That sounded like a great way to start. Trade pennies and earn dollars no matter what. Too bad he's no longer offering it. Thanks for the advice Romeo, I'll try to keep my eyes open for a promotion on a reputable broker. A nano account sounds like just my style to start.
I do like your idea of just "pulling the trigger" as I will otherwise continue reading and never get started I think.
Just dont pull the trigger while holding the gun to your head: that s what many new traders do....
Ok seriously now. Something just crossed my mind. I started a thread in the " scam alert folder " about what I consider a bogus bonus offer from Liteforex. It s a free 200 dollars bonus to fund a LF Boom account. Be a smart newbie and understand that you will never be able to withdraw profits you ll make trading with that bonus money. But if you are successful at trading, you can eventually withdraw the bonus. Considering that offer at its REAL value and understanding that it would be dumb to put ANY of your own funds in it, it is just as good as trading a demo with 200 virtual dollars plus a small chance to cash in 200 dollars after lots of hard work.
I repeat: You ll play to win the 200 dollars bonus ONLY. DO NOT expect to withdraw any profit because YOU WONT. Even if you make 14.3 trillion dollars trading and you think of paying the US debt with it ( hoping to get an autographed pic of Obama for your nice gesture ), you still get 200 bucks and nothing more.
Please note ( very important ) that I DO NOT advise you to EVER fund that account with any of YOUR OWN funds. Treat it as DEMO ONLY. If you fund that account with YOUR money, Liteforex still get a portion of your legitimate profit and you ll be very disappointed. And, when you re ready to trade with real money, CLOSE THE BOOM ACCOUNT and consider brokers that are properly regulated rather than non-regulated ones like them.
One more time ( just in case ) If you blow your 200 free dollars in your BOOM account, DO NOT refund it with your own money: just move on to another account elsewhere.
Do not even count too much on the 200 dollars bonus even if you make a killing trading because there is a clause somewhere in their contract that allows them to cancel the bonus from anybody they want without giving a reason ( and it could be a clause against smart newbies like you who will play to win the bonus without sending them any of your own money ). The promotion still runs for a couple weeks to join. Then, you have 6 months to trade. You must meet their requirements for volumes and pips to be eligible to withdraw the bonus within those 6 months.
As a new trader, you ll have a small chance to get a 200 dollars reward for doing good at trading what you ll consider to be demo. You will have 180 days to grow that account enough to get the 200 bucks. And I repeat, consider that account as DEMO ONLY.