Hi all
I’m very new here, been wanting to get started with trading on Forex but really struggled with where to begin, someone pointed me in this direction, and I’m so very thankful. Was excited to see this forum too, thank you!
I’ve been mostly on the Babypips preschool and this morning, I got a little discouraged when I read this:
“You should have at least $10,000 of trading capital (in a mini account) that you can afford to lose.” (Lesson 12)
I was hoping to start small (like $100!!, not afraid to lose, learn and start again… but $10 000? Should I give up now
Would love to hear if anyone else has started small and still in the game?
Welcome, complete the course and have a look at these pages too to add more knowledge:
With regards to starting capital. As you are a beginner you can start with whatever you want. But you should treat it as if it’s a larger amount. Stick to your plan and take only 1-2% risk per trade. The aim is to consistently build it so you are confident you can trade. Then put in more and repeat. The reason we say start with more is to help you psychologically. If you start with 10k then 1-2% is 100-200, so even if you are making 1:1 you could be making £200 which is a good amount of money to make trading real for you. With £100 you’ll make £1-2 pounds, some people look at it like it means nothing and become impatient leading to diverging from their plan and blowing their accounts. Good luck.
You can start your journey with a demo account. This will allow you to practice trading without using real money. Once you are able to trade a demo account profitably for a period of 6 months then you can look to open a funded account to trade.
