Thank you, master, for your advice. With a planned deposit of 250$ as a beginner, which broker is best for us to trade with, master? Are the deposit and withdrawal fees not too expensive or even free? In my FXDD demo account, I am learning to trade GOLD & GBP/JPY with a 1:100 leverage, using a lot size of 0.05. Can I achieve a profit of 4$ to 5$ with a take profit of 80 to 100 pips, according to you, master? I am also learning in the demo account at Insta, master, please enlighten me so that I can decide on a strategy before entering real trading. Thank you, master.
You can use the Fxopen or Masterforex broker to trade gold using a micro / cent account.
The payment method can use FasaPay
Thanks
@dv:
1. For the security of your trading and funds, we recommend choosing a broker that is already regulated by a credible international regulatory body, namely: CFTC, NFA, FCA, FSA, FINMA, MiFID, ASIC and FMA. A credible regulatory body is one that has been tested and is globally recognized, and imposes strict sanctions on brokers if they are found to violate agreed-upon terms. These regulatory bodies are also responsible for the security of client funds.
Avoid brokers located in small countries commonly referred to as offshore such as Cyprus, Belize, St Vincent and the Grenadines, Seychelles, British Virgin Islands etc. There are regulatory bodies there, but they are considered less credible than those in other countries, especially the world's financial market centers.
2. Using leverage of 1:100 with a lot size of 0.05 TP 80 pips (profit $4) to 100 pips (profit $5) can certainly be achieved. However, the key question is: Can you be consistent with those results? To answer this, it must be proven with trading results data over a sufficient period, not history over a few weeks or a month.
3. Before entering real trading, make sure to first ensure the consistency and maximal drawdown of your trading system. Trade with a demo account for 3 - 6 months to see both. When the drawdown that occurs is less than 20% with consistent profit, then please open a real account with the recommended brokers above (point 1). If there is no consistency yet and the maximal drawdown is still large (more than 20%), it is best to improve the trading system and MM used. Trading with a real account is much more difficult because it involves emotions, both when profiting and losing.
Thank You