hi, new comer

I want to do currency trading with as little money as possible, where can I open an account?
Just wish to minimize the risk! Thanks!

pheobus said:

I want to do currency trading with as little money as possible, where can I open an account?
Just wish to minimize the risk! Thanks!

Click to expand...

Take a look at Oanda's FXTrade system. They essentially have no minimum account size or transaction size.

http://fxtrade.oanda.com/fxtrade/

And they have a pretty good simulator too- fxgame.
JO

Rhody Trader said:

Take a look at Oanda's FXTrade system. They essentially have no minimum account size or transaction size.

http://fxtrade.oanda.com/fxtrade/

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Thank you! Currently I am using a demo account of refco...and I have got one in oanda.

JumpOff said:

And they have a pretty good simulator too- fxgame.
JO

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hi, I have another question, what is their size of one lot? and how much margin is required for one min lot? That is, what is the min amount of money I should put in for a trading?

Thank you !

pheobus said:

hi, I have another question, what is their size of one lot? and how much margin is required for one min lot? That is, what is the min amount of money I should put in for a trading?

Thank you !

Click to expand...

I have been trading for quite a bit of time
Advice start with a 300 $ account open with fxcm that is if you want to and open a mini account where you can trade 10K account.
Use the simulators from e-trade or onada of fxcm which ever you want try and build a bit of confidence before you put any money in.Forex is a very volatile market well these are my thought try and keep short stop lossess preferably 30 points.
Dont try to trade cross currencies till you are confident on one currency pair
Start with one currency pair and try and gain perfection on it first before moving on to another.
I started of with usd\chf and now trade jpy,eur and gbp.
Make sure you know your fundamentals well as these do tend to tip the market upside down within mins and you can use this to your benefit..
I could go on and on....
If you need anything else just post and people will be more than willing to help
Happy trading

rav700 said:

I have been trading for quite a bit of time
Advice start with a 300 $ account open with fxcm that is if you want to and open a mini account where you can trade 10K account.
Use the simulators from e-trade or onada of fxcm which ever you want try and build a bit of confidence before you put any money in.Forex is a very volatile market well these are my thought try and keep short stop lossess preferably 30 points.
Dont try to trade cross currencies till you are confident on one currency pair
Start with one currency pair and try and gain perfection on it first before moving on to another.
I started of with usd\chf and now trade jpy,eur and gbp.
Make sure you know your fundamentals well as these do tend to tip the market upside down within mins and you can use this to your benefit..
I could go on and on....
If you need anything else just post and people will be more than willing to help
Happy trading

Click to expand...

ok, I see. You are really VERY VERY nice!
I just want to put a very small amount of money, say, 50 dollars, into the account, therefore I can enjoy the trading just for fun, like in the casino
I am not sure if it is possible? I played the fxgame of onada, where I can buy and sell 100 units of currency so that every pip cost exactly one cent. I am not sure if I can open an account with only 50 dollars in onada and it can be the same as the fxgame?

To be honest trading is a game in which you use funds that you will not miss.
Paper trading can be fun too try and make a points book
and see how many pips you can make a week
If you are a newbie to forex then I will suggest that your target should be around 50 pips a week
So that could be anything from 10-15 pips a day.
How easy is it do make 15 pips a day......try it and find out.
Personally my target is around 500 a month......
Take it easy dont rush in too something without planning.
Learn when to trade and when to not.
There are certain day that you can definitely make 40 pips guaranteed that is what I have experience of but you need to know the market.
These are important sites if you are trading forex:
www.fxstreet.com.......For signal and Technical Analysis
www.forexnews.com....For audio market analysis and Technical analysis
www.mataf.net...For free signals
www.dailyfx.com...For individual currency news.
www.fxcm.com For market orders...
www.analsyt-online.com.....For audio commentary on gbp\usd

Always remember the golden rule:
GBP and EUR generally move in the same direction for a given day
And CHF and JPY generally move in the opposite direction of gbp and eur,,,,,,,

Take care
Happy trading hope all this helps...

You mean, gbp and eur are shown by */usd, while chf and jpy are shown by usd/*?
That's really fundamental,

rav700 said:

To be honest trading is a game in which you use funds that you will not miss.
Paper trading can be fun too try and make a points book
and see how many pips you can make a week
If you are a newbie to forex then I will suggest that your target should be around 50 pips a week
So that could be anything from 10-15 pips a day.
How easy is it do make 15 pips a day......try it and find out.
Personally my target is around 500 a month......
Take it easy dont rush in too something without planning.
Learn when to trade and when to not.
There are certain day that you can definitely make 40 pips guaranteed that is what I have experience of but you need to know the market.
These are important sites if you are trading forex:
www.fxstreet.com.......For signal and Technical Analysis
www.forexnews.com....For audio market analysis and Technical analysis
www.mataf.net...For free signals
www.dailyfx.com...For individual currency news.
www.fxcm.com For market orders...
www.analsyt-online.com.....For audio commentary on gbp\usd

Always remember the golden rule:
GBP and EUR generally move in the same direction for a given day
And CHF and JPY generally move in the opposite direction of gbp and eur,,,,,,,

Take care
Happy trading hope all this helps...

Click to expand...

Great post Rav. Hopefully new traders will have the sense to take note of the free advice you're patient enough to dispense.

pheobus said:

hi, I have another question, what is their size of one lot? and how much margin is required for one min lot? That is, what is the min amount of money I should put in for a trading?

Thank you !

Click to expand...

They don't have a alot size as such... you can trade "1" currency unit although the profit/loss would be minisule..

margin is 2% on the major currencies

put whatever your happy to lose. Someone on the oanda BB made an interesting post that rather that risk losing all your account, If you have a large-ish sum why not also create a sub account with say only $100 in it. That way you
a) earn interest on the other account(at your base currency) and
b) if you do well on your mini account say increase it by 10% you could move money in from the big account. Likewise if your losing you are more likely to pay attention if you have to transfer funds in from your other account.
c) $100 to $110 is 10% why risk 1000 to make 100 until you can do it on the small account. Apart from the psychology if you can do it on a small account in FX there is no reason why you can't do it on a big account.

Oanda has one other advantage that hasn't been mentioned here. If you have a small account your not forced to trade shorter(volitile +more noise) timeframes. you could trade daily with a very small account by simply scaling your positions accordingly... Many traders would say that the longer TF 1hr/4hr/daily are much more reliable.

have fun.

SvenFoster said:

Oanda has one other advantage that hasn't been mentioned here. If you have a small account your not forced to trade shorter(volitile +more noise) timeframes. you could trade daily with a very small account by simply scaling your positions accordingly... Many traders would say that the longer TF 1hr/4hr/daily are much more reliable.

Click to expand...

Absolutely true. That's a big reason why I like Oanda and recommend them to any low cap trader.

Thank you very much. I think the best way to treat is to apply small amount to long-term deals, such as one month or so. However, that needs patience and self-confidence...