First, you need to determine the dollar amount you want to make off of your forex account to have a reasonable income.

1. For hypothetical purposes, let’s say you need to want $2,000 per month to have a sustainable income.

2. What type of return do you expect to make in your account. If you make 10% return per month then you need a $20,000 account in order to have $2,000 in profit. Do you think 10% return is realistic? If not, you need a larger account balance.

3. If only 2% return per month is realistic, then you need a $100,000 account balance in order to make $2,000 in income.

Losses do occur, so you may not be profitable every month either. Some important things to keep in mind…

The best way to learn is to do some paper trading. You can open a demo account at oanda.com for free.

If you are in the Western Hemisphere, prepared to be trading at night, because the markets don’t really move during U.S. hours.

You want to trade together?? So far I’m only average 5-10 percent a week. If you want here’s my email..

We can talk more on yahoo messenger later.

download and review here:

However what you will learn from this experience is invaluable. I’ll not spoil that for you right now but I would recommend reading Trading Psychology books. Mark Douglas – The Disciplined Trader is a must read.

Back to your original question, There is nothing wrong with higher leverage as long you use Money Management. Try not to risk more than 2% of your capital in one trade and overall 9% at any time.

Regarding brokers look for the ones that are regulated and offer tighter spreads on Mini Account. FXCM is not bad to start but feel free to ask around. You may also want to consider brokers that offer MT4 charting. Oanda is also quite good with their flexible trade size.

Hope this helps.

If you want to learn how to trade forex, first you open a demo account with an online broker of your choice. To find which broker has the best ratings, look up OANDA in this thread

Soon as you have a demo account, trade that demo account as much as you can. What you want to achieve is to learn when to trade and when not to trade. This is going to be your trading method.

Fine tune your trading method by trading as much as you can sticking to your method. When you can trade and show profits three months in a row with that demo account, then it’s time for you to open a live account.

The reason I asked you to open with OANDA.com is because you can open a live trading account for only $10.

You then trade that $10 exclusively using your trading method. You will find out that trading a live account is way different from trading a demo account. See if you can fine tune your method some more and master your ego and emotions trading this live account. They key, you will learn, is to live to trade another day.

When you can trade and show profits three months in a row, add more funds to your account.

You will learn that all the profits that you will make trading forex goes into your account. With OANDA, to withdraw funds from your account, first you need to fill out a form from their website. OANDA will give you several options to choose from to withdraw funds from your account. You can either withdraw your funds:

- using your paypal account.
- OANDA can wire transfer your funds to your designated bank.
- send you a check.

If you wish to learn more about the terms used in this business, you can check out or

It’s usually challenging learning how to trade, just keep at it. If you need more information on this matter, feel free to contact me through my website

Hope this helps!
- Jim

David