0
You can use that as a practice account but it is not enough to get a reasonable profit.
Many people start with such a small amount. But one thing you need to keep in mind is that, you should never risk more than 2% of your capital. You cannot really take much risk with $500 capital and you will be limited to a lot size of 0.01 for your trades. You can’t expect a reasonable profit with such a low capital.
But you can treat this as a learning period and treat your $500 account just like a demo account. You may have temptations to use higher lot sizes but don’t do that. Out of luck, you may get good profit in a few trades. But trading is not the same all the time. Many traders lose their capital but trading with too much risk.
Take it very slow and try to grow your capital. You can certainly make a good money once you become experienced in analysis, handling risks and managing your emotions.
What else can I help you with?
Why are you allowed to leverage on the forex?
It depends on the forex broker and if they allow leverage. Most forex brokers offer leverages starting from 1:100 and as high as 1:500 Usually it's best to go for a leverage between 1:100 and 1:200
What places offer Mini Forex accounts?
There are many places which offer Mini Forex accounts. Some of the more common and popular websites include Easy Forex, Plus 500, XE Markets and Forex Factory.
How much is Chicago Bulls starting five 23kt gold card worth?
500
What is Forex fundamental analysis?
Forex fundamental analysis is about identifying and measuring the factors that affect the fundamental worth of financial instruments.
Are mentoring Forex Trading Signals programs worth it?
When you are selecting a forex advisor for trading, you should select that advisory company who has a good reputation in the market. And also Forex trading depends on the efficiency and analysis of your forex signal advisor.
How Can Beginners Start Trading Forex Effectively?
Starting Forex trading can seem daunting, but with the right approach, beginners can trade effectively.
What is one difference between the mini and micro versions of Forex accounts?
For major currency pairs, one mini lot is one dollar worth per pip, one micro lot is ten cent worth per pip. I've read so much about different lot sizing and honestly, they just end up confusing me more, no explanation is as satisfying as the explanation I got from this video .
What was the live Forex rate for the dollar vs euro at March 24 2013?
Forex rates, or foreign exchange rates are the rates that one currency is worth when exchanged for another. 1 dollar was worth 0.77 euros in March 2013.
How does leverage work in the forex market?
In forex trading, leverage enables traders to manage a bigger position with less money. It is stated as a ratio (e.g., 1:10, 1:50, 1:100, or even 1:500), which indicates that a trader can control $10, $50, $100, or $500 in the market for every $1 in their account.
What does close mean in forex trading?
forex is the largest financial market in the world with daaily trun over with more than 3.2trillion dollars,forex was spacified only on huge companies but now with the assistant of broker like Prime4x.com yave something could have the option of something called leverage which prime4x.com offer the highest leverage in the forex market 1:500 Visit www.prime4x.com
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