its cost has given me a wealth of education. I'm in the green now, but it takes work and a lot of patience! Remember, learning and experience is not free.
I can tell you a lot on how to lose money on FOREX, but for the record, Ive only lost a total of $1000, and have traded off and on since 2008, and I feel like the experience and its cost has given me a wealth of education. I'm in the green now, but it takes work and a lot of patience! Remember, learning and experience is not free.