How much cash should you start with?

Beginner Questions Trading Psychology
21

The most important thing to do is start with a demo account. After this, you can start with any amount you are comfortable losing.

22

Well, the first thing you should start with is a demo account, all beginners should start with that to ensure that they don’t make risky decisions and to make sure that what they do won’t screw them over.

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23

im going to start with 1000$

24

As much as you can afford. Though it is advisable to start small when you are a novice.

25

If you are just starting out, I would like to suggest starting with a demo account. You can learn all the basics, and fundamentals about the foreign exchange market, plus you do not have a risk of losing your real money.
A demo account is for learning purposes. Demo accounts give you access to some virtual funds, so start with one and practice until you’re confident in your ability to trade.

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26

In my opinion, you can start small by investing $100. Well, for a little more flexibility -$500, which will obviously lead to slightly more income or returns. However, $1,000 might be the best option, because it can help you produce a reasonable amount of income that will compensate you for the time you’re spending on trading.

I started with 300$ though, I didn’t want to risk too much from the very beginning.

27

“As much as you can afford. Though it is advisable to start small when you are a novice.”

So, as much as you can afford, but not as much as you can afford?

28

Yes, agreed! You should always start up with a demo account so that you can get to know about the trading strategies and have some experience so that the chances of losses in actual trading would be low. And a newbie should start with a small amount while going live so as to avoid facing major losses. Even I started trading with $10.

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29

How can I open a demo account ?

30

This the right thing to do, even when you have enough to trade you don’t want to waste the funds, because you definitely worked hard to get the money. It’s always good to start with what you can afford to lose.

31

The goal is to become consistently profitable over months - years and through different market conditions so it would be wise to start at a minimum.maybe this is another reason why the failure percentage is so high. my point is the amount irrelevant ,a highly skilled traded would gradually build up their account .

32

Cash isn’t a big issue but experience is. High experience can turn a small capital into a big; on the other hand, low experience can turn a big capital into a small amount. So enhance your trading experience first and then think about cash.

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33

A $100 will be OK to start your trading career. Like I always said, never ever risk the money you can’t afford to lose.

34

One can start trading even with a minimum deposit of $5 or $10 but what matters the most is your trading knowledge and skills. After all, only that’s gonna help you grow in the market.

35

This was exactly the amount I began with it when I started trading with forexchief, all I did was take advantage of their 100% welcome bonus which was viable. And for the record forex is different from flying a plane, that comparison by a user on this thread does not add up.
We are not saying one should be static with their capital, you can grow as you progress, but be careful with your starting point. Even the plane moves on the runway gradually before it flies.

36

Most new traders start with too little capital.

If they survive a full year I can almost guarantee they are depressed by the tiny profits they have made in money terms. They are not able to see the percentage gains as compensation for this weak monetary return and they are unable to see the long term picture. And so they increase risk levels to increase profit until they very quickly wipe out.

If you only invest the minimum capital to start trading AND you don’t have a long term growth plan, you will get only minimum return and minimum satisfaction with your progress and you will see the whole venture will be a failure.

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37

A trader who deposits $1,000 can use $100,000 (with 100 to 1 leverage) in the market, which can greatly magnify returns and losses. But remember leverage is a double-edged sword so better to use it as low as possible while starting.

38

It varies from trader to trader; when I started trading, I started with a little amount and gradually increased the amount as I start making profits out of it.

39

Ok. I see this is a common sentiment now lol. What is a better version of this advice then? That’s not so cringey?

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40

What i personally believe is (may be there are some who disagree, they are welcome to present their opinion too, I would also love to know)

First you Learn, then you remove L, make a strategy and invest with confidence and discipline, Something good will always come out of it.

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