Million in forex

Since there is no good set up at this time in market let me cover up a piece of advice to new traders entering forex market.

You might have read the posts i have put on this blog . If you havent then start from the very first post of the blog here.

Today i will cover the issue left over.

The issue of trading lot or unit size.

For absolute newbies its advicable to start trading on demp first with an account of same size you plan to fund when you go live. Yes exactly same size . Dont get overwhelmed by the amount that brokers on demo provide like say 50000 or 1 million. Be realistic. Open an account with same amount you plan to open and fund your live real account.

This is very important. Then use the minilot to open a trade. Use the lowest of the lot available to open a trade . I deally placing importance on the money managemnt make sure you calculate the account margin used by the minilot and better if you could adjust the units accordingly which is available on very few brokers though.

Using minilots would give you an idea of psychological up and down you would see on looking at the trade turn either positive or negative . This is very important aspect for newbies . This would give you an idea of the what would happen wehn you go live.Its better to write down reason of every trade taken and its outcome to help you understand the reasoning behind the strategy you will be looking to dvelop or use on live account.