i read the baby pips schooling and it says that im gonna need 50000 to 100000 dollars is what i will need to start trading …surely this is an exageration …let me know your thoughts
If you’re going to trade standard lots, yes. Standard lots value at roughly $10 a pip. That fluctuates highers or lower depending on the pair traded.
Just ratchet that down.
To trade minis (app. $1.00 a pip), you would need $5,000 to $10,000.
To trade micros (app. $0.10 a pip), you would need $500 to $1,000.
To trade nanos (app. $0.01 a pip) , you would need $50 to $100.
It all depends on your risk model anyway. You can trade full lots on a 10k account if your risk management is well in check. But it all depends on your setup, and discipline. That much leverage is not really a practical thing for the longevity of an account if you are just starting.
you can trade forex as low as the minimum amount required and in some cases its like 1 dollars BUT the smaller you capital may have a a smaller chances of earning in a very very slow process. big capitals have bigger gains and smaller risks of blowing an account with the proper management I hope im making sense here 
I don’t think a beginner should be trading with that much.
If you have been pulling in decent trades on the demo, then start with a very small with a mini account, maybe around $500 - $1000 so you know what it’s like to win/lose “real” money.
Then after a while if you are pulling off successful trades you can slowing add more money. If you wipe out your account, go back to demo and figure out what you did wrong.
LA
Learn about “leverage” and “margin”. [B]Really[/B] understand this from every perspective.
Once you understand this then you will be on your way!
Leverage the Killer | The Number 1 Cause of Death of Forex Traders | Learn Forex Trading
$50,000 is way too much for me to begin with. Check out some “good” brokers that offer micro lots.
All the best.
Hellz no!
Lol
If your a beginner and had that much you will probably lose it all.
Master tang is pretty much right.
Once i was consistently profitable on a small account i stepped up to a $70,000 and have done extremely well.
When your starting off dont be concerned on making money. Well thats even when your a veteran.
You should be concerned with making a great trades and developing a track record. You might as well just use the smallest amount you can deposit and as you get better start to step it up.
Thanks for the article, money management is so important, its great to get these little nuggets of valueable info
they are right somehow, if you want to make decent profits you should put a lot of money, but if you have a lower budget and you know how to trade well you can start by 500$ and make it grow, but it will take you time and efforts to get good profits, any way you can even open a micro account with 5$ only but you wont get all the options as people who deposit more money to trade with.
good luck!
In order to fully live off trading, build a retirement nest-egg and quit “normal” work, you probably need at least $50k. But developing the skills to live off trading takes time. Start trading asap with a small account while you work your normal day job, develop your skills and boost your trading account with surplus income. You’ll reach that $50k mark eventually, and you’ll have fully developed to suite of skills to succeed.
well i have decided to secure a job at a currency traders so i can learn how the pros do it…gonna get a job doing settlements or something …but from day one gonna be pushing hard for the trading screens…and see what happens…
trading is for rich men unless you have 10,000 dollars you are in for a long road of building capital with 50 dollar accounts.
also if you have 10k then you should know what you’re doing or you will lose it all , same for 100k and so on.
Isn’t it possible to open a mini account with $250 and set it to 10 mini lots [volume 1.0 on MT4?] which is 100,000 lot size so that 1 pip = $10USD?
Correct me if I’m wrong.
So are there any good brokers that accept US clients, allow PayPal deposits, have low spreads, and offer nano lots?
Oanda does all that.
It would be nice to have 50k to trade with!
I forget who said it but I like their idea of trading with a very small amount and adding to it as you see you are consistently profitable.
Well then I might have to set up an account with them. My other top 2 choices were FinFx and HotForex. But with one, I set up a live account and for some reason my Visa card was rejected when I tried to fund it. So I will try Oanda and see if I have better luck. After all, if it is THAT DIFFICULT to deposit funds, it must be just as difficult when it comes time wo withdraw funds. Thanks!
This is not true I started an account with 5,000k and turned into over 100,000 in time it’s all about risk management you can always trade a micro account if you like to use larger stops. A micro account is 1,000 base currency.
I’m demoing 2 brokers now. Oanda and HotForex. I plan to start with HotForex since they have leverage up to 1:500, I would like to use 1:200, Oanda has maximum of 1:50. So, if I start with $100 with 1:200 on HotForex, 1 pip = $1USD ;D