Question by BarbieDoll: How much money do I need to get into Forex Currency Trading?
How much money do I need to get into Forex Currency Trading??? Like whats the minimum and how much money could expect to make if I do well?
Best answer:
Answer by Alexander Collins
Hello,
My recommendation is to start at least from 100-200$ . Ff you will have less money on your account you need to wait a year to double it.
Your income can depend from your style of trading.
If you will trade manually you can make 100 pips a month. But, for example, if you will use at least semi-automated Forex system that will trade instead of you and can make up to 800 pips it’s completely another situation. When I was started Forex I made the right choice and start automated trading with Forexeasystems.
Hope, you will succeed on Forex.
Best wishes!
Know better? Leave your own answer in the comments!
{ 5 comments }
I would suggest start with $ 500 or less and have a go at low risk trading. See if you like Forex or not.
You may find it stressful or not enjoyable at all and decide not to do it with larger sums.
You can start with demo trading. It’s better to understand the basics and learn how to trade before invest with your hard earned money.
It’s not a must but it’s better to have a good trading plan that covers things such as money management, position size, strategies…etc.
After you developed a good system trading demo account then you can start to trade real money but with only small portion of all your money to see how you handle trading real money. e.g. try $ 500 first if you have $ 5000. There are plenty of brokers accept very small deposit. Some also have mini/micro account so you can start with something like $ 100.
How much money can you make? It normally depends on your system, money management and if you are disciplined. It’s definitely not easy but there are traders making returns of 500+% per month (of course their systems are a bit of crazy and risky. attached a link for you to have a look) but you will make pretty good money if you can just achieve 10% of that.
Read a lot, learn from mistakes and I am sure you will become a great trader.
you can get your answer here
If I was you, I would be expecting to make nothing. If you do not know basic answers like the one you are asking then you certainly do not know enough to risk money in forex. Forex is not a get rich quick scheme and you will not make thousands overnight. Instead of rushing into things, take your time to learn how to trade. Otherwise you are 99% guaranteed to lose your money. To answer your question you are best off starting off with a balance of about $ 1000.
Well it all depends on how much you are willing to invest, if you mean like the minimum for you to start than it would be at least $ 10, yet if you are a beginner and can invest a couple hundred you can earn a lot more.
For me I have personally gained a lot of information as well as money from doing forex trading.
Good Luck
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