Quote:
Originally Posted by levi8489
I am retired and was looking for a way to, eventually, supplement my social security. I have been watching and have also purchased a couple eas and have been running them in demo mode. I would like to start live trading by the first of the year with a micro account.
I have approximately 20000 in assets (less liabilities) and about 2000 of that is liquid. I want to open an account with $300. I have looked at the requirements at a couple of brokers and they require something like 50000 or more in assets with something like 25000 being liquid. Well, I am a long way from that!
Does anyone know of a MT4 broker that may consider me? I was divorced in 2001 and had to file for bankruptcy. I think that I have done quit well to since then to recover. I have less than $5000 in bills and plan to have them paid off by mid to late 2008. As I said, my assets are 25000 (less 5000 for liabilities) and I keep 2000 in a savings account for emergencies.
Any suggestions/input would be appreciated. I think I have identified the ea I want to start with and then if, and when, I make a profit I will open a second account with another ea I have that I think is promising (probably with a second broker).
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Hello Levi
Please take everything I take from here on as constructive and not overtly negative because all I am trying to do is assist.
If you have never traded in your life (and I mean full time for at least 4 years) then you WILL lose in forex. FX is the toughest market of all and you have decided to enter it off the bat which is mad with no experience.
Despite what you read, an EA will not be your answer to riches and you should still have a serious understanding of trading/market mechanics before using one. Secondly, I don't know where you obtained the EA's but if you purchased them then it's 95% odds or worse they are next to useless and will burn your money. Nobody on the internet sells profitable EA's.
Another thing - A huge rule of trading is, NEVER trade with money that you cannot afford to lose. You need to ask yourself "if I lose X amount invested dollars will it change my lifestyle?".
To your own admission you are broke and hocked to the eyeballs. I suggest you spend that $300.00 wisely on the next power/water/phone bill because I assure you, it will be lost in Forex if you have no experience.
There is so much more relevant advice I could say here that would fill the page on why you should not trade but I will be wasting my time if you have not changed your mind already.
I'm sorry of this is not what you wish to hear but it is serious reality and anybody that tells you different is either deluded or an idiot with no market experience.
If for some reason you have still lost your sense and decide to go ahead, try FXDD, they are good fair brokers but the minimum is around $1500.00 I think. Here again, if you can't scratch that amount together then you obviously can't afford to lose it.
Hope this helps.
Don't shoot the messenger.
OceanFx