Almost 6 month ago, I started my trading journey with $50. Use Demo account for almost 6 month to minimize loss rate,
I started my journey with $500.
Can you share more about your second step? What you did? Which courses you took? Where you learned more about trade? Your strategy and so on…
Well babypips itself is a great place to learn what fx trading is all about. Apart from that you can read some good books like “forex for beginners” and watch out some fx discussion forums like myfxbook etc to get an idea of what people trade and how they trade.
In some ways it doesn’t matter how much money you have available to start trading with. What’s important is the percentage growth on your account. You should already know before you start trading whether you will make money or not because you should already have a simple profitable strategy to use, which you have tested in a free demo account and which you know other people are able to use to make money in their live accounts. If you do not know whether you will make money because you have never made a demo profit, and you don’t have a widely successful strategy, do not start trading.
The first attempts were not very successful and with minimal amounts of money, which even capital cannot be called. But this stage also had to be passed in order to start taking trading seriously and to think about a better investment. To date, I have learned to cope with various situations and small amounts of money. But before that it was all - losses, long trading on demo, and search of one’s own strategy. But it’s not like that, everyone goes his or her own way and only then you can call yourself a real professional.
No more than I can safely afford to lose without it psychologically or financially being an issue for me. For me that is about £1000 but for others that might be way too much and others completely insignificant. Expect to lose it, write it off as money you no longer have and if you can at any point take it back out then consider that a success in your journey.
Savage advice. No point of defining what is the right amount to begin trading. It simply depends on how much you can afford to lose.
Funny stories in here. My first account was 150 pounds. I lost it all in just over a month. I tried again with such small amounts like 3 more times and had similar abysmal results.
Presently I trade with 100,000 euros through a prop fund I found and researched late last year [Removed for Forums policy violation]. A lot has happened in my journey but I can say like most veterans that having a huge capital plays a big role in one’s ability to succeed.
Started with $ 200 blow it
Topped up another $50 blew it
Topped up $200 and its remaining $10 now
its obvious FX is not for me
Really sad especially when u hear great testimonies from people
I started trading with 100 bucks, didnt really had a grasp on how to actually do it in such a way that i could be profitable, took some fundamentally based trades and ended up with 500, this was the moment i realized the potential of trading, withdrew 250, went to spend in some stuff and came back, the account however was then sent all the way to the graveyard. After a couple of loosing trades and a few pats on the back i decided it was time to give a try again, opened an account with 500, went up to 1200, risked 80% and withdrew 200 left. now i understood that i have a physicological bias towards going bigger when having a good streak and decided it would be time to look into it. right now i am currently holding 17500 and have been making consistent profits ever since. The key takeaway here is that YOU NEED TO HAVE A JOURNAL, YOU NEED TO LOOK AT YOUR TRADES, ANALYZE WHAT HAPPENED, HOW IT HAPPENED AND WHY YOU TOOK A TRADE. Ohh and yeah ■■■■ YOU shaun lee, blew an account for following his stupid signals (Spoiler alert: they suck) Focus on your own thing man, within time youll reach the curve.
I started with 250 usd after a short time I realised I had to increase amount so put in another 1000 usd today almost a year later and lots of Babypips learning I was a complete novice, I have a healthy account today. At the time I didnt even know what a SL or TP meant so I had open ended accounts which was what made my trading very intense and difficult until I was able to reduce the open ended accounts and respond in a much more strategic pattern, I do love trading…
Put 800 in a fx.com account in high school under my moms tax id. Traded up to 2100. I took most of my working capital out as I built the account and spent it on clothes, weed, & food which eventually drew me down. Closed the account under my moms name and deposited 2500 (when I turned old enough to start) in a fx.com commission account. Started demo, still execute on demo before placing a trade live. Trying to go full time fx trader !
This is my point exactly. Setting an arbitrary value on this puts pressure on others to feel like they “ought to” deposit a similar amount. I appreciate that amounts like $10 is most likely too small to start with unless your risk management is on point, but a starting amount is a very personal thing. It’s a little bit like the “how much should I spend on an engagement ring” question. What you can afford to spend, end of.
Did you demo trade or just jump right into a real money account?
You blew up your account 2 times before this year. Which means you lost $2000 then this year, you are back again with a new start of $1000.
Am I right?
Starting capital depends on the circumstances of each trader. if you have a high net capital, 1000 usd may lose nothing to them. but, the poor capital is 10 usd is a big number
Stop thinking about money, start thinking about percentages.
I would just say start off with a less amount, the lesser the safer. whats less should be defined by you yourself.