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Hello all! I'm new to all of this and extremely excited . Anyway I wanted to know how much money I need to get started for real.. I've heard amounts anywhere from $250 to $10,000.. What's a good amount to start up an account with?.. Granted after you've spent a good amount of time on a practice account, and are completely confidant..
The answer is NONE to start with! Until you have a strategy tested by live demo testing over a period of time using demo money then you are ready to start investing your real money. This testing should be a comprehensive successful profit test over weeks to months. Just as in trading stocks or options, 95+ percent of people lose at this game also. I have considerable experience at Forex and what I am saying to you is true. Check your greed and get rich quick lust for money at the door and enter into Forex with a very cautious attitude. Most EA's do not work and most trading strategies work only for a short period of time. Keep your money safe until you really know what you are doing and you truly have devised or found a strategy that will work consistantly with minimum draw-down. Good luck, and by all means do not use your real money for several months or you will probably end up losing it. Free advice, lots of experience behind it! You will also learn how much money to invest by the strategy you use - Practice first, Play later!
to answer your question, I say it depends on the drawdown your strategy has in the past ( at least 5 years of backtesting for me). If your strategies have never added more than 700 pips drawdown, you can trade the amount that lets your account go down 700 pips without lowering your trade size...
...and the average pips you make a month.
It also depends on your cost of living...
If you dont have enough, do like me, with great caution :
calculate what has been the average consecutive loses with your strategy for the last 5 years and wait till the losses come back. After the average is reached, get in with high risk. Thats what I did, it was a risk, but a calculated one. I didnt have enough capital to trade for living, now I do. Remember to lower your risk once your strategy has gone through enough without bad drawdown ( calculate this also from backtesting of course)
Any amount but trade using money management and you have to know how to control risk and use only a little portion of your capital to control the risk...........
Don't try to make 100% per day ,try to make 100% per six months or year and this is trading........who try to make huge pips per day ultimately wash away their accounts........And in my sense that is not trading........With a small amount trade like you are managing a huge money..........
I think you will gather many experiences with the course of time.............
Im new to trading and will be starting out in about a weeks time. Ive decided to open a mini account with FXDD. They have given me a leverage of about 200:1...So ill be trading with smaller pip sizes to start off with
