As the School of Pipsology states that you don’t need a ton of money to get started, what is a fair amount to start with? I’m far from going live as I’ve just started with the school itself. I’m just curious…
If I may, I will copy a part of text from Masterforex-V Academy
p.s.: of course I have the copyright permission 
[B]Step 2: Mini Account[/B]
The size of this account should be slightly smaller than the amount you would not be afraid to loose.
To understand what I mean try to imagine: you lost your wallet, and there was 500$ inside. Would you be VERY disappointed about it? If yes - try smaller amount. If your answer is - no. Your mini-account size should be between 400 and 500 $. So you would not be afraid to loose it (almost like demo, but with real money).
Here (during step 2)… with mini account you should work as long as it takes until you start making STABLE profit month by month 6 months in the row.
Should you loose all the money? No worries (you would not be worrying if you would loose your wallet with that amount, right?) - be cool, make your research (what went wrong, and what should you change), learn from your mistakes - and… open another account with same amount, proceed learning and exploring.
Do it as long as you need until you can honestly say to yourself - your statement is showing a STABLE GROWTH 6 months in the row.
ONLY THEN you can proceed to step [B]Step 3. “Standard” Account[/B]
Thanks for the quick info MF Shark. I’ve seen some ppl say that $5000 is a good starting amount, and according to what you just posted, that would make sense for someone that’s not afraid to lose that amount. I, on the other hand, am afraid to lose that amount… If I even had it to start with… I appreciate your answer because that is what I was actually thinking I could play with when I begin to trade live. Hope to get more advice from you as I move forward in Forex. Thanks again.
I say start with an amount that you can be comfortable with losing, whether it’s $5,000 or $100,000… it depends on how much you can afford to risk.
Take $1500 and put down $1000 with your broker and spend the other $500 on some good trip. If you can go 12 months without blowing out the $1000, then move up from there.
May you be enveloped in the womb of the forex goddesses…
Thanks for the information. Sounds like a plan!
Thanks for the reply.
Hi Antonio,
I’m going to suggest something completely different to what everyone else has!
I am going to suggest that you totally de-leverage your account until you are comfortable with your trading performance. Leverage is inbuilt into forex futures, and is inbuilt into spot fx trading unless you have a relatively large account. The more responsible brokers (those who wish to avoid association with the “I lost my house trading” type of publicity) limit your leverage to 50:1, meaning you can only borrow 50 dollars for every one you deposit. The less responsible brokers will allow you to trade $500 for every $1 you put down.
If you trade with 1:1 leverage then you probably won’t make any serious amount of money, but you also won’t lose much. The easiest way to do this is to use currency ETFs (exchange traded funds).
Now, the amount you will pay in commissions in order to do this (a minimum of $1 per trade is the norm, even if you’re flipping a single unit) will probably null your profits, but that isn’t really an issue, because you can know exactly what you’d make if you were paying a fraction of that commission (the spot spread) and trading 50 to 500 times the size. ETFs provide a great training ground where you use real money but don’t have to risk your shirt!
If you ignore this advice and go with spot fx trading, follow the advice of others above and limit your account to what is a comfortable amount to lose. With the forex micro accounts that are available this is a fairly small amount of money.
Hope that helps - good luck, and keep returning to the forum to update us on your progress and ask any questions!
Nick
You could always start off with a nano account or a mini, the amount required is little, and with good trading strategy, you should be able to gain invaluable trading experience.
Nick, thanks for the advice. Nothing will be ignored and every suggestion I receive is welcome. I appreciate you taking the time to answer my question. I’ll definitely come here to give status updates as to how I’m doing. Thanks again.
Starting off with a nano acct… Got it. I’m still very new to Forex so any advice is welcome. Thanks, fxmall.
Open a nano ac with 100$ and leverage upto 500… Start playing slowly with very tiny lot so that any wrong trades will not make a huge loss… Keep learning gradually and withdraw any profits made say 10$ or 20$… When have withdrawn 50% of ur capital then slowly keep increasing ur lot size reason being
- You have been making profits steadily…
- You have withdrawn 50% capital and any damages with lot size increase will end up in 50% of ur capital only…
- Incase if the above happens… Deposit the wihdrawn amount and start the game again with tiny lot…
You can start with any amount you can afford to loose; I have seen someone that started with $50 and within one month made over $150 with that account; so the capital does not matter as long as you have a winning trading system, you can grow the account with time; But if you have a large capital like $10,000 all the best.
Open an account with what you can’t afford to lose, you’ll soon take it seriously and treat it as a business. You cant open any other business with less than what it actually costs so why take trading differently.
Really funny… You this whole thing depends on how much you willy to loose. What I mean is that have mind I can loose this money, so you should determine how much you are willy to loose. You wouldn’t necessarily loose your money, but this logic would help you determine how much you can start with.
I suggest you stick to the advice encouraging you to get a Nano or Micro account. One of the reasons why you are afraid of losing your money is because you lack confidence. If you start slowly with little deposit on a Micro account, it will build your confidence. After some time you will be ready to handle a bigger amount of capital. Get a Micro account and trade with low volume and leverage to reduce risk.
Like everyone suggest, open an account with $100 may be ? Trade between 0.01 & 0.02 lots. When the time moves on, you can increase the size.
Definitely you don’t need tons of money to start with and also even if you have tons of money you should not trade them until you good enough to trade with more money. You should first develop your trading strategy and till the point you reach consistency you you should trade on a small live account. And for this to happen you probably going to need more than two years.
Whether you start with 500 or 5000 you can reach a million in relatively the same amount of time. So whats the point of starting high?
You’re welcome…I would advise you to take up Nick on his advice, or if you want to get into spot right away, do so with a nano. Happy trading and keep us posted on how it turns out…