My concern on lot commissions

Can anyone recommend a site, video or anything that would help me get a clearer idea?

PercymcDonnell54 posted:

Rosstaylorr posted:

donelderly posted:

PercymcDonnell54 posted:
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.

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.

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.

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.

Yeah keeping the leverage pretty low can work well for an effective risk management.

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?

Shaunmaxi posted:
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?

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.

Shaunmaxi posted:
Can anyone recommend a site, video or anything that would help me get a clearer idea?

you can check out any youtube or instagram profiles there are alot of forums too

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?

When you learn to understand everything, then you will be able to understand all questions regarding commissions.