Money Required To Start?

Hi,

How much money did you start with? Is getting a mini lot account setting yourself up for disaster or best the go with s standard lot?

Thanks.

Trading what?

Lodian

Unreal said:

Hi,

How much money did you start with? Is getting a mini lot account setting yourself up for disaster or best the go with s standard lot?

Thanks.

Click to expand...

It depends on what you want to trade with

Unreal said:

Hi,

How much money did you start with? Is getting a mini lot account setting yourself up for disaster or best the go with s standard lot?

Thanks.

Click to expand...

Just to reply on the mini or standard account question. If you are starting up i think its great. Risking a little makes demoing better with at least something on the table. A mini or micro account also ensure you don't lose your fortune before you actually learn to be profitable even by a small margin.

Regards,

HW07

trading forex I say use a micro account lose and lose fast, lose less and learn that's my strategic approach.

1 million

yen

pointless even asking on these forums u agree. just read.

Unreal said:

Hi,

How much money did you start with? Is getting a mini lot account setting yourself up for disaster or best the go with s standard lot?

Thanks.

Click to expand...

There is insufficient information to answer to the question as you have phrased it. You must first understand the characteristics (win, loss, risk, reward, etc.) of your trading strategy. Then you must understand the consequences of the gambler's ruin theorem. Then you have a competent answer to your own question that can be scaled according to your appetite for risk.

Size of your base transaction may be of concern when transaction costs take up too much of your returns.

I'd say if you want to become a millionaire really quickly trading forex, then start with 2.:clap:

Seriously, why not just trade in SIM until you know what you're doing, technically? I've never bothered with micro lots, can't see I'd have the patience to manage a trade properly when their was so little to be gained. Once you've got a better idea of how many pips you are risking on each trade, you'll be in a better position to determine what sort of account you'll need. For example if you're stops are at 20 pips you might be ok with a mini account, but if they're at 200, you may want a micro account so you're risking less $. We can't answer that for you, you'll need to determine your risk tolerance.

To determine your risk tolerance, have a think about what amount of money you're prepared to lose on a position without getting too stressed. Imagine how you would feel if you spent $5 on a coffee and it was crap, would you be really pissed? I would think not. How about $20 on a meal, and you had to chuck it out? I would advise starting out only risking only what you're comfortable losing.

I dont want profits I want to see a system working before I invest my real money the money I put in I am not expecting anything in return is what I understand should be your view of forex.

I started with $500 wtih 50:1 leverage and just traded one pair.

I know Oanda and IBFX both have no minimum requirements to start an account. But you obviously have to have enough in there to cover the margin.

Hi Unreal,
A comprehensive answer to your question can be found here:
FAQ: How Much Does a Trader Need To Start Trading?
If it falls short of your expectations in any way, please post them to the FAQ thread and I'll do my best to address them.
Tim.