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starting in forex

Discussion in 'Beginners Bootcamp' started by devilonline, Nov 20, 2010.

  1. devilonline

    devilonline Recruit

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    hi
    im trying to start in forex but i have some questions first.
    how mutch money should i invest to start in forex?

    thanks
     
  2. Chaz McHan

    Chaz McHan Corporal

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    Hello, devilonline, & welcome!

    It is a good idea to start with ZERO dollars first... get comfortable with the basics and the tools of the trade by using a demo account for some months.

    Once you are comfortable enough with that, I would break from the advice some others would give on here, and not open a micro or mini account, but start with at least $1,000 or, better yet, $5,000.

    The folks at babypips.com agree with me here.

    Just remember to be careful, be humble, and don't over-trade.
     
  3. Chaz McHan

    Chaz McHan Corporal

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    Welcome!

    devilonline, I recommend that you start with ZERO dollars. Spend some time trading a demo account and learning the strategies and the tools of the trade. In fact, I'd suggest at least 6 months of demo-trading before real money.

    When you do make the jump to real money, I'd break from what some others on these boards would recommend and do NOT use a micro or mini account, but rather start with at least $1,000 in a regular account... better $5,000.

    Just be very careful, don't be greedy, stay humble, and don't over-trade.
     
  4. devilonline

    devilonline Recruit

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    i was also thinking in buying a robot/bot or a system do sugest any?

    thanks
     
  5. Pharaoh

    Pharaoh Colonel

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    Learn to trade for yourself first. Then you'll be in a much better position to evaluate robots.

    You can check the FPA's Performance Testing. If you do, don't just look at the weekly averages - look at the equity curve. So many services do well for a few weeks or months and then go into a nosedive. You don't want to sign up for something that's up 50% if it was up 200% and is heading down fast.
     
  6. f-man

    f-man 4Xangels Representative

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    Invest time

    I would advice you to invest time instead of money in the beginning.
    I am also in the beginning stage, but I am spending very much time reading some books and Forums.

    There are so many products and services out there. You can not check every single on of them of course, because you would need two lives to do that! If you find a product or a service that is of interest to you, you need to demo test it for a while to understand it before risking your kapital!

    I have learned, that Forex is a long term business and you can not get rich from one day to the other!
     
  7. devilonline

    devilonline Recruit

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    i'm tinking in open a real acount in alpari. the prices are the same of an test acount?
    thanks
     
  8. Pharaoh

    Pharaoh Colonel

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    Prices, yes. Performance, probably not quite as good.

    Demo accounts are much less likely to suffer from slippage and requotes as real accounts.
     

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