Learning Forex Trading

insa posted:
Hi markjasonmanikan,

you can start with 500€ on a real account. That's no problem. In this thread I saw formulas like

'To put that into perspective, the value of your trade is : current price x lot size x lots
So in EurUsd at current prices 1.09 x 0.01 x 100 000 = 1090. '

Of course, your profit and loss depends on the lot size and the amount of pips you close your trade in profit or loss. If you can trade with 0.01 lots (that depends on your broker) it should be possible to trade very small profits and losses. (down to cents).
But I suggest to use a tool, that is automatically calculating the possible profit and loss BEFORE you open the order. For newbies, who have no idea about lot-sizes, this is very important! There are a lot of tools like this in the market of mql.
I'm using the Easy Order Creator, because you have here the option to select, if you want to trade directly in lots or in percent of your account balance or as a fixed value in your currency. (e.g. 10 USD). This really helps, if you are a beginner!
There's no need to deal with formulas... ;-)
If you don't want to use an additional tool, you can test your trade with a 'pending order'. Simply place a pending order far away from the actual market price and add stop-loss and take-profit. When you move the mouse afterwards over the take-profit or stop-loss level, a tooltip pops up and shows you the corrsponding profit or loss. With this, you can get an idea of the amount of profit and loss if you open a market order with the same entry to stop-loss distance and same lot size. Or - start with a demo account. This is absolutely risk-free ;-)
Have fun!

togr posted:

arigoldman posted:
Demo isn't going to teach you how to trade so beware. It's going to teach you how to use the platform and that's it.

Of course you can learn trading on demo. Its the same as real.
Hard point is to handle psychological burden when you trade real money.

insa posted:
Hi markjasonmanikan,

you can start with 500€ on a real account. That's no problem. In this thread I saw formulas like

'To put that into perspective, the value of your trade is : current price x lot size x lots
So in EurUsd at current prices 1.09 x 0.01 x 100 000 = 1090. '

Of course, your profit and loss depends on the lot size and the amount of pips you close your trade in profit or loss. If you can trade with 0.01 lots (that depends on your broker) it should be possible to trade very small profits and losses. (down to cents).
But I suggest to use a tool, that is automatically calculating the possible profit and loss BEFORE you open the order. For newbies, who have no idea about lot-sizes, this is very important! There are a lot of tools like this in the market of mql.
I'm using the Easy Order Creator, because you have here the option to select, if you want to trade directly in lots or in percent of your account balance or as a fixed value in your currency. (e.g. 10 USD). This really helps, if you are a beginner!
There's no need to deal with formulas... ;-)
If you don't want to use an additional tool, you can test your trade with a 'pending order'. Simply place a pending order far away from the actual market price and add stop-loss and take-profit. When you move the mouse afterwards over the take-profit or stop-loss level, a tooltip pops up and shows you the corrsponding profit or loss. With this, you can get an idea of the amount of profit and loss if you open a market order with the same entry to stop-loss distance and same lot size. Or - start with a demo account. This is absolutely risk-free ;-)
Have fun!

insa posted:
Hi markjasonmanikan,

you can start with 500€ on a real account. That's no problem. In this thread I saw formulas like

'To put that into perspective, the value of your trade is : current price x lot size x lots
So in EurUsd at current prices 1.09 x 0.01 x 100 000 = 1090. '

Of course, your profit and loss depends on the lot size and the amount of pips you close your trade in profit or loss. If you can trade with 0.01 lots (that depends on your broker) it should be possible to trade very small profits and losses. (down to cents).
But I suggest to use a tool, that is automatically calculating the possible profit and loss BEFORE you open the order. For newbies, who have no idea about lot-sizes, this is very important! There are a lot of tools like this in the market of mql.
I'm using the Easy Order Creator, because you have here the option to select, if you want to trade directly in lots or in percent of your account balance or as a fixed value in your currency. (e.g. 10 USD). This really helps, if you are a beginner!
There's no need to deal with formulas... ;-)
If you don't want to use an additional tool, you can test your trade with a 'pending order'. Simply place a pending order far away from the actual market price and add stop-loss and take-profit. When you move the mouse afterwards over the take-profit or stop-loss level, a tooltip pops up and shows you the corrsponding profit or loss. With this, you can get an idea of the amount of profit and loss if you open a market order with the same entry to stop-loss distance and same lot size. Or - start with a demo account. This is absolutely risk-free ;-)
Have fun!

markjasonmanikan posted:
How much is the minimum amount I should invest for my leverage if I will open new account?

BaldoN posted:
Hello,
'Learning Forex Trading' - is not just a kind of step following matter (do this as step1, then 2 etc.) and after a time you will be successful trader. This is a long journey and there are not mathematical definition how to be successful, because this is a complex from many different thinks: proper education, training, acquiring screen time/experience, strict discipline, proper psychology and mind set, willing to beat the losses and not to get desperate and also many other smaller points.
Just everyone needs to be loaded with enough patience... and many, many power to willing to reach the target :)

BaldoN posted:
Hello,
After gaining of experience, trading FX looks simple. The complexity is coming from the traders, for example by adding so many indicators on the chart some time, that the price itself (which must be the guideline) disappear.
Other complexity came from the point that we cannot control the market - we just have control over our funds, but this many traders miss when start to fight with price direction - because of their ego and inability to accept the loss, while it is still small.
There are many other examples confirming that if it simple it would works better and would have much more chance for success :)

Craden20 posted:

AliKhan1 posted:
1:100 would be okayy aswell ... People go crazy with 1:400++

The truth is that extreme leverages are not the best for the new trader. Leveraged trading might seem attractive as it could be amazing controlling $40000 with just $100 when you use a leverage ratio of 1:400. But with what I have seen in the forex practically, leverages might seem lucrative with the possible profit you could make from a leveraged account but the true reality is that it requires good experience to properly operate a highly leveraged account and eventually not get a margin call. Especially as there is no guaranty that prices wouldn't go against your direction. On the highest end, I think a leverage of 1:20 is almost enough if well done with proper risk management.