Hello. This is Dolores from Puerto Rico. Im planning to start studying forex because i really need a source of income. I recently lost my job but Im afraid that i wont be able to get anything from it if its only for rich people. Thank you.
Hellooo. I’m so sorry about your job. 
The pandemic has really affected a lot of livelihoods. 
I think this is a valid question because this is also what I thought about forex before 
But, I guess you don’t really have to be “rich” to start forex. You just need to save up enough money to start out and it doesn’t have to be a big amount. 
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Hey no. Not at all. Anyone can do forex trading. However i would say its risky and you must be very careful with how much fund you devote to it. Focus on learning it first else you may lose money which i am sure you don’t want to do rn.
All the best for your future mate.
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Forex is a great way to increase the size of your trading account, your initial investment. With a consistently profitable strategy and strict attention to money management, you can do this much faster than you could possibly do so with most other investments or bank accounts or savings schemes etc. You do not need a huge account to start with, though a small account makes running many strategies impractical.
However, trading is not suitable as a means of generating a regular weekly income for a new trader. My advice is find a job which does this.
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Study by all means ,but losing any sort of money one cannot afford to lose is going to add more stress to ones misfortunes.It can take a long time for one to break even over a year, let alone profitable
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I am sorry to hear about your job. I hope you will find one soon because forex trading is not the easy process but rather a long term which involves education, knowledge and skill. So, my suggestion is try to find the job that can offer you the income regularly.
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this topic sounds really odd. there is no specific job which already can do only rich people , in there a smart amount is really important that means not no way to trade with minor amount. you can trade here at any amount.
sounds really heartbroken about your job, by the way there is anyone can start Forex with a little amount. Forex is a money making issue only if you have good knowledge and experience.
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Forex is really good source for earning in the present world , but you have to pass a minimum time in there. by the way , you have any idea about Fx signal ?
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Hi Dolores and welcome to babypips! So sorry to hear about your job, it’s a horrible time right now. 
And while I recommend trading to friends, it’s going to be an uphill battle relying solely on forex trading for income. Add to that the fact that you need money first to even start. It can be a rewarding/profitable activity but I’d recommend getting a more stable source of income first.
Although to answer your question, definitely not for rich people only! 
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Hi Dolores, I am very sorry heared about your job but no worries you can make your livings from Forex and can be rich. But in the beggining i would like to advice you do not take Forex so easy and learn the Forex completely and then get some Practice and experience with demo account with your broker and do some practice and then start real trading, I hope you can be a successful trader if you follow the Forex rules.
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Hello Dolores. So sorry to hear that you’re one of those who lost a job. I hope you find one soon. Forex trading is a going to be a long journey. You still need a lot of time to study, learn, demo trade and be profitable. All the best!
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Those who are new traders must know that they need to make use of the US Cent trading accounts for the purpose of learning so the profits and the loss will be in the US cents and thus very limited.
sounds excellent experience money management better than demo
I think that it is not only for rich. Nowadays a lot of brokers provides opportunities to trade with minimal deposits. Demo accounts helps to understand and investigate Forex market. But it is always necessary to remember that you should invest only such sum that you are ready to loss.
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Hi. Sorry about your job. I would advise you to rather find another if you can because forex trading is difficult but it can be learnt with a lot of time, money management and capital. Please do not start with a under funded account because you will be stopped out like crazy! Learn, learn and learn… then develope your own strategy and open demo accounts and trade. There is alot to learn about forex trading… and you wont become a millionaire over night. You need to be disciplined in order to trade. I wish you all the success in your forex venture.
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Trade other peoples money, once you have a strategy look to join a something like maverick’s and they splite the profit with you. Just make sure to study first as there is no room for amateur when the pond is full of sharks
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I’m very sorry that you’re struggling and I wish you well. As others have said, you don’t have to be rich to start. But you do have to have money to invest, and you have to plan on it taking quite some time to learn before you become profitable. I believe it’s worth doing, but for the short-term, you need regular weekly income that you can rely on while you learn how to do this. Best of luck.
Never borrow money to start trading. Not from friends, family, a bank or even on your credit card.
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Hi Dolores,
I do not want to be hard on you, but its a little bit naive to start forex trading as a newbie and without a job and think this would be my new income.
I think you should be careful and start Forex Trading as a hobby for at least 6 month and just trade demo account.
If you after this feel you are doing profit then start with real money.
Good Luck!