I see, almost all of new traders are concerned on this issue; but the reality is; trading equity is less important than the trading knowledge! And when you are comfortable in demo then go for live with around 1000$; if you are unable to arrange this number no problem at all; go with your current number. But, don’t compromise your trading skill.
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Ideal balance for the new traders!
- Thread starter Tom Latham
- Start date
I second this. When going on live for the first time it should always be a small amount. I suggest people not to use more than $100 on their primary trading on live account.
$1k for start trading in forex is good one but i can trade with $100 and use the smallest lot for every trade.
Actually, starting with a low trading balance is not a problem but the problem is unrealistic expectations; by the nice to know your plan on small trading lots size.
That’s the procedure; there is no shortcut way of success; new traders should move gradually in the live; emotion is one of the big enemies to the new traders.
Even expert traders are less likely to make regular profits. Increase knowledge because you can build up capital from small investment if you have expertise.
However, don’t make a utopian scheme about trading because it will destroy you to the root. But, to start nicely, try to select a regulated trading broker.
I agree with you, a regulated broker brings a sense of confidence and safety to traders. I’d suggest all traders who are looking for a regulated broker have a look at this https://digitalcashpalace.com/forum/threads/cysec-regulated-forex-brokers.68832/, might find a suitable one for themselves.
Don’t get mentally upset even if you lose more and more. Forex trading puts pressure on your mentality and sometimes traders become unable to reach a conclusion of their analysis.
Every decision should be prepared with a valid reasoning and you can do so when you have good trading experience.
Spread lies between ask and bid price and it is the most important aspect to consider in trading, Lowered spread helps a trader earn bigger.
I agree. The knowledge of trading, and practising in order to develop trading skills is more important. A person who has the right knowledge will build up wealth even from a small account. But a person who has no knowledge, or not enough knowledge and skills, will most likely lose a lot of capital while trading.
Beginner traders shouldn’t start with a huge capital but consider opening a micro account. With the help of a micro account, traders will be able to trade and understand the live market, all while gaining experience of how it works with the strategy, and feel the emotions of trading as well. With the small profits, when the trader has enough capital, he can upgrade to a standard account and continue trading with better trading skills and knowledge.
Starting with a small amount is okay and normal as newbies still need time to assess the market and understand the process and sentiment. While setting a goal, traders should calculate the prospects of possibility and set realistic expectations. Earning profit happens over time.
Trading Indicators are useful, no doubt on it! RSI, moving average and Bollinger bands seem to be good indicators.
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