Depositing Real Money 1st/2nd Time

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.

Well-said. I subscribe to your thread and am looking forward to your next post.

It sounds like you've accumulated a lot of insights through your experience in forex trading.
Managing risk and being disciplined seem to be key themes in your approach.
Starting with a small deposit to get a feel for live trading is a prudent move, and your emphasis on scalping and tight risk management reflects a cautious yet potentially profitable strategy.

Your advice about not trading during high volatility periods and not risking your entire deposit on any single trade is crucial for preserving capital.

It's evident that you've learned from both your successes and losses, which is invaluable in this field.
Continuing to refine your strategy and staying patient are indeed essential for long-term success in forex trading. It's great to hear that you've managed to turn things around and are now in the green. Thanks for sharing your insights!

Cheers

Thank You and I hope my experiences help a new trader.

WARNING

New Traders, please becareful. I accidentally closed a winning trade when I was trying to move my stop loss down
I also accidently reversed a winning SELL trade to BUY. Cannot even begin to tell you how that went. Loss of all profits!

Stick to a simple plan from the get go and do not try to get fancy. You can get way over your head FAST!

When you have to make decision fast, how you ensure that you open order with desired stop loss or take profit? Is there an EA or some software which sets this automatically?

_Hello friend, I see from what you write that you have good bases and foundations to explain, I was wondering if you do the analyzes alone? I am new to this and I am interested in learning from a professional.