Feb 09 2021 at 11:05
marnuslabushane posted:tacosgild posted:asidefellow posted:tracepharikson55 posted:
@Collingwood112 Even I started with a demo account of plus500 and then when I went live with fxview, I invested $100 and made my first trade. Eventually I raised my capital amount and it’s been all good.
I also benefited from the demo account. Got a good idea of how the price action develops and the inherent risks of leverage along with the idea of correlations between the currency pairs, also how market hours and assets change the volatility.
Let’s not forget the chart figures and support and resistance lines. I made a demo account with FXview and Pepperstone and understood in detail how to configure different charts for technical analysis and the margin used depending on the leverage.
I am about to open a live account and have been wondering if I can make some money out of it.
You can, only if the brokers are running contests. There are few who do that but majority brokers avoid spending so much money via bonuses.
I think the best method to determine trade size and leverages is what is your risk taking capacity. Because if you take high leverages or bigger lot sizes then it will destroy your capital
Feb 10 2021 at 09:18
jaspertan posted:
I think the best method to determine trade size and leverages is what is your risk taking capacity. Because if you take high leverages or bigger lot sizes then it will destroy your capital
Rightly said mate. Higher the leverage higher are the chances to blow up your account.
The more your practice, the more you learn.
Start with a demo account, then nano/micro and after that standard. No matter what it will help you to develop how much capital you need for the trades.
Feb 10 2021 at 12:52
deckking posted:
Start with a demo account, then nano/micro and after that standard. No matter what it will help you to develop how much capital you need for the trades.
Also broker fee is important because it helps us get the amount that is debited from the trade. I have used Fxview and IG for my trading needs and it has all these features. Give their deme a shot !
Feb 11 2021 at 10:35
deckking posted:
Start with a demo account, then nano/micro and after that standard. No matter what it will help you to develop how much capital you need for the trades.
Demo accounts are not so helpful because we are not gaining emotional control of ourselves while we trade demos.
Numeromatt posted:deckking posted:
Start with a demo account, then nano/micro and after that standard. No matter what it will help you to develop how much capital you need for the trades.
Demo accounts are not so helpful because we are not gaining emotional control of ourselves while we trade demos.
Yes absolutely true, people tend to do revenge trading which becomes the pivotal point in their downfall.
The best thing about forex is that there are numerous methods of demo trading and calculations. There are multiple levels of calculation which can be done to understand the trades with a technical perspective
Feb 12 2021 at 11:54
I think you should understand the trade size and its volume is dependent on the risk you can take. I have calculated my trades beforehand and the risk which is associated with it because then I will allocate the capital to that trade. I am using fib values, RSI using trade calculators from the Schwab, Fxview etc.
Feb 15 2021 at 05:11
It is also a good method to allocate the trade according to the risk because then we can be assured that what we are getting out of that trade. If you are new to the trading world then the best method would be to trade micro lots because of the low risk.
lurescrand posted:
Yes Dennis, and standard lots would be a big no, same with high leverage.
Personally I think there is no harm in using leverages because if you know what you are doing and are sure, a leverage trade would bring you profit. It is okay then to use leverages.
Feb 16 2021 at 09:43
dennisstanley posted:
It is also a good method to allocate the trade according to the risk because then we can be assured that what we are getting out of that trade. If you are new to the trading world then the best method would be to trade micro lots because of the low risk.
There are several types of lots you can trade and even True Dennis, for someone new micro lots is suitable. But overall, standard lots and no matter how much leverage you use it all depends on your learning capacity.
Leverages are risky but when you are trading micro lots it can be boon for the traders because then with little amounts and NBP you can trade many positions.
Feb 17 2021 at 04:11
deckking posted:
Leverages are risky but when you are trading micro lots it can be boon for the traders because then with little amounts and NBP you can trade many positions.
The risk can be further mitigated through the stop losses. I have been using fixed stop losses for all of my trades through etoro but I saw that trailing stop losses are far more useful when I started trading with fxview. There is much more flexibility.
Mikehamilton posted:deckking posted:
Leverages are risky but when you are trading micro lots it can be boon for the traders because then with little amounts and NBP you can trade many positions.
The risk can be further mitigated through the stop losses. I have been using fixed stop losses for all of my trades through etoro but I saw that trailing stop losses are far more useful when I started trading with fxview. There is much more flexibility.
I am yet to sail that boat, kind of doing okay with fixed stops at the moment. Maybe ill try trailing stops in demo.
Trade size should always be on the basis of risk capacity. Leverages should be on basis of the trader and what is the ratio of win in the particular trade.
starlavey posted:
Trade size should always be on the basis of risk capacity. Leverages should be on basis of the trader and what is the ratio of win in the particular trade.
Agreed, these numbers will always vary according to what choices is a trader making concerned to risk and capital. One should be careful while using leverage though.
There’s a certain % that you must be prepared to lose in a trade, based on that, calculate your leverage ratio and trade size that you want to use. What I do is, instead of investing all of my capital in one go, I split my orders on micro lots of fxview, xtb and trade. So your style of trading and preferences are going to shape a lot of things.
Feb 18 2021 at 13:35
Advantages of micro lots are truly endless:
Lower risk
More flexibility
Great for learning position sizing
Lower risk
More flexibility
Great for learning position sizing
Feb 19 2021 at 13:33
ele020 posted:jaspertan posted:
I think the best method to determine trade size and leverages is what is your risk taking capacity. Because if you take high leverages or bigger lot sizes then it will destroy your capital
Rightly said mate. Higher the leverage higher are the chances to blow up your account.
But I literally got convinced here that whether you use low/high leverage, percentage you are gonna use is only proportional to your capital, so it doesn’t really matter
