Archive for the ‘account’ tag
forex trading mini account
How much pips i can withstand with USD1000?
i’m new to forex. i plan to open a mini account with USD1000. what leverage i should use? i plan to gain little by little. 6-10 pips per trade.
Actually the leverage is not automatically set. You can choose your own leverage anywhere from 1:1 to 200:1 with most brokerages.
The main thing that you should be determining is the MARGIN that you want to trade. This is how much of your $1000 that you want to position into your trade when you first execute it. Your margin is the amount of risk you want to expose yourself to when entering a trade.
If you decide to be a directional trader where you are simply trying to guess which way a respective currency pair is going to move, you would be best to keep your margin very low perhaps 3% or so (it is up to you).
If you decide to employ a hedge strategy to reduce the risks associated with market movements you can consider a slightly higher margin of perhaps 5% or 6%.
Keep in mind two important points. First, never invest money in the Forex market that you cannot afford to lose and secondly get a firm understanding of the risks associated with the Forex market and employ strategies that will reduce these risks to improve your potential for success.
Good and let me know if you would like any additional information.
Paul
pupp52@yahoo.com
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