Start learning with Youtube channels because it will help you develop your basic for free.
If you are a newbie, you better start trading with small capital because initial investment gets blown up sometimes.
Forex is very helpful for those who are poor and donât have sufficient money because they can build their capital through forex trading.
Not always. There are cent accounts for not investing much more money and forex is not for people with a lot of money. However, you may still get going with a small sum of money. It is undoubtedly preferable to have more money and give you better chance.
I also timed my live account with a sweet promo. Got $250 for depositing $250 and hitting some trading requirements. Nice!
Yes to make significant returns while keeping you risk low (and survival high). You think about it. Letâs say you are willing to risk 1% of a $1000 account or $10 stop loss with a take profit of double that say $20 per trade. Thatâs not much. And letâs say you can make 2% per month consistently over a year (and thatâs good). If you are patient then compounding is the secret to building capital. Use this site to work out returns over time: https://www.thecalculatorsite.com/finance/calculators/forex-compound-calculator.php
2 Likes
How small is a small amount?
I plan to do so after reading the responses. Thank you.
I would say itâs the opposite with people funding their forex accounts with $10 versus the stock market where you need to have a minimum $25,000 balance to be a pattern day trader. The forex industry is almost preying on poor people at this point.
1 Like
Forex is a place where you can build a capital but itâs not as easy as it is thought. Mental strength, good trading strategy are needed for making large profit.
1 Like
As you are a complete newbie, you should start trading with small trading capital and investing big capital will not be a wise decision for you.
Im also a beginner like you. As many people said here, I started with a micro account and managed to get into some trades, even profited in some cases 
As far as I can see, one has to have a strategy and good self control to be succesful.
not really, forex is for everyone of legal age with means to deposit and withdrawa, and ofcourse the broker should be with legal jurisdictions. I started trading with hfm a decade ago with as little as 50usd, and yes i blew it. what did i know back them LOL
I wish I had started small and worked up. I actually started big and worked downwards.
I am now small but getting bigger.
Hey ho.
3 Likes
short answer, Yes it but no. The more money you have the better but if you are good you can grow a small account.
Have you already been trading demo and are consistently profitable? Or at least not losing money?
If youâre not there yet, keep demo trading before worrying about a real money account.
I know some traders will say to open your real money account as soon as possible. I think you should take your time, find a system, trade it a ton, hopefully become profitable, and then switch to a real money account and see if you can do the same.
Iâm not sure how âa lotâ means to you in terms of amount. But, I would say based on my experience is anything below 10k USD is a bit unrealistic to trade for a living. Because if youâre a good trader, on a normal month, realistically speaking you would gain around 1-2% and on a good month somewhere around 3-5%. If you see someone did like 20% a month in social media or something, thatâs not realistic. To make 20% in a month, I am pretty sure that they are most likely over leveraging or pure gambling. Itâs either they did it this time or sudden death.
So use these 1-5% to gauge how much money you need in a month. Do a reverse calculation on it and you will know roughly how much capital you need. 10k USD might a lot or less depending on which country you live also. But to put it simply, I would say at least 10k USD.