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Starting to trade with such small amounts is the best way to get acquainted with the Forex marketplace.
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I beg to differ with you my friend; the best way “acquainted with the Forex marketplace” is learn before you invest. It is a 3 step process.
Step 1: Education, as with virtually everything else in life is the starting point.
Step 2: Selecting a trading system, with so many software packages out there today and with market becoming more automated everyday it is vital to have this component in your arsenal. Last year over 60% of the trades on the New York Stock Exchange were instituted by automated trading systems. After you select from the many options available then you utilize a “dummy” account until you are making money consistently over at a month period. This gives you time to familiarize yourself with the market and software.
Step 3 – Select the proper brokerage account for you and your trading platform. Most of the trading systems require a MetaTrader4 Broker, but not all of them. Picking the correct broker is so important for so many reasons, such as leverage, slippage, time to execute a trade, support, etc. Each one of these brokers operates a little bit differently and using the wrong broker can mean the difference between winning and losing.
Best of luck to all the new traders out there! By following the short outline above by no means your guaranteed success, it certainly will improve you chances.
See you on the trading floor,
Bill