No Set Ups Means No Trades

We're day three into the trading week and it seems like there are no clear set ups in the charts.  When there are no clear set ups that means you DO NOT TRADE.  If you can't tell from the charts what the trend is, do not trade as well.  That's one of the few things I learned last week.  It takes great effort not to trade when you're itching to get into the market fast.  

Meanwhile, my FXCM account application has been approved!  

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Now that the ball is in my hand, I'm having second thoughts on how much to fund in my account.  500 USD? 1,000 USD perhaps?  

An episode from The Apprentice Asia comes into mind where both teams lost money trading Forex.  The winning team for that task only won because of sound risk management.  The team new that there will be a learning curve involved in every new venture and decided to be conservative by trading only 1 lot at the start.  Each team were only given 24 hours to trade though.

FXCM Forex Broker Review

While the swift approval of my application with FXCM was commendable, I really didn't appreciate the call from their contact person here in Asia.  During the call he asked whether I knew that the dollar was rising against the local currency and suggested that it would be best if I fund my account right away - he really suggested that I fund my account before the day ends.  Though I'm already 100% sure that I would be funding my account, the FXCM agent just sounded too eager beaver - bordering suspicious.

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My mentor, Mark So uses FXCM.  It's the only reason I signed up with FXCM.  If not for him, I probably would be looking for another broker now. 

What do you think? How much should I fund in my starting account?

Pips Be With You!