First steps in trading?

The first and the most essential step to trading is learning. Without learning, there is no way of surviving in the market.

Yes, you can start trading with $50. There are many brokers that have no or low minimum deposits.

No doubts about that. Learning and exploring a field before starting is really essential and somewhere those initial days efforts decide the long term success or failure in many ways.

I’m based in the UK, been interested in trading for years, not had the time to look into it seriously until till now and also probably wasn’t ready to take any risks! I’m ready now. I know absolutely nothing yet so am going through the training on this site, can anyone recommend a good free demo site please?

If we will start learning about the Forex markets then we can get more and consistent income from our trades.

I would suggest you to open a demo account with any reliable broker. It is very important to understand the concept of forex before placing trades vigorously. You need to keep a track of all the latest events so that you can plan your trades according to that

Of course you can trade with $50. You will just have to check whether the broker you want to use lets you trade with this much money or not. If not, you can look for other options because there are several other brokers that let you trade with $50 and even less.

Learning, Strategizing your trades and then practising the same on a demo account. Also knowing the right time of when to move to a live account is an imp trick in FOREX.

Yes, you can start with $50 and grow your account slowly. Though it takes a whole process so be patient as the profits will be very small and so will be losses which is a plus. Suggestion, keep funding small amounts to your account regularly.

I love this

Of course you can and that’s the beauty of the forex market. You just need to be patient and serious about trading and use the lot size of 0.01 along with a well structured risk management strategy in hand.

It is important to understand the concept of forex and for that you need to read up on the history of Forex, which might seem unimportant and irrelevant to your trades, but it is not.

100% true! In fact, as a new trader, I won’t suggest risking a big amount just to lose it. When you start trading with a small amount, you have better chances of understanding the market without losing your hard earned money.

But for that, you will also have to find a broker that allows you to trade with lower smaller amounts. Is there a broker that you particularly use? Tight spreads and low commissions would be preferred!

Well, yes. You would definitely need to find a broker that has low account minimum requirements that you can afford. I was in your place a few years ago and upon research, I found that XM, Turnkeyforex and Swissquote are nice brokers with quite affordable balance requirements, workable spreads, and low commissions. But make sure that you create your demo account with them before you risk your money. After all, you have to check whether they work for you or not.

If you are new to trading, first practice it on a demo account and when you start making profit consistently on demo then only shift to live trading.