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).

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

Ocean was right, $300 to start with is going to get you no where. $5000 is an absolute minimum and even that is stretching it. Take that $300 and buy yourself a set of golf clubs. Enjoy your retirement!

Hi levi8489

fx is regulated in the US by the CFTC - Commodities Futures Trading Commission — emphasis futures

futures trading can go into 'overloss', a loss greater than the required trading margin, greater even
than the account margin

the major difference with fx trading is that overloss cannot occur
there's no central fx exchange, one's actually betting the fx bookmaker's 'exchange'/software and
the fx broker will close a client's trades if they lose X amount — check with the broker but usually:
'if the equity in your account drops below the 'margin required to maintain your open positions',
'the broker' may close all open positions.'

so while it's necessary to determine the financial worth of a potential futures trader to repay trading
losses, particulary overloss, such regulations are unnecessary for fx traders

lie — nobody is going to credit-check you

.

Levi, The best advice we can give to you was already wroted by OceanFx.

I agree 100% with him.

__________________
I have not failed. I've just found 10,000 ways that won't work.
Thomas Alva Edison

"If you have a little money, you should not speculate.
If you have a lot of money, you may speculate a little.
If you have no money, you must speculate."

-Jesse Livermore

nice one WNW

"If you have a little money, you should not speculate.
If you have a lot of money, you may speculate a little.
If you have no money, you must speculate."

-Jesse Livermore

LEVI

A man has to determine what is in his own best interest and his own course. Win or lose, get in the arena.

With little money to begin with, start first and foremost with paper trading. If you can't make paper money demo trading, never trade with real money, period.

Follow and do as the heard and that is where you end up. Always decide for yourself and take full responsibility.

All institutions promote strategies that benefit themselves and their own profit first and foremost always, forex brokers included especially.

Your first job as a trader, Forex or otherwise, is to protect and preserve your capital account be it big or small no matter.

Jeff
In VA
aka Patch the Pirate

LEVI

a couple of guys approached me to help them with thier trades, they used EAs and lost thier money.

long story short I gave them all the tools I use to win a trade, still they have managed to lose thier money.

I lost lots of money before i was able to gain any, and what works for a trader may not work for another

The guys who did the previous posts are well respected professional traders and I add my comments here to back up what they have said, don't trade EAs

if your serious about this, then take your time on the demo account, till you understand the market, read books view the news, most important trust no one but your self in taking a trade decision

99.99% of the indicators and EAs fails and will continue to fail because the market is run by people not machines and we can't build an indicator or EA to trade human reaction to the price movement

Those indicators which later create an EA were created by mathematicians so there is logic in there, and techinical + fundamental (news ) trading is a valid method of trading and will make you moeny but you need time to understand that and to master the tools (indicators) to your advantage , but don't forget that these tools will tend to fail from time to time because they can't simulate human

Regards
Alan

__________________

Its the best way to get poor quick
and your nearing retirement... its not something u casually get into, like hey I'm going to check it out.
its something very difficult it is more difficult than you can imagine.

If you are serious about this then go ahead use this forum it is a great learning tool. When u get up to speed on things and can navigate your way inside Metatrader 4, open a Mini account, not more than $300. See how long you can go before loosing all of your money.

nothing worth having ever comes easy in life.