I've read a few articles that say "real traders never trade more than 1% of their equity" so if this is true and I have £500 equity in my account. The biggest lot size I should be taking is 5?
It is only advisable to do trading with a Regulated ECN Forex broker as that will make sure that you can trade easily with them and get your profits also
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I would say that one shouldn't be risking more than 1-3% of their equity, especially if they are a newbie. And that is only if you have a ready, working and tested (on a demo account) strategy in mind.
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A newbie should probably test their strategy on a demo accoun first before they even consider risking their money.
A newbie should, after the demo, open a very small account in order to feel how is it to lose an account (since all of us are going to lose an account sooner or later)
This is nothing but broker advertisement. But maple, as a newbie i would suggest you to open an account with less leverage. In the beginning, you will get addicted to emoational trading and there is a possibility you end up losing all your money. So try to trade small lots,use correct use of your economics and finance while studing the fundamentals.
Make your entry and exit on the basis of technicals.
Newbie should only take a leverage of 1:100 initially while they are learning..Apply your strategies cautiously and trade with the amount you can afford to lose.
Keep your risks low and Profits limited for better learning experience!!!
I agree. Some things you can learn only on a live account, such as dealing with the psychological pressure caused by the thought that you're trading with real money.