New in FX and Want help

Hi to all,
I came to know about forex in March 2007 and i have read a good number of materials on FX on top of that i have been on demo since then.But i could like somebody to help me on the following,
At least how much does one need as astarting capital to trade a real account?

I am interested in being an intraday trader can someone assist me to get a nice trading system to demo with before i can trade in real money.

Please i need help guys.
Cheers!!!

Just decide on your time frame and look through the systems section for one that works in that time frame. You'll find a lot good systems right here, but only you can decide which is right for you. As far a trading live goes, the amount needed depends on the value of the pips. Some brokers offer micro lots (and I would advise using these). You can trade for as little as a penny per pip. If you lose a hundred pips, you're only out a dollar. Most of the time these mini accounts can be opened with as little as $500. Trading penny pips will make it last a long time. Just be sure you can afford to lose it. Forex trading isn't learned in a couple of weeks.

Welcome to the world of FX! You are about to get tested on many aspects of your personality and thinking. I have been trading for over 2 years and am still learning how to be successful. I thought that it would be easy considering I was a positive thinker and had a good handle on money. Before you worry about trading live, you need to focus the following things in my opinion: #1 Get ahold of as many books on trading as you can. Mark Douglas' "Trading in the Zone" is a must. go to your library and get all the books you can, even though there may be about stock trading. You are looking for the books on psychology and how you think. "The Market Wizards and the New Market Wizards are classics. Trading is 90% mental. Most of my losses in the market have been because I didn't allow the trade to go. So I would get out early with a small loss and 70% of the time, if I would have stayed in I was right. Money management is very important. If I was to do it over again, and not lose thousands of dollars, I would read more, paper trade for a year, and then start with micro lots. Always remember, once you have this down and you are consistant, you are only 6 months away from making good money. The trick is to be consistant with little money and perfect your system. Hope that helps. Don't quit.


-In my opinion, there is only one thing that separates the 95% losers from the 5% winners in the trading game. And that one thing is rock solid, unwavering belief that you will become one of the winners and you will do whatever it takes to get there. –

Welcome aboard! You're in for a treat...

I opened demo accounts with a different brokers when I first started... just to get an idea of which platform I liked. I agree that minilots are the way to go. Start small... there is nothing that can clean an account out faster than Forex. Treat the markets with respect and that'll help!

Don't be afraid to ask questions... NO MATTER WHAT.

Lastly... make this website a MUST visit at least 1x a day. I've gotten more out of being a member here 1 month than I did in my previous 2 years of trading.

Good luck!

Welcome and good luck,
all the above is true. Mini-lots, patience, reading FF and books, testing systems etc. + compounding

Successful trading is believing in your self and adapting the system and time-frame that you choose to your personality.

I started out as a Day-trader (nothing wrong with that), but becuase of emotions this burnt me and actually caused me to let the losers ride and took profit way to soon.

Don't clutter your screen with to many indicators and have clear entry and exit signals and follow them to the "t", no emotions

Know I claim to be e trend trader, some may differ with the way I "trend trade", an RSI and two MA crosses on Daily charts, do any and check them out, and if I feel like sitting in front of the screen the whole day, I can even use the same indicators and just bring the timeframe down, still having clear entry and exist signals, but only buy in the direction of the daily trend, No Emotion

Well said Fx.

I will just add that after you demo for a while don't fund your live account with "lots" of money, even when you think your strategy is 99.9% bulletproof - especially then . Pick a broker that allows you to trade microlots and ride it up.

Hi
Thanks for the pieces of advice i am getting from you guys.
Continue adding more and i could like to get areal experience of somebody who started with a capital of 400 bucks and made it or lost.
Nc trading day.

Funny you mention 400 buck, My first account was funded with $407, within 3 odd weeks I grew that account to over $1000 and thought I was on my way to financial freedom. Within 6 months I blew the account, due to reasons in my previous post. Know I take it way slower and are gaining pip by pip, compounding on my way up

A trader friend of mine had round about $900 in his account in January 2007 and is currently over $21000, amazing hey!... I won't post any proof as it is not my account.

My Believe, against many I'm sure, yes it is posible...:surprised

Again a solid system with clear entry and exits and NO EMOTION