Jump to content

Micro Accounts For New IG Traders?


Caseynotes

Recommended Posts

Is anyone interested in campaigning IG to start up micro accounts?

It is quite clear that in this new IG Community most participants are new traders.

 

Three years ago IG had a 50 pence per pip minimum level which was tough enough for a new trader but then raised it to £1 per pip. Experienced traders have already gone beyond that but if you are a new trader you can't experiment and learn at that level of risk. Do IG want to encourage new traders or not?

 

Four years ago their demo account was limited to one month. That's understandable because demo accounts can only allow you to learn how to use the platform, demo will never allow you to learn how to trade. You need to be able to risk real money or you just won't learn how to control your trading.

 

Starting low and building up your account size and proportionately building up your trade position size is the key to success. 

Why doesn't IG encourage this?

Link to comment
  • 2 months later...

Are you demoing on a weekly chart? Another reason why demo accounts are a bad idea. Demo accounts are to allow you to get familiar with a platform and maybe do some back testing (debatable, honest back testing is extremely difficult, sub conscious bias nearly always interferes). But demo accounts will never teach you trading psychology or trade account management, in fact, a demo account will teach you bad habits that will kill you when you go live.

 

If you are demoing on a weekly or monthly chart the 200 pip stops generally needed means that at a 2% account risk per trade then your (real) account size must be at least £10,000 using the minimum £1/pip. But more importantly, how can a demo account teach you to sit through 5 straight losers (of course it will happen).

 

Leave the weekly and monthly charts the the hedge fund managers. Give yourself some room to manoeuvre concerning stop size and £/pip ratio.

 

Best advice ever, practice one setup over and over, start with as small a £/pip ratio as possible with a view to building it up as the practice improves your execution. 

 

 

Link to comment

Hi 

 

Thanks for your message!

 

We do offer demo accounts for an unlimited amount of time (although live data feeds cannot be active after 2 weeks), and the main purpose of these are to familiarise you with our platform, products and features, and help you practise placing trades and understanding the markets.

 

As a 'new' live trader, we offer a 50% reduced minimum bet size for the first couple of weeks, to let you get the feel for trading with real money - as you say, this is completely different psychologically!

 

Our minimum bet sizes can vary, so we will take your feedback into consideration about this.  However, we do like to see a certain minimum consideration on trades, which is why we have chosen the levels we currently have.

 

Let us know if you have any more questions or comments.

 

Thanks!

 

Hannah

Link to comment
  • 1 year later...

Micro Account should be a standard for IG, Why? How can IG justified micro dealing on MT4 account but not on the main platform. I am comfortable using Proreatime tool but no other broker have it. 

 

Then trading with IG with minimum of Mini Account had made me not to trade with IG any more as i don't have the risk level understanding five years back when I started with IG. Now I trade with other brokers because the freedom to manage your risk is important, how can one trade using the amount you can not afford due to the restriction.

 

Hope in future IG will do what its right to attract new trader, I dream I can be with IG but I can not due to no mini lot trading. 

I can not see the reason why not, if IG could not even offer Leverage of 1:500 then please allow trader to deal with freedom. 

 

Link to comment
  • 2 weeks later...
  • 1 year later...

Archived

This topic is now archived and is closed to further replies.

  • General Statistics

    • Total Topics
      21,192
    • Total Posts
      90,725
    • Total Members
      41,301
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    HAITUNJING
    Joined 30/01/23 15:00
  • Posts

