I am brand new to trading. I am currently taking the Pipology course and will be starting up a demo account to do some practice trading in. However, even if I practice for a year, I won’t be able to save up $10,000. Any tips for starting with forex trading on a small budget?
That’s fine. You want to learn how to trade first, not make a living. Practice and make more profits than losses. Then you can deposit more money, slowly. We’re talking about months and years here, don’t forget… And never risk too much because you don’t want to blow your account.
You should deposit small amount of money now to get used to the emotional part of trading. Don’t use leverage yet until you develop your strategy.
Never deposit more than you can afford to lose…
Try to start your demo with 100-500$ & don’t use aggressive trading lots size.
Every trader learns from his experience , mistakes and daily analysis, he can not make success at once. He has to work slowly . In start $200 to $ 500 is enough amount for trading. Use this amount carefully so that you will learn appropriate trading grow your amount with less risks in trading.
You can try to deposit with $100 and only trade with maximum 10% of your margin. And you can to try your pipology technique.
You can grow up from even $1 on the forex market if you stick to your money management plan as it is the most important factor of a successful trading career. Do you have a money management route as most of the newbies do lack this?