Can anyone recommend a site, video or anything that would help me get a clearer idea?
Hey Shaun, you can try reading ‘Trading in the Zone’ by Mark Douglas.
Mar 08 2021 at 11:07
Adamgylicrist posted:That is right and newbies kind of get lost about where and how to begin. Pretty helpful tip!
It doesn’t matter if you are trading a demo or going live, a lot size often helps traders in understanding how much to risk and how much they should trade. Better to determine the lost size for trading in the beginning.
Mar 08 2021 at 11:53
PercymcDonnell54 posted:Yeah keeping the leverage pretty low can work well for an effective risk management.Rosstaylorr posted:That seems manageable and honestly I see no harm in being careful while trading. Using stop loss, lower leverage and cost effective brokers can add up to a good risk and money management.donelderly posted:Trading with lower lots can be a very good tip and this also allows a person to manage their accounts well. This will also prevent them from getting any margin call and to avoid that, some measures should be taken. Like when I’m trading with about 1 lot using some platforms (Xtb), I try to keep my leverage low. This allows me to save myself from higher risk. It is better to go with low commission brokers so that you don’t end up losing most of your money in commissions.PercymcDonnell54 posted:That’s right and even for beginners, it is fine that they go with one lot at a time. Much more important is the risk and money management here. Can’t take that lightly.
See you can trade lots according to your risk tolerance. You can try trading 1 lot for the moment if that works for you and keep learning more.
Mar 09 2021 at 05:30
Johnathankim posted:Thanks and even trading nano lots can be an option.Adamgylicrist posted:That is right and newbies kind of get lost about where and how to begin. Pretty helpful tip!
It doesn’t matter if you are trading a demo or going live, a lot size often helps traders in understanding how much to risk and how much they should trade. Better to determine the lost size for trading in the beginning.
Mar 09 2021 at 08:17
advancedsmifser posted:That is a good strategy, are you placing that many lot sizes in live trading also?Sarjohn posted:I have been practicing use of RSI, MACD and bollinger bands while keeping my trade open for several hours and in some cases days. I have been thinking I have reached a point of stagnation from where I can only learn if I put in some real bucks.
Placing that many lot sizes when you are just gathering knowledge is not a good idea, first develop a good strategy and practice on demo.
Thanks for the responses. I just want to clarify one other thing and can someone tell me what are the best currencies to trade, keeping in mind the low lots that I can trade?
Mar 09 2021 at 11:19
Sarjohn posted:Well no, but I am trying to keep the experience as real as possible.advancedsmifser posted:That is a good strategy, are you placing that many lot sizes in live trading also?Sarjohn posted:I have been practicing use of RSI, MACD and bollinger bands while keeping my trade open for several hours and in some cases days. I have been thinking I have reached a point of stagnation from where I can only learn if I put in some real bucks.
Placing that many lot sizes when you are just gathering knowledge is not a good idea, first develop a good strategy and practice on demo.
Mar 09 2021 at 12:18
Shaunmaxi posted:You can trade currency pairs based on their volatility and how profitable you think they can be for you. With the right strategy and analysis, you can improve your trades. Like I did with USD/JPY and USD/CHF with IB. You can look at different pairs and their pip value will probably depend on the pair you are trading.
Thanks for the responses. I just want to clarify one other thing and can someone tell me what are the best currencies to trade, keeping in mind the low lots that I can trade?
Mar 10 2021 at 05:00
Shaunmaxi posted:you can check out any youtube or instagram profiles there are alot of forums too
Can anyone recommend a site, video or anything that would help me get a clearer idea?
Mar 10 2021 at 08:20
advancedsmifser posted:That’s great, I will try out the same strategy on demo account with this lot’s size.Sarjohn posted:Well no, but I am trying to keep the experience as real as possible.advancedsmifser posted:That is a good strategy, are you placing that many lot sizes in live trading also?Sarjohn posted:I have been practicing use of RSI, MACD and bollinger bands while keeping my trade open for several hours and in some cases days. I have been thinking I have reached a point of stagnation from where I can only learn if I put in some real bucks.
Placing that many lot sizes when you are just gathering knowledge is not a good idea, first develop a good strategy and practice on demo.
Mar 11 2021 at 08:18
As long as you have a good trading strategy and have tested it on a demo account, you can take the step ahead. But make sure that you use stop loss and take profit properly before you run out of time and money.
No one can decide that on your behalf. If you think that you are ready to take such a big step, go for it. But remember that it may or may not come with profits, it will surely come with a life lesson that will change the way you trade forever.
Mar 13 2021 at 12:33
I am sure that you would have given it a thought because this is no joke. You want to risk so much money in one go and that without having much experience with that. I personally prefer trading small lots with xm because they keep you from getting emotional whether you win a trade or not. You can easily handle the results and continue to trade with your strategy without being overly emotional.
Mar 15 2021 at 13:20
When you place more than one lot, you get to scale out more easily as your trade progresses. But as you can never know the outcome of a trade, it can also backfire. I suggest talking to your mentor about this before going ahead with this.
Mar 16 2021 at 09:43
Trading small lots in different positions gives you a good edge. If it goes in your favor, you can close some while letting the others run. This way, you can also focus on your other trades.
Mar 16 2021 at 11:41
Alisson332 posted:Wait what? Points like these make me laugh. Do you really think you’ll be saving money by purchasing a currency pair for a lesser amount? This whole idea in general is completely nonsensical.
Trading small lots in different positions gives you a good edge. If it goes in your favor, you can close some while letting the others run. This way, you can also focus on your other trades.
Mar 16 2021 at 13:13
Johnathankim posted:Laugh as much as you want buddy but I hope you know that the increase in algorithmic trading means the trade is rarely done in full block. Why would anyone get exposed to risk when he can easily move from 500,000 to 510,000 rather than 500,000, to 600,000?Alisson332 posted:Wait what? Points like these make me laugh. Do you really think you’ll be saving money by purchasing a currency pair for a lesser amount? This whole idea in general is completely nonsensical.
Trading small lots in different positions gives you a good edge. If it goes in your favor, you can close some while letting the others run. This way, you can also focus on your other trades.
Entries, exits, and even risk management can be practiced with virtual money. What matters to the traders like me is to know how to react to big moves in the market with real money. Any thoughts on that?
Apr 03 2021 at 09:58
You should focus on working and learning more about the market first. This will give you some experience and an idea of how to manage things.
