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Forex Without a Job (College/Uni Student)

  • #1
  • First Post: Mar 9, 2009 8:07pm Mar 9, 2009 8:07pm
hey,

Is anyone a college or university student (highschool even?) who has a live forex account?
Account applications usually ask for employer, income and even net worth.

For someone who has only had summer jobs and lives with his parents, what should I do? Also I have no live trading experience either, which is something that is asked for.

Have people been accepted with no income/ assets? Will I (can I?) be rejected or anything?
Or should I just get a parent/other relative to sign up?

Thanks

PS. I've been off and on demo trading, reading these forums, etc for the past year. whenever I'm not too busy with school and other things.
  • #2
  • Mar 9, 2009 8:10pm Mar 9, 2009 8:10pm
I am in college right now. I am still doing demo but soon planing to go live.
Yea it's Life//
  • #3
  • Mar 9, 2009 8:12pm Mar 9, 2009 8:12pm
There are MT4 brokers that let you open live accounts with as little as one dollar.

That does not speak to the questions you asked about what background information they will require, but should make you feel better about capitalization requirements.
  • #4
  • Mar 9, 2009 8:17pm Mar 9, 2009 8:17pm
tdion can you list some of the brokers that offer that?
I know with FXCM you can open with $25. But they dont have MT4 for micro account.
Thanks
Yea it's Life//
  • #5
  • Mar 9, 2009 8:22pm Mar 9, 2009 8:22pm
why does it have to be a metatrader account? Take advantage of FXCM's free 25 dollar micro accounts. You open the account and they will put the first 25 bucks in for you. That's zero risk to you what more could you ask for?
They run ads all over the internet for their free 25 dollar promotion.
  • #6
  • Mar 9, 2009 8:28pm Mar 9, 2009 8:28pm
Hmm good point. You know i will do that right now. Thanks
Yea it's Life//
  • #7
  • Mar 9, 2009 8:36pm Mar 9, 2009 8:36pm
Brokers don't really care. They ask for information just because they don't want you spending money you don't have, but if you specify "self employed" and put a rough estimate of your net worth, who's going to know?

They don't actually call and verify. They don't even really care. It's just to give the illusion that they care (and tried) in the event of a lawsuit.
  • #8
  • Mar 9, 2009 9:14pm Mar 9, 2009 9:14pm
thanks for the replies

Quoting Rabid
Brokers don't really care. They ask for information just because they don't want you spending money you don't have, but if you specify "self employed" and put a rough estimate of your net worth, who's going to know?

They don't actually call and verify. They don't even really care. It's just to give the illusion that they care (and tried) in the event of a lawsuit.
Yeah, I didn't think they cared too much about it. They want my money.
  • #9
  • Mar 9, 2009 11:04pm Mar 9, 2009 11:04pm
I've had a live account with IBFX since I was 19. I don't think they really care all that much, I'd go with self-employed myself.

Note: I am not advocating IBFX, they can be wicked stop-loss hunters in my experience.
Adapt to the situation, and exploit.
  • #10
  • Mar 9, 2009 11:32pm Mar 9, 2009 11:32pm
It doesn't. It was the best offer I knew of.

Quoting magnumfreak
why does it have to be a metatrader account? Take advantage of FXCM's free 25 dollar micro accounts. You open the account and they will put the first 25 bucks in for you. That's zero risk to you what more could you ask for?
They run ads all over the internet for their free 25 dollar promotion.
  • #11
  • Mar 10, 2009 12:37am Mar 10, 2009 12:37am
Quoting serj1
Hmm good point. You know i will do that right now. Thanks
Then get an MT4 demo for your chart work.
When I opened my first acct. Under employer I put: Retired
Don't remember if anyone asked about my net worth, but I know none of them (I have 3 accts now) asked for a financial statement, or tax return.
  • #12
  • Mar 10, 2009 12:43am Mar 10, 2009 12:43am
So if you put as retired you dont have to do your tax returns on the profit that you earned. And RSI wont hunt you?
Yea it's Life//
  • #13
  • Mar 10, 2009 12:59am Mar 10, 2009 12:59am
Okay you've been trading too long...

Quoting serj1
And RSI wont hunt you?
  • #14
  • Mar 10, 2009 1:02am Mar 10, 2009 1:02am
Quoting tdion
Okay you've been trading too long...
  • #15
  • Mar 10, 2009 1:04am Mar 10, 2009 1:04am
I havent started yet// Just demoing right now.
The reason why i asked was i talk to one trader and he said that you have to trade as a business if you dont want them to tax you whole bunch//
Yea it's Life//
  • #16
  • Mar 10, 2009 1:06am Mar 10, 2009 1:06am
Quoting serj1
So if you put as retired you dont have to do your tax returns on the profit that you earned. And RSI wont hunt you?
I see you are in the States...
Have you ever heard of "Death and Taxes"?
Uncle Sam gets his due from everyone.... being retired( some would say retarded in my case) does not grant tax exempt status
  • #17
  • Mar 10, 2009 1:10am Mar 10, 2009 1:10am
Quoting serj1
I havent started yet// Just demoing right now.
The reason why i asked was i talk to one trader and he said that you have to trade as a business if you dont want them to tax you whole bunch//
I think you are putting the cart before the horse here. You are worried about being taxed, on money you have not made yet.
Welcome to Forex.
  • #18
  • Mar 10, 2009 1:10am Mar 10, 2009 1:10am
yea i live in the west coast//
hmm i didnt know about the retired tax rule//

edit. Just wanted to make sure cuz i heard that you dont want to mess with RSI// and i still want to live//
Yea it's Life//
  • #19
  • Mar 10, 2009 4:13am Mar 10, 2009 4:13am
fxopen mt4 microlot does with 1$ minimal deposit and 100$ position size
suggestion is that you use 100$ acc for carry trading (leverage=1) and 10$ acc for day (leverage=10). 1$ acc + 100$ position blows up quickly.

oanda support 1$ deposit and 1$ position size,
they count profit/loss down to 0.01 cent that is 1 pip
with a paypal deposit 2$ can open a 1$ live account
and 11$ can open a 10$ live account.
you can place order in their tiny window on top of a mt4.

I'm not suggesting that you put more than 100$ in either because I have not verified bigger money myself yet... you know they are bucket shops.

All fx company that gives you a few $ to play for free eventually harvests more real money in return on average.
(you've got to trade a total position of about ~10000 times of that free offered money in order to withdaraw it)
so that should not be a main consideration for you.

Play with your own real money gives you different feeling.


Quoting serj1
tdion can you list some of the brokers that offer that?
I know with FXCM you can open with $25. But they dont have MT4 for micro account.
Thanks
  • #20
  • Mar 10, 2009 4:22am Mar 10, 2009 4:22am
yes they don't care your occupation

but they don't want your money in all strategies

if you use leverage=1, meaning acc size=position size,
and do day-lines carry trading only,
they don't even want to collect your money.
it's a mission impossible for dealer desk.

usually they get money from you when you're greedy and look for high profits with high leverage and small stop/loss and small account VS leverage.

most demo account offer you 50k$ free balance to open 100k$ position,
so you don't feel the pressure of stop/loss compared with you're using a 500$ acc to open 100k$ position even after demo trading quite a time.

most demo account supports you to modify free balance by online support,
you can ask support to modify balance to a number of real money you plan to deposit... for example 500$, 1k$
then the game will be more real for you.

Quoting FXNewbie1
thanks for the replies
Yeah, I didn't think they cared too much about it. They want my money.
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