Newbie here, got some Qs! | Forex Factory

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Newbie here, got some Qs!

  • #1
  • First Post: Feb 13, 2007 8:46am Feb 13, 2007 8:46am
Hello everybody!
Just want to ask suggestions on what to do first with $300 on a mini account with a 200:1 leverage?
And I have read a lot on forex that my mind is kinda mixed up. WOUld anybody arrange the topics in order?

Thanks a lot.
  • #2
  • Feb 13, 2007 9:01am Feb 13, 2007 9:01am
Quoting ragxyz
Hello everybody!
Just want to ask suggestions on what to do first with $300 on a mini account with a 200:1 leverage?
And I have read a lot on forex that my mind is kinda mixed up. WOUld anybody arrange the topics in order?

Thanks a lot.
Move it to a mini-micro account that allows you to trade 0.01 lots (400:1). Play single lot trades while you learn this business. If you don't want to do that then be VERY cautious, $300 in a mini account can disappear very fast if you're not careful.

Your first priority is to learn to trade, forget how much money you're making/losing.

Find a 4 hr/Daily strategy from any of the popular ones here, and master it before you think about trying to make a living.

Read the stuff in the Beginner's Section, particularly the threads on Money Management and psychology.

Study this thread http://www.forexfactory.com/showthread.php?t=2331 there's loads of good stuff in there by one of the most respected guys on this Forum.

Remember this, despite what you've read, is NOT a get-rich-quick thing, it will take time to sort your psychology, and trading methodology out.

BTW Welcome and good luck
  • #3
  • Feb 13, 2007 9:12am Feb 13, 2007 9:12am
Thanks for that one!

I have tried demos and in one time even tripled the capital in less than a week. But I didn't really followed money management, as what has been stated on the articles. And i was just using the 15-minute charts.

Do I have to change my system? Do we really have to apply money management?
  • #4
  • Feb 13, 2007 9:23am Feb 13, 2007 9:23am
Quoting ragxyz
Thanks for that one!

I have tried demos and in one time even tripled the capital in less than a week. But I didn't really followed money management, as what has been stated on the articles. And i was just using the 15-minute charts.

Do I have to change my system? Do we really have to apply money management?
You don't have to change your system, a barely half-decent system with good Money Management will keep your account alive longer than a brilliant system with no Money Management.

Without it you will be out of the game before you've had a chance to learn what you need to survive. It's even worse if you're trying to trade those short-term charts, you'll be trying to grab small profits and paying the spread over and over again, and letting bad trades run, hoping they'll turn round and become good trades.

You have to take your losses in FX, the skill is keeping them to a minimum, and without RIGID Money Management rules those losses will eat you up.
  • #5
  • Last Post: Feb 13, 2007 9:49am Feb 13, 2007 9:49am
Quoting ragxyz
Thanks for that one!

I have tried demos and in one time even tripled the capital in less than a week. But I didn't really followed money management, as what has been stated on the articles. And i was just using the 15-minute charts.

Do I have to change my system? Do we really have to apply money management?
Have a look at this http://www.investopedia.com/articles...XMoneyMgmt.asp
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