Hi all,
I have a newbie question about MM.
I want to open a live account in near future. I am planning to invest no more than $500 - $1000 for now.
Now the question, as I understand according to MM I should not risk more than 2% of my core equity, and have no more than 10% open trades.
As I understand, I need a micro account and once I manage to increase it to $2500 (since 2% of $2500 is $50) I can upgrade it to a mini account.
However, I read a post by dialist where he suggests to open mini account only when one has accumulated $30,000 in the account. However, 2% would be $600 which is 12 mini lots in one trade. Isn't that better suited for standard lots?
Also, as a side note, anyone knows a good micro broker, that allows easy applications for international traders. I am currently demoing with InterbankFX, but unfortunately they don't seem to offer micro accounts (they say they do on the website but MT4 doesn't seem to have that option) and require jumping thru hoops (i.e tons of documents ) in order to open an account,
Thanks for your help!
I have a newbie question about MM.
I want to open a live account in near future. I am planning to invest no more than $500 - $1000 for now.
Now the question, as I understand according to MM I should not risk more than 2% of my core equity, and have no more than 10% open trades.
As I understand, I need a micro account and once I manage to increase it to $2500 (since 2% of $2500 is $50) I can upgrade it to a mini account.
However, I read a post by dialist where he suggests to open mini account only when one has accumulated $30,000 in the account. However, 2% would be $600 which is 12 mini lots in one trade. Isn't that better suited for standard lots?
Also, as a side note, anyone knows a good micro broker, that allows easy applications for international traders. I am currently demoing with InterbankFX, but unfortunately they don't seem to offer micro accounts (they say they do on the website but MT4 doesn't seem to have that option) and require jumping thru hoops (i.e tons of documents ) in order to open an account,
Thanks for your help!