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Better to trader forex or futures with small account?


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Better to trader forex or futures with small account?

  #31 (permalink)
 
AgentSmith's Avatar
 AgentSmith 
Saint Petersburg, FL
 
Experience: Beginner
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Trading: ES
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I'm trying to find some of the same answers. Browsing the site isn't the easiest for a noob but I'm slowly figuring it out. Good luck with your trading whatever you choose!

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  #32 (permalink)
LAQUIC
indonesia
 
Posts: 4 since Jul 2015
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I am starting trading option 5 years ago with bad result..after that, I go with trading crude oil and gold, and the result remaining the same.. and now I stick with Forex..with couple bucks in FXCM..

for me forex trading with longer time frame is really suit with my style, I feel more comfort with it..
I hope I will have a good result in the next coming years..slowly but sure...

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  #33 (permalink)
kazz
London
 
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lovetotrade View Post
I have been where you are, and I am a firm believer in starting in the forex markets. I started with a micro account with $90, and it was the best $90 I ever spent lol. After previously making good money, and then blowing up some option accounts, I started very conservatively.

Micro is 10 cents a pip, so with no emotion in the trade I was able to focus on market functionality and profitability. Then once I was profitable with my $90, I threw in another $500 and bumped up my leverage. It takes time to become comfortable with larger and larger $ on the line, so this helped me become comfortable gradually, and to prevent me from adding money to an account that wasn't profitable. Because even if you took a hit and lost half, you could now reduce your leverage to half, and trade back up to that amount without blowing up the account. As compared to futures where your leverage will stay the same till your account hits zero, well until you get a margin call anyway.

Another big plus is being able to trade and scale out in multiple contracts in forex, that you could not do in futures with that account size. I trade a small futures account with one contract, but my goal is to play things quite conservatively until I get my account to where I can trade at least two contracts. But I never would have even have opened the account at $2k, I believe you might as well throw that money out the window. You will gain a little market experience, but it will be very quick and very expensive.

I ended up making the most money trading the forex monthly and weekly charts where you can really catch the large price swings. If the day trading seems tough at first, I would switch to the longer term charts. If you cannot be profitable in longer term trades, it will be near impossible making it day trading. Where so many other factors come into play that are even harder to control.

I used FXCM and had a great experience with them.

Thanks that's a really interesting post. Especially when you say that you traded the forex monthly and weekly charts as this is something I'm looking at more and more.

If you don't mind me asking, what strategy do you use to trade the long term charts?

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  #34 (permalink)
 
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 lovetotrade 
Rockledge, FL
 
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kazz View Post
Thanks that's a really interesting post. Especially when you say that you traded the forex monthly and weekly charts as this is something I'm looking at more and more.

If you don't mind me asking, what strategy do you use to trade the long term charts?

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Geez, this was already so long ago. Pretty sure back then I was using an 8/21 EMA cross as a momentum filter, and using the next higher TF for direction and context. Pick the currencies to trade that are trending on those higher time frames. They tend to consolidate for long periods of time, but then the monthly moves are explosive. Good luck!

Rule number one in the markets is to never lose money. Well since that isn't realistic, I say if you're going to lose some money anyway then lose small, but when you win, give it all you've got and win big!
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  #35 (permalink)
kazz
London
 
Posts: 150 since Apr 2018
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lovetotrade View Post
Geez, this was already so long ago. Pretty sure back then I was using an 8/21 EMA cross as a momentum filter, and using the next higher TF for direction and context. Pick the currencies to trade that are trending on those higher time frames. They tend to consolidate for long periods of time, but then the monthly moves are explosive. Good luck!

Thanks that is very interesting. What are your views on the new micro emini futures starting today?

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