Depends what you mean by “start”.
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“I have never seen a chart, but want to trade really bad”- instead of thinking about money - think about getting the knowledge on the market. I am advocate of having 90% of your investing funds scattered across long term stocks, ETFs, maybe metals (dependeing on the free cash amount). Let your money work when you learn forex, as it is A LONG way.
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“I have some knowledge!” - then build a strategy and test it on historical charts / demo account
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"I have a strategy, which seems to not go broker in few trades! - then think about running live trades on smallest account possible with main focus on capital preservation.
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“I have small consistent profits!” - congratulations, you’ve won the forex game and this also may be the “start”
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Always trade with the money according to your risk appetite. When I was new I started with micro lots in forex ,then moved on to mini and currently I use a standard lot size, because I know I can bear the risk.
No you’re right. There’s actually a forex lesson on this exact scenario
99% of All traders are going to blow multiple accounts. So whether you start small or large prepare for it to be a 100% loss. That’s why we say Demo first, start small and trade demo the account your going to start Live.
It’s less chance you will blow multiple accounts in future. It takes a lot of time and patience to make it in Forex.
tabiuslee
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I like this answer. Comes from perspectives at different parts of this journey we’re on.
This made me laugh! It’s like, I don’t know what forex trading is, but I heard I can make some money really fast with no effort or background in trading, or experience. Money money money money!