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Do you really need that much to start?

  • #41
  • Oct 4, 2018 9:50am Oct 4, 2018 9:50am
If you are a newby, its better to invest small. As you have zero idea on risk management, there is a higher chance that you will get greedy and lose all. so its better to lose lee than more.
And if you are so eager to trade because you need to survive, i suggest to go back to your job life. You don't have the right mindset to handle a business.
Become successful in growing a small account. If you can do that then automatically you can grow a large account.
you don't have to believe me. But once you are able to master trades, depending on the daily frequency of your trade, you can make upto30 -50% growth per month if you want it so badly.
  • #42
  • Oct 4, 2018 10:05am Oct 4, 2018 10:05am
Quoting AdamCrist
{quote} Most of the traders we have particularly the beginners level don’t believe the importance of demo , that’s why they kick off live account instead of demo , as a result they can’t control emotions and become loser due to over trading. but with a minor balance in real account sometimes can bring good live knowledge.
I've seen some experienced traders who don't believe in demo trading, which I find strange, but to each their own.
  • #43
  • Oct 4, 2018 6:18pm Oct 4, 2018 6:18pm
Newbies like us doesn't need that much to start. We only have to minimize our trade size, like 0.01 lot in order to last longer in the market and learn a lot before blowing our small accounts.
  • #44
  • Oct 11, 2018 7:08am Oct 11, 2018 7:08am
I don't think that's true, but maybe it's a case by case basis thing. A friend of mine started with 1000, and even though he's not living off his investing at this point in time, he's done very well. I guess it depends overall, but I think you're right, it can be done without a huge initial cost.
  • #45
  • Oct 12, 2018 5:22am Oct 12, 2018 5:22am
Yes for active traders if they're taking Forex as a full time business, giving full concentration on trading. Not advisable to deposit lump amount for newbies or poor money management trader as it will eat them up.
  • #46
  • Oct 12, 2018 12:57pm Oct 12, 2018 12:57pm
Quoting mlawson71
{quote} I've seen some experienced traders who don't believe in demo trading, which I find strange, but to each their own.
This actually make sense depending on what type of person you are in life.
Like there are people that always want to do a testrun in a space with negible consequences before starting with the actual task for example:

Lets Say there is a online shooting game where you can play ranked battles i.e for statistics and results and unranked battles i.e battles without any visable results to the statistics.

Now you have people that will play unranked battles a lot, learning the game more before playing ranked battles (I.e a person that uses a Demo Account)

On the other hand you have people that want play ranked right away because it is a instant investment for results that are visable and provides the higher amount of challenge and risks.

So it pretty obvious why some traders would say Demo trading isnt usefull because it lacks the element of real risk and real challenge towards the trader and from demo trading one can pick up bad habits regarding this psychological factor.

