Trading Advice

[biztowns]

Please an answer to these my few questions below will be highly appreciated as I want to begin my trading with live account. Though I don?t want to start the trade with EA or any robot for now, I just want to be accustom with the scenario first before going further as forex is deep to easily understand. More so, if you have any advise or hints that will benefits me just like how it was for you when you are starting your own trading, please don?t hesitate to give them to me.

1. I have a passport, bank statement, working id card but not government work and retired army certificate which takes all my personal data. Can I use them as my document to do my registration?, as for national id card or driving licence I don?t have any of these two.

2. If I open a live account with $500 which leverage should I choose that will benefit me.

3. How many open order of 1 lot should I start with in other to manage my account.

4. Many forecast are showing their quotes both in S/L or T/P in 5 decimal points while in alpari is 4 decimal points how can I fill in to correspond before it execute.

5. In an open order can I place S/L and at the same time place T/P. If possible what is the differences between this method and to place OCO order.

6. I have demo for over three months now which I made a lot of profits yet I know coming to live account will be a different face this is why I am here to stick to gurus in the market.

Thanks all.

[trader123]

Originally Posted by biztowns

Please an answer to these my few questions below will be highly appreciated as I want to begin my trading with live account. Though I don?t want to start the trade with EA or any robot for now, I just want to be accustom with the scenario first before going further as forex is deep to easily understand. More so, if you have any advise or hints that will benefits me just like how it was for you when you are starting your own trading, please don?t hesitate to give them to me.

1. I have a passport, bank statement, working id card but not government work and retired army certificate which takes all my personal data. Can I use them as my document to do my registration?, as for national id card or driving licence I don?t have any of these two.

2. If I open a live account with $500 which leverage should I choose that will benefit me.

3. How many open order of 1 lot should I start with in other to manage my account.

4. Many forecast are showing their quotes both in S/L or T/P in 5 decimal points while in alpari is 4 decimal points how can I fill in to correspond before it execute.

5. In an open order can I place S/L and at the same time place T/P. If possible what is the differences between this method and to place OCO order.

6. I have demo for over three months now which I made a lot of profits yet I know coming to live account will be a different face this is why I am here to stick to gurus in the market.

Thanks all.

Hi, this is my reply:

1. That depends on your broker. Some brokers are more strict.
2. 1:200 leverage is good.
3. Since you are new in live trader, I suggest that you trade really small initially.
4. You can just key in the 4 decimal points. It does not make much difference with the 5th decimal point.
5. There is no different.
6. Emotion. Possibly slippage in live market.

[biztowns]

Hi Trader123,
Thanks for your advice, in respect to my number 1 question, i want to open the account with alpari will they accept the document i have mentioned.

[Customer Services]

You should be asking Alpari this question, not the forum members.

We will accept a valid passport as a proof of ID.
We will accept a recent bank statement provided it is issued in your name and shows your full residential address.

Residents of certain countries will need to get this document certified.
Please contact support@alpari.co.uk for more clarification or apply online and take it from there.

[biztowns]

Originally Posted by Customer Services

You should be asking Alpari this question, not the forum members.

We will accept a valid passport as a proof of ID.
We will accept a recent bank statement provided it is issued in your name and shows your full residential address.

Residents of certain countries will need to get this document certified.
Please contact support@alpari.co.uk for more clarification or apply online and take it from there.

I live in Nigeria and these 2 document - valid passport and bank statement are the document i have does it mean it has to be certified?