What is the ideal amount of deposit a newbie has to start with?
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Membro desde: 20/08/2013
You should start with an amount that you can afford to lose - see the initial deposit as your education fee.
You also need to decide what you want to make. Say that you think you can make a gain of 25 pips per day. With a 10K lot that is 25USD.
To keep your leverage at a decent level you would need 1K deposit for every 10K. So if you think 25USD gain per day then 1K is good.
If you want to make 50 USD per day then 2k depost and so on.
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Originally posted by Fx123You should start with an amount that you can afford to lose - see the initial deposit as your education fee. You also need to decide what you want to make. Say that you think you can make a gain of 25 pips per day. With a 10K lot that is 25USD. To keep your leverage at a decent level you would need 1K deposit for every 10K. So if you think 25USD gain per day then 1K is good. If you want to make 50 USD per day then 2k depost and so on.
There are some traders who trade with a higher leverage than that, but as a newbie with little experience you might get in trouble sooner than later by doing that!!!
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Membro desde: 05/11/2013
Originally posted by Omar33Hey guys,rookie question here! If you are a newbie and have limited knowledge,do you have to start with low deposit to test forex?
Share your experience!!
If you're a newbie isn't it safer to demo trade until you're more confident? that would theoretically bypass the "education fee" mentioned by FX123 and allow you to test forex without the usual financial risk and learn more in the process....
can you tell us how it goes for future reference? thanks!
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On my point of view after educating yourself about forex and a demo account.The ideal amount will depends on how much can you afford to lose. .
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Membro desde: 06/11/2013
hey guys, i want to open an account with a broker, but with only £1000 GBP would i be able to trade decent trades? (bearing in mind the 2% rule) becase the minimum amount to buy in a demo 0.01 which is a micro lot and it already equals 1000 of any given currency...
I assum the answer relates to which currency im looking to trade, is there any you guys can recommend if my base currency is GBP?
Thanks!
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With lower deposit, there is no 2% rule as it is only for practice. If you r successfull, you can increase deposit, else you can withdraw or keep trading until you r successful
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Originally posted by SashaWith lower deposit, there is no 2% rule as it is only for practice. If you r successfull, you can increase deposit, else you can withdraw or keep trading until you r successful
Yup there is no minimum deposit required to open a live account to trade forex (with all brokers i think), you can either increase your deposit later, build via consistent trading profits or see the account as practice until you want to invest more into the account.
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Originally posted by GerskiOn my point of view after educating yourself about forex and a demo account.The ideal amount will depends on how much can you afford to lose. .
yeah.and consider it as your learning fee
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Membro desde: 07/11/2013
Originally posted by rrayne20009
yeah.and consider it as your learning fee
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lol in other words dont put a month's salary as your initial deposit, you'll find it hard to eat and pay rent otherwise
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Membro desde: 13/09/2013
Originally posted by Noobtrader
Originally posted by rrayne20009
yeah.and consider it as your learning fee
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lol in other words dont put a month's salary as your initial deposit, you'll find it hard to eat and pay rent otherwise
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Yeah because IMHO,you can't expect to gain right away and there is a greater chance you'll lose than to gain so yeah better start with a small account you can afford to lose.It will take time to be profitable in forex so don't put all your month salary on it or else you'll be borrowing money from someone else to cover your expenses