Ugh, I’m really needing some direction. I’ve looked at stock trading, futures, forex, and Nadex. I just can’t find which one will work the best! I have a little less than $1000 and I’ve tried the micro fx futures on NT, but there doesn’t seem to be enough volume or volatility. I’ve tried binaries, which I think would be better, but it’s hard for me to get over the fact of being down from the get go. Is there anyone that can grab me by the collar and say man I think this is what you need to be doing. I just feel like there is so many awesome systems, I need a swift kick in the butt, and some direction. Thanks in advance!
Kick me!
jazzguitar
#2
First, If you are already down and haven’t taken the time to demo trade, then by all means, take a deep breath, and step back and hit pause for a minute.
Secondly, for an account size of less than $1000, the veterans here at Apex have all gently guided me towards using spreads on Nadex. IZSS is the recommended system to learn when you first enter Apex. You can use IZSS, Alchemy or SEES with spreads.
With spreads you don’t have the “4th and inches- all or nothing” mentality you can get pulled into with binaries. Spreads may take a little more thinking on the front end to become a little more comfortable with , but, they do allow you to be more flexible in your trading. This also helps to keep your risk/reward ratios more in line with where they should be so that you don’t zero out your account. If you aren’t careful, you can do that quickly with binaries in a small account.
IZSS and Alchemy are used a great deal here. I see a lot of posts by people using them - with a great deal of success. I am in your situation, account-wise, so I chose to go with the SEES system. I also see a good number of SEES posts too. It requires some more classroom work up front and more practice than IZSS and Alchemy, but what appealed to me was that it allowed me to enter trades (realistically) with a lower risk/reward ratio. Keeping that number in check is one of the vitals for me to be successful.
How will you know which is right for you? 1. Take the course for each (none are time consuming in that Apex does a great job of teaching in a time efficient manner) 2. Demo trade 3. See which type fits you best
Those are my two pips on the subject. Hope it helps!
Yes Jazz is correct. With a balance of less than $1k I would look at nadex spreads or a micro FX accout with FXCM where you can risk as little as .10 a pip
firedog1256
#4
Thank you guys, yeah I was interested in doing the micro FX, but have to have $2000 to open at FXCM. Will check out the spreads, they’ve scared me in the past, but I think it was more just fear of the unknown. I will check them out, may be my saving grace.