Newbie looking for advice

Hey guys, this is my very first post on this forum and I would like to thank all of you for this wonderful community. Anyways, what im looking for is some input from you guys on this idea. I am thinking of opening a live account and trading really small (10 cents a pip) just to get a hang of trading. I have been practicing on demo, but I hear that live is a whole different story. And yes I do have money to sacrifice as long as it will be to my benefit. Anyways, input appreciated and possibly if you guys can tell me which broker to go with.

Thanks in advance,

ART

I would have to suggest Oanda. You can trade .01 a pip and even lower if you want.

if you want to program you can go with interbankfx, they have mt4, but they have been recieving alot of complaints on this board lately.


Many many people swear by Oanda, and i would too, but i like to test my systems

I can really only back up what has been said already, Oanda seem like the best option for you, another is Marketiva, which I have used previously. Both have shocking charting packages if technicals is your thing, but Metatrader is free and you use that for your charts, and place your trades with your broker.

Oh and I think your idea is a good one on trading in micro lots live rather than demo.

With regard to charting packages, Oanda is quite primitive. Use it for the micro pips.

Great free charting package is CMS VT . Solid support for it on this Forum.

Lou

My two cents....

I use VT trader for the charts and studies, and enter my trades with Oanda.

John,

Maybe the two of us should start a club or a thread.

Good idea....eventually expand and start selling services and signals, and books and.........

Lou ... did you look over the 40+ system? I use that for my trade signals.

No I havent looked at 40+ . May do so on your recommendation. Very many items on my plate right now however.

Thanks


Lou

It is a moving average cross with a take profit feature, and an adjustable stop loss, and trailing stop.
Happy trading.

yes. Trading live is the best way to get a hang of it. I still remember my first few trades. I was too scared to trade, and I couldn't strongly decide on a direction. I would go one direction, and then after losing about 10 pips, go in the other direction and so on, until I lost most of my money. From then on, I've started ignoring money management rules, and now, I trade maybe once a week, but my trade is perfectly planned out, almost always resulting in a huge profit. This may not work out for you, but its the discipline and the patience that matters the most. Ask yourself these questions.

Can I withstand the pressure when i see my equity drop by --%

What requirements should be met for me to enter a trade. (think along the lines of fundamentals, as IMO, they won't let you down)

How much risk can I take.

Good Luck.