How to build your first real account.

I have been asked this many times by traders and people just starting out with investing, everyone has different reasons for going down this path, too many to mention. Some people I have spoken to have a clear plan of how they want to approach this, others heard from some guy down the pub . No matter what way you approach this education is a must ,now on to the nitty gritty ,what account size would I start with if I was starting out, anything less than 10k is going to be really difficult, this should not be your life savings or a loan, sort out any debts before you even think of investing or trading. Having a full time job you might be able to put some money away until you can start trading. Trading forex is really difficult so you are going to need your witts about you, make those first few trades with as little risk as possible 1% is more than enough to begin with and a reasonable upside 3:1 etc, the name of the game here is stay as close as possible to your initial balance, one of those first trades you will get right so plan to have many tiny losses, its part of trading ,looking back at what you did wrong has no bearing on the future if you are sticking to a clear plan. Keep up to date with news events making sure your trades are closed before hand, find something else to do at times like this so you wont be tempted to make a quick buck and get hammered. Don't try to force trades that are not their, wait for the trade to come to you, a major support area on the longer time frames, check trends on multi time frames. How will I know when to close a trade? that takes experience and conviction for sure, sometimes there will be signals don't ignore them. If your trading account is going down hill take a break and do something you enjoy. The market will have changed in the mean time instead of trying to fight it.

Well, I have opened my live trading account after practicing my demo for one year! When I was a consistent performer in my demo then I started my live journey! As a result, till now I have no experience on MC in my live account! I am hopeful about my live trading success!

Hi there,

any recommended brokers to start with?

LouAtWork posted:
Hi there,

any recommended brokers to start with?

Two that I use Plus500 and Dukascopy,never had any problems with them, within 3 working day I always get my money.

Thank you for sharing @kieran . Also Plus500 is a new name for me. Will investigate them. Cheers!

I am in the process of doing this guys, I am depositing monthly to my broker small amounts of money and trying to get good trading done at the same time. Slowly slowly the deposits add up, and now the hard part is growing the account with some good trading! Getting better at it though.

Choose a regulated broker that does not charge for deposits or withdrawals (I use Tickmill FCA and used to use Pepperstone too they are good).

If you cant afford a decent sized trading account just deposit $100-$500 and over a few months it will build up! and watch your risk on your trades in the meantime!

hi

L3CAP posted:
I am in the process of doing this guys, I am depositing monthly to my broker small amounts of money and trying to get good trading done at the same time. Slowly slowly the deposits add up, and now the hard part is growing the account with some good trading! Getting better at it though.

Choose a regulated broker that does not charge for deposits or withdrawals (I use Tickmill FCA and used to use Pepperstone too they are good).

If you cant afford a decent sized trading account just deposit $100-$500 and over a few months it will build up! and watch your risk on your trades in the meantime!

One can plan trading around events so keep an eye on the calendar, there is no need to trade every day, I only trade when I see something interesting.

What I do as well is keep an eye on the stock market, if something has sold off 10% or more I start doing some research, its more of a longer term play, better with companies I've never heard of to avoid bias.

LouAtWork posted:
Hi there,

any recommended brokers to start with?

Please, check their regulation status first! Then go for all of popular review sites, read traders complain and option so sincerely! As a new trader, try to select which brokers are active on educational features and programs!

Also check the spread!

ZacThePac posted:
Also check the spread!

Yes, trading spread is very much important consideration to me! Because I am a scalper! But I see, market maker brokers increase the trading spreads during the major news events!