In the pre-school last lesson here on baby pips, they mention that you need at least $10,000 to make money in the FOREX world. Well, I don’t have $10,000 but I want to dive in the FOREX market and make some cents or dollars. For my country $10,000 is so much for an ordinary person. So, my question is: What If I start with $1,000 and make some little extra cents instead of big dollars and yes I’ll be very satisfied?
Or is there a hidden equation that tells us that the small traders always lose their money because they have a small share in the market and have no hope to gain money?
Hi amira,
I know what you mean.
It is possible to start with less than $1000 and grow it ( a little extra cents as you called it ); you do NOT need to start with $10,000.
And quite a few good brokers accept those kinds of amounts as a starting balance.
Global Prime: $500
AxiTrader: $200
Pepperstone: $200
etc
Lemme know if you need any further clarification [ been there 
]
Cheers!
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Hi Amira
If you live in Pakistan, you can start with RS 100,000 or US$1,000. Many brokers offer less than this but this amount is pretty good to start. Mostly brokers offer you trading on the platform of Pakistan Mercantile Exchange. You can start trading in future contracts very well.
The $10,000 capital is just an advisable capital to stay on the safe side, but you can start out with a smaller amount and grow it with time and effort; some brokers allow traders to start with as low as $1 and trade with cents.
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here’s the logic.
why you trade ?
to make an extra earning, in many case a major source of living expense.
a fx trade are matters of investment program, fx trade is not your private money printing machine. keep this in mind, in the future you will thank’s me a lot… big time a lot.
the school recomended 10k to made money.
with this 10k account, you trade with risk management. said 1-2% pertrade.
simply yo made 5-10% profit monthly, this target are very safe one. 5% of 10k, 500usd extra fund for your life expense, it’s worth a thing right, you can your phone bill with it, and dont forget this profit are collected with secure risk management, 1-2% per-trade.
now let’s check when you start with 1k.
short is :
- do trade with secure risk, you only got = 5% x 1k = 50 usd, a months, your fee for a whole 20 trading days!!!
- trade with living expense profit gain. 500usd per month profit. use 1k account, target profit a steady 50% monthly profit, which is also a steady high risk for every each your trade.
perhaps this short explanation wouldn’t satisfy you, but we all widely open for any further discussion.
wow. you start with 1000$ . i start with 500$. with me it is a big fund. now i has 2000$ in my account. i get bonus 100% i has 4000$ in account. i has more abilite for trade
@amira77e $1000 is definitely enough for you start out as a “VENTURE”, with $10,000 dollars I will keep it as cash in the bank rather then let it be paper asset.
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it;s all depend on each individual traders. most of it trader are just doing their try out by putting a test deposit, and play around with their trading system, within a months this new traders shrink and never came back at trading activity.
while there’s many professional traders who start with even higher deposit amount, many of them start with 100k, it’s may difficult to find such trader information, others may found based on some member post around online forum. well, I found this one may an encouraging trading result, got from live trading performance by one my broker where my account held.
it’s over 50% trading result within a month, traded with serious amount of money.
Yes, $10,000 seems to be the magic number in forex trading. Honestly I never had that kind of money when I first started forex trading.
However, I came to learn that the more the money you have to begin with, the higher your chances of success. Reason? look at it this way, you do not have the experience required to turn in profits at a reasonable rate, therefore you need some money to allow you to recover.
With $1,000 you could be out of business within days/months, especially if you jump in with all the greed of getting rich quickly. So if you are not prepared to trade in micro-lots, then better have a fat cheque going towards you trading account.
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10,000 USD net deposit ? with 500 or 1000 leverage , you don;t need to make big deposit ,
Yes, obviously 500 or 1,000 leverage gives you an opportunity to spend way above your head. But is also carries a massive risk. With that kind of leverage you could go bankrupt after a couple of trades (that’s if you get them wrong).
Well not all would have the potential or willingness to invest $10000 at once. Hence, we first need to learn the proper trading techniques and then we can always scale up the trading profits to the desired trading capital level which we expect.
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I agree with ludo – but another reason is that the more capital you have initially, the lower risks per trade you should take. I am playing around with using a smaller leverage whenever I enter the market.
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You are absolutely right ! Funding an account with any capital is your own preference. Whether you want to trade larger volumes or smaller volumes
Leverage can be a double-edged sword. If you utilized it in a wise manner, no issues with that
I strongly emphasized a trader to consider training on a demo account for at least a year.
1: Look out for the strategy pros and cons. (Which they had time to modified it).
2: Be patience with opportunities
3: Show an intensity of perseverance through ups and downs in failure
Many traders tend to deposit a huge amount of money, ended up with nothing because of not having what I’d reinstated above this sentence. Risk management, trading psychology and trading knowledge is highly important for a trader’s success in the highly competitive trading world. Besides, nice suggestions you have there ! 
Indeed ! An individual do not need to borrowed a huge amount of money from the broker when they had a sufficient amount of capital to start trading with. Leverage tend to come into the scene when traders opened up a micro size account such as USD5/USD50/USD100/USD500/USD1000.