ilmscore | FOREX: How much $ should I start with?

Predictions from this Video

Total: 6
Correct: 0
Incorrect: 0
Pending: 6
Unrated: 0
Prediction
Topic
Status
There is no reason to start a live trading account unless you are already consistently profitable in your practice account.
"you can open up a practice account with any broker and you'll have access to the same exact data that I use access to the same charting platform I use I use the free charting platform that comes with trading view so you really have no reason to start a live account unless you are already profitable"
Trading Account Start Amount
Pending
A minimum of $500 is recommended to start a trading account to provide sufficient emotional stimulation from winning/losing trades, with $200 being a minimum where one might win/lose $4 per trade.
"I would say a minimum of five hundred dollars because that's going to give you some type of emotion stimulation you know even even up to $200 at least then you're winning and losing $4 per trade and to some people you know that may be enough to stimulate them emotionally in their trading in order for them to get their minds used to that type of emotional stimulation"
Trading Account Start Amount
Pending
A $2,000 trading account with a 2% risk per trade ($40) can be emotionally stimulating and prepare traders for larger account balances.
"and if that's the case you may want to start out with a two thousand dollar account again has a lot to do with your ability and your risk capital here so if you have a two thousand dollar account 2 percent risk would be $40 per trade and now you're getting to a number that could be emotionally stimulating if you lose a trade it could be emotionally stimulating if you win five trades in a row and it can really prepare you for when you have a larger account balance"
Trading Account Start Amount
Pending
An organized, step-by-step process, possibly through a training program, is needed to become a profitable forex trader.
"you need somewhat of an organized step-by-step process to becoming that profitable trader and their training programs out there that all for that so signing up from one of them may not be a bad idea"
Forex Trading Education
Pending
Proper education, a tested trading plan, and comprehensive money and risk management are essential before opening a live trading account.
"you need to have proper education and you need to have a properly tested trading plan including money management risk management all of the above before ever opening a live account"
Forex Trading Education
Pending
Education is paramount and should precede the back-testing process in forex trading.
"it's just important that you educate yourself that's the important thing in doing it before you start your back testing process is going to be the best time education needs to come first guys"
Forex Trading Education
Pending