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Starting to Trade Live

  • #1
  • First Post: Aug 27, 2006 5:15pm Aug 27, 2006 5:15pm
Hello Everyone,

I was wondering if I could get some feedback. I have been demo'ing with Fx Solutions for a while and I feel pretty comfortable with their platform and developing an ease in which I trade ( mostly stemming from the fact that its not my money). What do you think? I want to start trading live with just $1000.00 I know its not a lot but its a start. I was thinking of going for a 400:1 leverage and 10k units.
MisBlack
  • #2
  • Aug 27, 2006 5:24pm Aug 27, 2006 5:24pm
I started trading live with FXSol about 6 months ago with a $1000 deposit and 200:1 leverage, with 1K units. In my opinion, 400:1 is WAY too much leverage, especially if this is your first live account. Live is much different than Demo. Your emotions will completely take control when that first trade starts to go the wrong way. At least that's the way it was with me. I don't know how long you've been trading Demo but my advice would be to do it some more, research Vegas and price action, along with the other methods on this forum. There is a wealth of information here, and there's no need to rush into it.

I'd like to know more about your plans when you go live(i.e. how you trade, what pairs, timeframes). Discipline, Money Management, and Psychology are what make this game so hard, but it is not impossible if you are patient and have a solid gameplan.

Good luck and Welcome to the forum,
andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • #3
  • Aug 27, 2006 5:42pm Aug 27, 2006 5:42pm
Quoting MisBlack
Hello Everyone,

I was wondering if I could get some feedback. I have been demo'ing with Fx Solutions for a while and I feel pretty comfortable with their platform and developing an ease in which I trade ( mostly stemming from the fact that its not my money). What do you think? I want to start trading live with just $1000.00 I know its not a lot but its a start. I was thinking of going for a 400:1 leverage and 10k units.
Read the Money Management sticky thread in this forum. Dial and others provide a lot of valuable info.

FX-SOL has micro lots. I would recommend checking out that option.
Hindsight is 20/20 but I certainly wish I would have started with 1k lots and gradually increased the size rather than the other way around.
  • #4
  • Aug 28, 2006 1:20am Aug 28, 2006 1:20am
With an opening balance of 1,000 you probably should go with the micro lots. If you are set on doing mini lots at least deposit 3,000 and 100:1 leverage. My broker actually won't let anyone have more than 100:1 leverage with a mini account with 2,500+ balance. Otherwise a mini account as 200:1 leverage, which I like very much, but would still prefer 100:1.

Perhaps big brother knows what is best... ^^;

The reason I say you should start with micro lots with that balance is because you shouldn't risk more than 1% of your balance on a single trade.(I.M.H.O Of course) Unless you have some trading system the implements a less then 10 pip stop loss (XXX/USD Pair) it would be impossible to only risk 1% of your balance on a single trade with mini lots.

Also, I recommend reading, Trading in the Zone by Douglas before you do a live account.

**My Sudo Disclaimer**
I am a forex newbie. I believe I make valid points, but do not take my word for it.
  • #5
  • Aug 28, 2006 1:47am Aug 28, 2006 1:47am
Quoting MisBlack
Hello Everyone,

I was wondering if I could get some feedback. I have been demo'ing with Fx Solutions for a while and I feel pretty comfortable with their platform and developing an ease in which I trade ( mostly stemming from the fact that its not my money). What do you think? I want to start trading live with just $1000.00 I know its not a lot but its a start. I was thinking of going for a 400:1 leverage and 10k units.
If you think trading is gambling, then go for the 400:1 leverage. If you want to actually be successful at this, rethink that thought process and read up on money management.
Mr. Trend
  • #6
  • Aug 28, 2006 9:10am Aug 28, 2006 9:10am
Thank You and I appreciate the feedback. You are right I should not be so hasty and demo a little longer so I understand the true math and amount of risk I am putting myself into. I have another question, does anyone out there have 4X Made Easy or heard about it? It a software program along the same lines of Wizetrade. I have been using this software to track/monitor chart movement.
MisBlack
  • #7
  • Last Post: Oct 22, 2006 4:38am Oct 22, 2006 4:38am
Quoting MisBlack
Hello Everyone,

I was wondering if I could get some feedback. I have been demo'ing with Fx Solutions for a while and I feel pretty comfortable with their platform and developing an ease in which I trade ( mostly stemming from the fact that its not my money). What do you think? I want to start trading live with just $1000.00 I know its not a lot but its a start. I was thinking of going for a 400:1 leverage and 10k units.
Can you give us an update as to what you actually did and how your doing now since this post two months ago?

Thanks
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
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