The best place for a beginner is a demo account. You will learn about the basics of how the market moves, how to set your entry, stop loss and take profit for each trade and how to determine your lot size. But what happens after you move from demo to an active account.
You will go a long way and keep your trading account intact if you consider that the “money” in your account is “real” money. Often traders forget that they are trading with actual money. You should work to keep a good perspective on the balance in your trading account actually is and what you can do with it in the world outside of the currency trading.
Many traders think of a small account as $1000, $1500 or $2000 but if someone handed you this amount in cash money you would think about your account as you should, real money.
I find it helps my focus to think of the percentage gains and annual profits rather than the cash amount. After all, cash is what you spend and when its spent its gone: percentages are a measure of growth and that’s what I’m aiming for.
Even starting with £1000, its possible to generate a comfortable income after a few years if you let the capital grow.
My broker only required $10 as a minimum deposit but I decided to deposit a bit more, around $100 or so. It wasn’t much, but felt like a lot to me at the time. Before long, I deposited a larger amount of money as I gained confidence. I think it’s nice to be able to start small and work your way up!
It’s very smart to start small. But stay small while you are learning how the market works. I think it’s ok to trade in a demo and a live small trading account to build your confidence.
When I read the school here, it suggested that the best amount to start with would be around $1000. But, in my country, that’s such a big amount and tbh, I still wouldn’t be trading now if I waited before I got to that amount. I saved up most of my extra money and started with $300. It was still a big amount for me but it gave me a good starting point. Now, since I try to trade on the side, I just add more to my account when I have extra money.
To truly understand the amount of capital needed to start trading, its always possible to start from where you want to be in 10 years’ time and work back. Of course, you need to have a realistic idea of what your targets are and a consistently profitable strategy that will take you towards it.
This brings realism not just to your objective but also to your everyday trading. It is the strategy that dictates what percentage profit you can make per day / month / year, and putting this against the target will allow you to calculate the starting funds.
Capital can be as low as $200 - $500 account if the trader trades using a micro/cent account. However, once they switch from a demo to a real live trading account, their aim should still be toward learning and practicing their strategy. New traders expecting high profits right when they open a live account will often be disappointed.
The problem is no one wants to lose ANY money. We are hard-wired that losing is BAD. After we lose, most times we will do whatever it takes to win EVEN if that means blowing up a few accounts And blowing up accounts is BAD…
The best amount you should start trading with is what you can afford to loss. It doesn’t matter how small the amount maybe as long as your preferred broker accepts the amount it’s totally fine☺️
You can start with $10 as a minimum deposit and for maximum as you wish. Remember, do not borrow for trading and only invest the money you can afford to lose. After getting confident, you can increase your amount. It is always better to start small.
But, in my country, that’s such a big amount and tbh, I still wouldn’t be trading now if I waited before I got to that amount. 
I saved up most of my extra money and started with $300. It was still a big amount for me but it gave me a good starting point. 
Now, since I try to trade on the side, I just add more to my account when I have extra money. 