Conversely Demo Trading is usefull for the people that need that kind of risk less/free space to grow into a better trader and gain confidence in their abillities.
Past glory means nothing on the battlefield
  • #47
  • Oct 12, 2018 7:43pm Oct 12, 2018 7:43pm
Quoting shay14
I see a lot of articles and posts online about how you must have an initial deposit of like $/£25k in order to start making decent profits and live comfortably, some even suggest that this figure is too small, and recommend 50/100k Now who really has that kind of money lying around to start trading? Most people I know start with far less and build their accounts in order to withdraw decent profits What are your thoughts? How much was your first serious deposit?
What?!?! 25K?!
For that I stop even before starting... Only a huge minority will have such money to start with.
  • #48
  • Oct 13, 2018 8:58am Oct 13, 2018 8:58am
Quoting BeyondD
{quote} This actually make sense depending on what type of person you are in life. Like there are people that always want to do a testrun in a space with negible consequences before starting with the actual task for example: Lets Say there is a online shooting game where you can play ranked battles i.e for statistics and results and unranked battles i.e battles without any visable results to the statistics. Now you have people that will play unranked battles a lot, learning the game more before playing ranked battles (I.e a person that uses a Demo...
In my opinion, the lack of risk is exactly what makes demo trading useful, up to a point. Obviously, staying too long on the demo account may have an opposite effect, but being a newbie and focusing entirely on learning the foundations of trading, as opposed to worrying about it, can have its benefits.
  • #49
  • Nov 8, 2018 4:28am Nov 8, 2018 4:28am
Quoting BeyondD
{quote} Demo trading isnt usefull because it lacks the element of real risk and real challenge towards the trader and from demo trading one can pick up bad habits regarding this psychological factor. Conversely Demo Trading is usefull for the people that need that kind of risk less/free space to grow into a better trader and gain confidence in their abillities.
Very true. However, it all boil down to psychology. If one is taking serious in demo trading, the better progress/learning it will be. Otherwise, we know the end point of gambler.
  • #50
  • Nov 8, 2018 9:14am Nov 8, 2018 9:14am
Quoting Victory9
{quote} Very true. However, it all boil down to psychology. If one is taking serious in demo trading, the better progress/learning it will be. Otherwise, we know the end point of gambler.
I don't get people who don't take demo trading seriously. What's the point of doing that to begin with if you don't?
  • #51
  • Feb 19, 2019 11:30am Feb 19, 2019 11:30am
trading demo is good for all , but by and large above all beginners don't believe the importance of this trading place, in my trading career after passing a long time still i am using demo where i use all my trading strategies and analysis to see the performance how it works,
  • #52
  • Feb 20, 2019 4:33am Feb 20, 2019 4:33am
im not sure i will ever make a living from forex but one day i hope it will be part of many sources bringing me an income. just becoming profitable is my first aim, it doesnt matter how much it is at this stage if i finish a month in profit im gonna be happy with my progress.
  • #53
  • Feb 20, 2019 5:16am Feb 20, 2019 5:16am
It is better to start with a small amount if you are a newbie. If you start with a huge amount, the risk of losses will be more. It is better to start with a small amount and once you become familiar with market conditions and volatility, you can surely trade with as much amount as you want. And most important before investing in the live environment, try the demo account first.
  • #54
  • Feb 20, 2019 7:20am Feb 20, 2019 7:20am
In my opinion, when a newbie moves to live trading they can begin with a cent account and invest a very small sum for practice purposes only.
  • #55
  • Feb 20, 2019 10:03pm Feb 20, 2019 10:03pm
Quoting mlawson71
In my opinion, when a newbie moves to live trading they can begin with a cent account and invest a very small sum for practice purposes only.
Perfect; absolutely mate! Starting with a small trading account is very important since, emotions play an important role on live trading.
  • #56
  • Feb 21, 2019 9:51am Feb 21, 2019 9:51am
Quoting GeorgeBaile
{quote} Perfect; absolutely mate! Starting with a small trading account is very important since, emotions play an important role on live trading.
True. Starting with a small account and gradually increasing it as you gain confidence is a good way to deal with that.
  • #57
  • Feb 21, 2019 10:35am Feb 21, 2019 10:35am
Quoting mlawson71
{quote} True. Starting with a small account and gradually increasing it as you gain confidence is a good way to deal with that.
Yes, then when you are enough confident afterwards; you can go with a standard trading equity.
  • #58
  • Feb 22, 2019 8:38am Feb 22, 2019 8:38am
Quoting GeorgeBaile
{quote} Yes, then when you are enough confident afterwards; you can go with a standard trading equity.
What do you view as standard trading equity?
  • #59
  • Feb 22, 2019 9:23am Feb 22, 2019 9:23am
Forex can start in various way , for beginners level it is more appropriate to ensure first of all pips school and for practicing trading demo is must, otherwise trading can be valueless particularity when a live account.
  • #60
  • Feb 22, 2019 11:07am Feb 22, 2019 11:07am
Quoting mlawson71
In my opinion it's better to start with a small account, even a cent account, if you're a total newbie. Don't invest large sums of money in trading before you've learned how to actually trade.
I feel it is quite unwise to invest too much on a new account too, especially when you are still new to trading. All you need is patience, self discipline, winning strategies and an account balance that can sustain your trade. Not too much that you'll find a heart attack if it all goes down the drain.
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