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Beginner's Tips
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kkkkk_1

Member Since Jan 10, 2020  28 posts kkkkk_1 Sep 09 at 13:28
hello sir.

i have a question. if f.ex. i have $1000. what a lot size may i use? and what leverage is better used?

goncalo008

Member Since Jul 18, 2020  1 posts goncalo008 Sep 09 at 17:09 (edited Sep 09 at 17:11 )
Hi. For risk management i use this indicator for mt4 or mt5. (Link at the botton)

There you can calculate your lote size by percentage of risk on that trade or even for the value you want risk.

If you are a beginner don't use high leverage. For me the best is 100. Just because if you use high leverage you gonna open more trades then you should. My risk management strategy is. I only expose the maximum 2% of my account balance. And i open trades with 0.5% of my account balance. I just open more trades if the previous ones are in breakeven. This kind of approach you can control better your drawdown.

I also set daily goals. 4% gains and 2% loss. To avoid overtrading. (That was my biggest issue on trading).



https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/

kkkkk_1

Member Since Jan 10, 2020  28 posts kkkkk_1 Sep 11 at 09:23
goncalo008 posted:
Hi. For risk management i use this indicator for mt4 or mt5. (Link at the botton)

There you can calculate your lote size by percentage of risk on that trade or even for the value you want risk.

If you are a beginner don't use high leverage. For me the best is 100. Just because if you use high leverage you gonna open more trades then you should. My risk management strategy is. I only expose the maximum 2% of my account balance. And i open trades with 0.5% of my account balance. I just open more trades if the previous ones are in breakeven. This kind of approach you can control better your drawdown.

I also set daily goals. 4% gains and 2% loss. To avoid overtrading. (That was my biggest issue on trading).



https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/


thank you sir. i will definitely use it.

GeorgeBischof

Member Since Jul 19, 2020  225 posts GeorgeBischof Sep 11 at 17:52
If you are new in this market, you need to choose a good and reliable broker. You can take help from those websites that provide broker reviews on their websites.

Malajind

Member Since Aug 07, 2020  29 posts Malajind Sep 12 at 05:24
Satisfied with the work with Amarkets. They regularly add bonuses, constantly strive for innovations, improve trading conditions. I definitely recommend it.

Miguelfabian

Member Since Jun 22, 2020  39 posts Miguelfabian Oct 16 at 12:41
I would say a micro lot, and if you are new, then don't use more than 5:1 as leverage.

williamhayes

Member Since Jul 09, 2020  15 posts williamhayes Oct 26 at 06:12
If you are a beginner, I will suggest you get a good broker. Don’t use more than 5:1 leverage and keep a track on your risk management strategies. Good luck.

Kazile

Member Since Apr 25, 2020  76 posts Kazile Oct 26 at 10:11
Of course, the choice of a broker is very important, but the most important thing is that you do not need to give in to your emotions and hurry to earn money as quickly as possible.

Shelby10

Member Since Jul 15, 2020  95 posts Shelby10 Oct 30 at 10:14
every new trader should control their emotions while trading.

EbonyJones

Member Since Jul 20, 2020  163 posts EbonyJones Nov 10 at 20:51
Every new traders should gather proper education before starting their forex career.

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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.