Hi, Everyone! I am a FX beginner.
I am now taking a FX online course, and learn how to trade without making too much risk (definitely day trade). Right now, I am practicing with a Demo account.
This online course is introducing us a website for our practice, which has a contract of 100,000 of the base currency . With my budget, for me to be qualify for this, i have to use a high leverage, I was hoping to use only a couple of thousand dollars to start with (like a mini account). I dont want to use a high leverage.
Do you know and recommend any reputable/reliable online websites which you have actually used, and where someone like me can start (with
smaller amount money ) ?
Thank you in advance.
I did not know that Anyone knows a site called Oanda ?
I could not find a mini account service at FXCM ..
Thank you very much for all your feedbacks.
I am still reading your posts, so please add more information if any. Thanks!
Oh, also.. What currency combinations do you recommend? I will be starting with USD as my base. I have practiced with my practice site, with Australian, New Zealand, Euro, & Pound.
Thank you so much for all your input.
I only can choose one best answer. ;-(
Oanda lets you start with just $1 though obviously that’s too small. Anything from $250-500 is a decent start with trading forex as long as you follow money management and don’t risk more than 2% (maximum 5%) on each trade.
Stick to the major pairs for now (EUR/USD and GBP/JPY are my favorites). The spreads will be small on these pairs and there won’t be delays in dealing desk execution.
At the same time, avoid using a leverage more than 1:20 or 1:30 as you risk losing your trading money on a couple of losses.
Trade on longer term charts (1hr / 4hr / daily) and stick to a method that works for you. Good luck!
http://forex.ellsed.com
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