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.
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 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
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.
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.
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