"Phoenix - FAQ, Stable, User support -Read Post #1" - page 14
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somebody told me you shouldn't open a standart account with less than 20K.
in other words, if you don't have at least 20k, mini-forex is the right choice of account.
AZBOfinI put a 50K initial deposit and I had to change to mini as my MM rules were not respected because partial lots were round up. Partial lots are not possible in regular accounts at FXDD.
This depends on the minimum deposit of the broker you select. I, myself, use FXDD. I don't know the minimum but I think +/- 500$ to start. If you open an account, do it in a mini at 100/1 ratio even if the amount is large. This way Phoenix will be able to place partial lots to respect your money management rules. For example, if Pheonix try to open a 3.2 lot, the regular account will allow only 3 lots and a mini 3.2 lots.
Hi m6m6,
1. What do you mean: "do it in a mini at 100/1 ratio even if the amount is larged" Do you mean leverage 100:1?
2. With my broker (Alpari) in my terminal (MT4) I can open partial lots in regular account. Why did you write, that regular account will allow only not partial lots. I don't have this problem as I see..
somebody told me you shouldn't open a standart account with less than 20K.
in other words, if you don't have at least 20k, mini-forex is the right choice of account.
AZBOfinHi AZBOfin,
Please explain me why I shouldn't open a standart account with less than 20K. What problem expect me if I will??
FXDD does this thing with rounding. I know other brokers work different ways, but this is the FXDD way to my knowledge. Minimum account with FXDD is definitely $500.
Mini Account type
0.01 lots = 0.1 lots ($10000 reserve)
0.1 lots = 0.1 lots ($10000)
0.5 lots = 0.5 lots ($50000)
0.55 lots = 0.6 lots ($60000)
1.1 lots = 1.1 lots ($110,000)
1.9 lots = 1.9 lots ($190,000)
10 lots = 10 lots. ($10,000,000)
Normal Account type
0.01 lots = 1 lot ($100,000 reserve)
0.4 lots = 1 lot ($100,000)
1.0 lot = 1 lot ($100,000)
1.1 lot = 2 lots ($200,000)
3.4 lot = 4 lots ($400,000)
10 lots = 10 lots ($10,000,000)
If you are normally trading with MaximumRisk = 0.05 the account size to create 1.0 lots is $20,000 deposit. If you trade Phoenix on a normal account with $10,000 your MINIMUM risk = 0.10, and it can easily jump to 0.20 after a single win. I'm going to make this a bit safer in Phoenix 6 to account for FXDD rounding methods, but the advice is still true: use Mini Accounts with FXDD.
Tf
Hi all.
Can you tell me what is the best time frame for PHOENIX EA?
Thanx.
Hi all.
Can you tell me what is the best time frame for PHOENIX EA?
Thanx.Welcome here
M15
Good luck
Just something I've noticed while looking at the trades made by Phoenix over this past week: Price seems to move up/down just far enough to hit the SL on some trades, and some of these trades may have even turned into winning trades had it been allowed to continue. May be loosen the SL by just a few pips?
Anyone else see this on their platform or may be just a coincedence during this particular week? I'll look further back into past trades, but just thought I would share something I have observed.
Advice Please?
Hi:
Maybe someone can help me with some questions I have.
I have downloaded Phoenix v5.7.0 and I am getting ready to trade in a live mini account starting with only $500 .
Q 1: Do I just leave all the settings on default or should I change some of them? (such as MoneyManagement setting)
Q2: what is the maximum amount of leverage allowed for trading this system?
My account is currently set up with 400:1 (was used for hedging system). Should I change it to 200:1 or even 100:1?
Any other advice you can give me on proper settings would be appreciated.
Thanks in advance!
Live testing with 5.7.0
My advice would be to open a demo account first. You should not be so eager to throw your money away. If your demo experience convinces you that there's gold in them thar hills, then start with a small account and trade minilots. Your time and money would be better spent now learning how Phoenix works and helping to improve it with demo results. I do not think Phoenix is ready for prime time yet.
Just something I've noticed while looking at the trades made by Phoenix over this past week: Price seems to move up/down just far enough to hit the SL on some trades, and some of these trades may have even turned into winning trades had it been allowed to continue. May be loosen the SL by just a few pips? Anyone else see this on their platform or may be just a coincedence during this particular week? I'll look further back into past trades, but just thought I would share something I have observed.
You can also increase Consecutive signals required, and it will delay the trade slightly. I use 25 ConsecSignals.