    • Crude declines make little difference for FTSE oil & gas producers, with the long-term view remaining bullish for energy Source: Bloomberg   Commodities Petroleum Petroleum industry Brent Crude Gas Market trend  Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 30 January 2023  Crude declines see Brent lose 34% Crude oil has suffered substantial losses over the course of the past year, with brent currently trading 34% below the March 2022 peak of $131.51. This decline represents grounds for optimism on the inflation-front, with headline CPI sliding lower across Europe and the US. However, traders continue to wonder whether this move will represent the top for the market or simply a temporary pullback within a long-term uptrend. Key considerations for the bulls include the re-emergence of Chinese economic activity as Covid restrictions are withdrawn, set against the risk of declining demand as recessionary pressures take hold. Looking at the monthly Brent crude chart below, we can see that this current month looks to be closing out in a doji candle, marking a second consecutive month of indecision. Meanwhile, the stochastic oscillator appears to be tightening, signalling the potential for a bullish shift in momentum before too long. With price currently trading around the 76.4% Fibonacci support level, the bulls will hope that the long-term uptrend will soon kick back into play. Source: ProRealTime SPR back down to multi-decade lows Another aspect to consider comes from the US, who have been drawing down their strategic petroleum reserve in a bid to support prices as OPEC restrict output. That decline in reserves can only last so long, with current levels back down to the lowest point since 1983. Recent comments have signalled that the US could move to instead seek to top-up their reserves around the $70 mark. Could a shift from supplier to consumer help tip sentiment back in favour of the bulls? FTSE oil & gas producers outperform One interesting area of outperformance has been the relative strength of oil producing stocks despite this decline in crude prices. Thus far, we have largely seen producers continue their ascent, with the volatility in oil and gas prices doing little to stifle sentiment. However, the chart below highlights how the FTSE 350 oil & gas producers sector essentially provides a more stable play on energy prices, with the stocks largely reflecting the underlying trend without necessarily seeing the same major swings that can occur for crude. The pullback we have seen in Brent (blue line) thus brings the total gains over the past two-years down to the area seen for FTSE 350 producers. For now, the uptrend remains in play for the sector, thus highlighting the belief that this recent pullback in energy prices serves to reflect a reversion back into the mean uptrend. With that in mind, the weakness seen in energy prices, and consolidation in FTSE oil & gas stocks, is deemed a potential precursor to another move higher to continue the long-term uptrend. Source: ProRealTime
    • EUR/USD has been a consistent performer over recent months, and IG analyst Joshua Mahony expects to see further gains in a week that is dominated by central banks. Josh looks at a long position, with a stop-loss at 1.0830 and target of 1.1040. He also looks back at the recent USD/JPY, aluminium and USD/CAD trades.  Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 30 January 2023        
    • EUR/USD and EUR/GBP/USD appreciate while GBP/USD range trades Outlook on EUR/USD, EUR/GBP and GBP/USD ahead of this week’s Fed, ECB and BoE rate decisions.  Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Monday 30 January 2023  EUR/USD recovers from last week’s low EUR/USD is seen bouncing off Friday’s low at $1.0838 ahead of this week’s plethora of central bank meetings by the likes of the US Federal Reserve (Fed) which is expected to hike its rates by 25-basis points, the European Central Bank (ECB) and the Bank of England (BoE) which are likely to raise their rates by 50-basis points (bps) respectively. The currency pair thus remains on track to reach the late April 2022 high and the 50% retracement of the 2021 to 2022 descent at $1.0936 to $1.094 while it stays above Friday’s $1.0838 low on a daily chart closing basis. A drop through $1.0838 would engage the mid-January $1.0766 low. While above it, and the mid- to late-December highs at $1.0736 to $1.0715, the medium-term uptrends remain intact. Above $1.094 lies the psychological $1.10 mark. Further support can be found around $1.0663 to $1.0658, the 16 to 28 December highs. Source: IT-Finance.com EUR/GBP bounces off December-to-January uptrend line EUR/GBP revisited but then bounced off its December-to-January uptrend line at £0.8763 while awaiting Thursday’s ECB and BoE rate decisions, with both central banks expected to hike rates by 50 bps. While £0.8763 underpins, the £0.8828 November peak as well as the £0.8834 - 22 December high - will be back in play, above which sits more significant resistance which can be spotted between the December and current January highs at £0.8877 to £0.8897. Only a slip through £0.8763 would engage the 55-day simple moving average (SMA) at £0.8735 and current January low at £0.8722. If slipped through, the 23 November high and 19 December low at £0.8701 to £0.8691 could once again be reached. Further down sits the 28 November high at £0.8676. Source: IT-Finance.com GBP/USD continues to range trade below its $1.2446 December high GBP/USD’s September advance from its $1.0350 all-time low struggled to overcome its December high at $1.2446 early last week and has been trading in a sideways trading range below this high ever since while awaiting Thursday’s UK central bank decision. This is not to say that the cross might not eventually rise to above its December and January highs at $1.2446 to $1.2448, provided that the 24 January low at $1.2263 doesn’t give way.mWere this to happen, the 9 January high at $1.221 may be reached. A rise and daily chart close above last week’s $1.2448 high would engage the minor psychological $1.2500 mark, above which the 7 June 2022 high can be found at $1.2599. Source: IT-Finance.com
×
×
  • Create New...