Beginner Forex Question

sledmt

Newbie
3 0
I am looking for some advise. After practicing for some time with e-mini S&P 500 futures, I was looking at opening up an live account and trading some real money. After looking at the upfront cost to fund an e-mini S&P 500 account, I was considering looking at an Forex account or E-micro futures account to "get my feet wet" without risking the whole farm. My thought was to use one of these small account to provide some "education" without putting a large capital on the line. I was looking for some advise to consider about opening up a small Forex account where I could learn some basic while getting some real hands on experience. I look for to hearing the thoughts by those on this forum. Thanks.
 

timsk

Legendary member
7,346 2,137
Privet message me for information I would love to assist.
Hi @fxmade2trade
I'm afraid this is not acceptable. Please respond to requests for help publicly on thread so that everyone can see where you're coming from and whether or not your advice has merit. If it does, then everyone can benefit. If it doesn't, other members have an opportunity to highlight its flaws. If you don't wish to do that for some reason - that's fine - but do not ask members to contact you for information via PM. That's an abuse of our hospitality and a tactic employed by vendors who are merely on T2W to solicit customers for their goods and services.

Thank you for your co-operation.
Tim.
 

gerryg

Established member
900 6
I am looking for some advise. After practicing for some time with e-mini S&P 500 futures, I was looking at opening up an live account and trading some real money. After looking at the upfront cost to fund an e-mini S&P 500 account, I was considering looking at an Forex account or E-micro futures account to "get my feet wet" without risking the whole farm. My thought was to use one of these small account to provide some "education" without putting a large capital on the line. I was looking for some advise to consider about opening up a small Forex account where I could learn some basic while getting some real hands on experience. I look for to hearing the thoughts by those on this forum. Thanks.

Well S&P futures and relative assets have classic "Contract For Difference" (CFD) as a type of trading contract. Most of retail brokers support them and there is a good deal of reliable ones to choose from. Trading costs play a big role role there, so your essential checking procedure should include page like this https://www.********.com/en/trading-products/trading-details-indices.html.
Compare spreads and swaps between potential candidates at first then jump to other measurable points.

Good luck.
 

winny

Junior member
11 0
there are lots of brokers offer micro account , try pluss500,gain capital or ironfx. but i don't suggest to start with too much depost , have a try if it works:)
 

gerryg

Established member
900 6
there are lots of brokers offer micro account , try pluss500,gain capital or ironfx. but i don't suggest to start with too much depost , have a try if it works:)


Don't remember to check if funds are segregated and broker is properly regulated
 

fx turtle

Junior member
43 7
Here is my suggestion to you young padawan.

1. Get the forex basics sinked into your brain. This is a free resource to get started with forex. http://www.babypips.com/school

2. Write down your goals, resources (funds, time, emotional capability, skills, etc). Do you want to be a technical trader? What technical skills do you have now? What time frame do you want to trade? 1HR? Do you have the time availability to trade your chosen timeframe?

A lot of questions need to be answered here.

3. In your plan and from the knowledge you got from step 1, decide on what pair to trade. Trade a maximum of 2 pairs only. One is better. EURUSD & USDJPY is my recommendation because of low spreads and deep liquidity. If only one is chosen, trade EURUSD only.

4. Open a demo account. The demo account is only to know how the platform works (i.e., how to place or close order - stop, limit, market)

5. After you have familiarize yourself with the platform, Open and fund a forex account with a maximum of $500 and maximum leverage of 50. These brokers have good reputation compared to others (LMAX, Pepperstone, IC Market, I am also testing Tickmill at the moment). I have accounts with all the brokers I mentioned above. LMAX is out of the question for you at this stage because of higher minimum deposit requirement.

Consider your first deposit as tuition fee.

6. Start trading. Do not trade more than 1 micro lot per trade for 3 months. This phase will let you uncover "WHO YOU REALLY ARE". If your deposit survives for 3 months and you made gain, reward yourself by depositing an amount equal to your gain.

7. If you have time, review your trades before you go to bed.

8. Turn off your computer at 11:00 AM EST Friday. Market will be there next week. Get a life, enjoy with family & friends.

Cheers,
FxTurtle

I am looking for some advise. After practicing for some time with e-mini S&P 500 futures, I was looking at opening up an live account and trading some real money. After looking at the upfront cost to fund an e-mini S&P 500 account, I was considering looking at an Forex account or E-micro futures account to "get my feet wet" without risking the whole farm. My thought was to use one of these small account to provide some "education" without putting a large capital on the line. I was looking for some advise to consider about opening up a small Forex account where I could learn some basic while getting some real hands on experience. I look for to hearing the thoughts by those on this forum. Thanks.
 
 
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