£500 pound, money managment.. | Forex Factory

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£500 pound, money managment..

  • #1
  • First Post: Oct 2, 2007 6:03am Oct 2, 2007 6:03am
Im going to start a £500 pound account with alpari just to get used to live trading. I know its a very small amount so was wondering if anyone could advise on Money managment and the size of lot per trade i was thinking 1 lot of 0.10 to start with but im not 100% on how margins work and so need advise i could probably put in an extra 100/200 quid if it is advisable.

Anyone have any advice on money managment for me,.
  • #2
  • Oct 2, 2007 6:19am Oct 2, 2007 6:19am
You don't have to read the whole thread but if you start here http://www.forexfactory.com/showthread.php?t=39514 at Post #19 it's explained in detail, with other links to help you
  • #3
  • Oct 2, 2007 6:35am Oct 2, 2007 6:35am
Thanks pete
  • #4
  • Oct 2, 2007 11:23am Oct 2, 2007 11:23am
Can I make a suggestion?

You do not sound ready to trade live yet. If your starting with 500 quid.. you will need microlots (0.01 lot) as 0.10 lot (a mini lot) would be using too much leverage. From what you have said you may be better practicing your risk management first, I am only saying this because I don't want you to make mistakes (we all do at first) and lose money.
  • #5
  • Oct 2, 2007 8:43pm Oct 2, 2007 8:43pm
Quoting peterM
Can I make a suggestion?

You do not sound ready to trade live yet. If your starting with 500 quid.. you will need microlots (0.01 lot) as 0.10 lot (a mini lot) would be using too much leverage. From what you have said you may be better practicing your risk management first, I am only saying this because I don't want you to make mistakes (we all do at first) and lose money.
I second that... great advice
  • #6
  • Oct 2, 2007 9:22pm Oct 2, 2007 9:22pm
Quoting peterM
Can I make a suggestion?

You do not sound ready to trade live yet. If your starting with 500 quid.. you will need microlots (0.01 lot) as 0.10 lot (a mini lot) would be using too much leverage. From what you have said you may be better practicing your risk management first, I am only saying this because I don't want you to make mistakes (we all do at first) and lose money.

I third that.

One more tip. Don't treat your demo account like play money. Learn proper risk management, practice it every trade and when you do go live, good risk management will already be a matter of habit.

Wish I'd have started that way.
  • #7
  • Last Post: Oct 3, 2007 5:10am Oct 3, 2007 5:10am
Quoting billflet
Don't treat your demo account like play money. Learn proper risk management, practice it every trade and when you do go live, good risk management will already be a matter of habit.
Totally true - demos are only valid if they are treated seriously like if they were real money. Otherwise it's like playing free poker with the lads: you all go "all in" at every hand and no-one takes it seriously.
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