Newbie question

[janc63]

Hi fellow members,

May I ask you this question?

I am considering to open a live account and considering tot start with either $1000 or $2000

Can you please tell me if I can use all the default settings for those two options and if not, what should I change if I trade with thousand dollar or else 2000 dollar?

Hope to hear from you.

Jan

[^eagle^]

have you run on demo yet?

I suggest you run on demo to familiarize yourself with the software so nyou do not make mistakes.

I know you want top jump right in but a mistake in settings can cost you dearly.

Please run on demo for a few weeks at a bare minimum. It will save you money

When you open a demo start with the same amount of money you will start with on a live account.

Change the lots to 0 and the lot risk reductor to 2 and a take profit setting of 10.

This is a conservative setting that will give you an idea of how FAP trades.

Then you can familiairize your self with all the settings available.

Everyone has different tolerances for risk.

I suggest going to babypips.com and start in preschool to get an idea of what you are getting into.


Jumping into the forex unprepared is like trying to survive in the middle of the ocean with a rubber raft.

you will lose your money

[janc63]

Thanks for your quick response Eagle. I am running a demo account at the moment, which has a a starting balance of 5000$ (Can I change that?) All seems to go very well with those standard settings, but you are right, I don't want to jump in too soon and I will take your advice serious. I will let you ( and others know how things go).

Thank you again.

Jan

[alan]

Jumping into the forex unprepared is like trying to survive in the middle of the ocean with a rubber raft.

.....while being surrounded by a swarm of sharks....