MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Talk » Money & Risk Management

[Wickedpriest]

I opened an account with $400. I have not done any trades after finding out that the min lot size is 10,000... That means on my capital 10pip movement is 2.5% ($10). What would be the best MM strategy for someone in my position?

[Norman1]

Hi Wicked,

Unless you are happy with 10-20 pip stops, I would suggest that you withdraw your capital and find a broker that allows you to trade micro lots.

Or you could always put more capital in to your account!

[fxrealm]

Originally Posted by Norman1

Hi Wicked,

Unless you are happy with 10-20 pip stops, I would suggest that you withdraw your capital and find a broker that allows you to trade micro lots.

Or you could always put more capital in to your account!

I say amen to that.Get out now before you get burnt and find yourself a more human broker.

[piphunting]

With $400 you should look for a broker that allows micro lots, 0.01 lot size.

Or maybe you even use a broker that allows cent accounts. I am using a broker that offers $-cent accounts and I put in $100, that's $10,000 cents. And the minimum lot size is 0.1. That means 1 pip equals $0.01

This is in my opinion the best way to start trading forex. It feels real, because it is real money. But if you loose it, you only have lost $100 and not $10,000. This way, you can adjust the money management better than with a 0.1 lot on a standard account which means a loss of $1 per pip and not $0.01.

[ozone35]

Originally Posted by Wickedpriest

I opened an account with $400. I have not done any trades after finding out that the min lot size is 10,000... That means on my capital 10pip movement is 2.5% ($10). What would be the best MM strategy for someone in my position?

My suggestion is to get out of there, and then go to another broker and get a mini forex account that allows you to trade micro lots, just as piphunting said.
Good trade

[miskec]

Originally Posted by piphunting

With $400 you should look for a broker that allows micro lots, 0.01 lot size.

Or maybe you even use a broker that allows cent accounts. I am using a broker that offers $-cent accounts and I put in $100, that's $10,000 cents. And the minimum lot size is 0.1. That means 1 pip equals $0.01

This is in my opinion the best way to start trading forex. It feels real, because it is real money. But if you loose it, you only have lost $100 and not $10,000. This way, you can adjust the money management better than with a 0.1 lot on a standard account which means a loss of $1 per pip and not $0.01.

would you mind sending me a link or email on private message about this. cheers mate.

[piphunting]

Originally Posted by miskec

would you mind sending me a link or email on private message about this. cheers mate.

I will write you as soon as I am allowed to write private messages

[guptara]

Depends how much are you ready to risk. I would suggest you to start with a demo account if not already. Once you know of a good system that works, then you that on the real account.