Greetings all…
Thanks in advance for a great platform and all the great learning tools. I have been exploring Nadex in demo mode for about a month now and have been at it long enough to know that there is still a ton I don’t know! The videos have been great and reading the forums has been a real help. But…
I am trying to get a handle on moving toward a realistic start point and had a couple of quick questions. My opening account balance will be quite small starting out ($500) so my options seem to be pretty limited. To complicate things, I can really only trade early mornings and evenings except Friday when I can trade generally all day depending on the day. I have explored binaries short and long and realize why the good wisdom here is to start with spreads. For obvious financial reasons I am not able to join the Elite membership yet but I hope too once I have established some track record of at least being able to do this with some limited success. At a minimum, I don’t want to waste my 14 day trial (others have posted well about that) so I want to be as far along the curve as possible before I jump into the $200 a month commitment (bearing in mind that I truly believe the membership to be a great value and absolutely worth it.)
So with that said (and thanks for your patience) here are my current questions…
-
Is trading spreads with such a small account balance even possible starting out with the goal of at least covering my $200 a month Elite membership if I am trading about 10 hours a week.? It seems a stretch to me since my account would limit me to one trade at a time and the spreads seem to move so slow.
-
And what is the “average account balance” you guys would really recommend for using your system in spreads for a part time trader (you seem to stress the IZSS system starting out right)?
My goal frankly is replace some part-time income that I know I will be losing in the fall. So I am hoping to average $50 an hour considering both my elite membership and trading fees. But I am not sure if I am setting myself up to fail with such a small account balance to begin.
Well, sorry for the long post but I am taking this very seriously and want to continue to learn as much as a I can before I begin. I am willing to be patient and break even over the summer (for example) if there is a real chance of doing better than that long term.
Thanks in advance for your help and thanks again for an amazing platform.
Joel