mikehussy332 posted: You should stick with 1:100 or go as high as 1:200 in the beginning. This is the safest way of using leverage for trading.
I wouldn't say 1:100 is safest. That is very dangerous, even for the well experienced traders as well. 1:30 from that first reply is perfect, even for the experienced traders. Small accounts can have 10x leverage as maximum, to me.
I think I have already explained this before that the leverage doesn't matter unless you trade a big size or a lot of trades that will affect the margin % on your account. When using proper position sizing, you only need to know how much are you willing to risk per trade and the total pips from the entry price to the stoploss price. Leverage doesn't matter at all. If let's say you wanted to open a trade that will be a 50-pip stoploss and you are willing to lose 500 dollars, then you can open a lot size of 10 dollars per pip or 1 lot size on a standard account. Regardless if you use a leverage of 1:1, 1:30, 1:50, 1:100 or 1:3000, the risked amount of 500 dollars on that trade will still remain the same. Please do not mislead newbie traders. Anyone who knows how to properly set the correct sizing on each trade, knows this.
Leverage is very important in forex trading. With leverage a trader can manage more trades with minimal capital. It proposes you that with a little capital you can make larger profit. Leverage ends up being more perilous when we use big lot contrasted with capital. For my trading I use 300:1.
Sarjohn posted: 1:30 is the safest leverage if you don’t want to risk so much. Although it also depends on instruments which you are trading.
That’s right and you can also choose to lower the leverage in case the risk is high on this one.
Yeah but 1:30 is already pretty low and as per my experience, you shouldn’t go that low. If you don't risk anything, how will you make any profit? Forex is all about risking and making money. Can’t do that without risking, right?
@Dawn I usually keep it up 1:10 and I’m okay with it. The profits are decent and the platforms (Etoro, Turnkeyforex) have no limitations on my use of leverage. However the important thing for me is to play safe and learn at this point. So I stand by my strategy of risking low.
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