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How much money do you need to start trading.

Discussion in 'General Forex Talk' started by magisana, Mar 22, 2009.

  1. magisana

    magisana Private

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    I am confused I have been told that I should just simply give up the idea of learning to trade unless I have hundreds of thousands of dollars! I feel totally disappointed and I just don't believe it. Is there anyone out there who is successful that has started small?
     
  2. Pharaoh

    Pharaoh Colonel

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    Don't wait until you have hundreds of thousands of dollars. First, trade a demo account or two (or three) until you are comfortable with the platform and can show at least some signs of being profitable. Then open an account with a broker that lets you trade microlots or nanolots. This will let you get live trading experience with less than $1000 at risk.
     
  3. magisana

    magisana Private

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    Thanks for the advice Pharaoh that is what I am planning on doing. I still need to learn to trade do you have any suggestions. I really would like a course as It is more structure than surfing through the forum, I just find it hard to learn when I am jumping from one thread to another, no offence. I feel that a course would be better suited to me. I am thinking of trying Hettie's one on one mentoring as I would really like to talk to a trader who is experienced and have them guide me.

    Thanks for your advice.
     
  4. ChrisEccles

    ChrisEccles Private, 1st Class

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    Rob Borowski's ebooks are good, and laced with a wry sense of humour
    which every trader needs as an antidote to excessive chart-watching.
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    Just Google for "Forex Surfing" or "Forex Sailing".
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    Practice your demo accounts to the point of mental fatigue and oncoming
    eye-strain. Learn to see tech patterns until they just jump out of the
    screen at you. Get Sir Pipsalot's FPA Trading Signal daily in your inbox so
    you can SEE what news does to the markets. Go for Forex360 reports from
    Boris and Kathy (You don't have to be brokered with GFT to get them).
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    NEVER trade without RM in place.
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    Above all else, enjoy it. :)

    -
    Chris
     
  5. Mordan

    Mordan Recruit

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    thx chris for the book tips! looks like a fun read. got the book from FOREX SAILING
     
  6. ChrisEccles

    ChrisEccles Private, 1st Class

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    You're welcome, Mordan.

    if you are going to do position trades over days or weeks (a la Rob Borowski's
    book), watch out for, and get quantitative info on, your broker's charges for
    keeping positions open overnight and at weekends. Watch out for rollover
    policy, which can close you at a thumping loss and then re-open your
    position at the new price, leaving you confused when you fire up the next
    morning ! ! It's usually only pennies but can sometimes be a shocker.
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    On a mini account, it's not easy to find practical position trades for just
    1 or 2 lots which do not have their profit eroded by rollover to some extent.
    Also, the interest rate differentials can work against you, sometimes.
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    Having said that, there are lots of things in favour of extended trades; being
    able to switch off the computer and go down the pub is just one of them !
    ;)

    -
    Chris
     
  7. sam111

    sam111 Private, 1st Class

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    well you won't find a perfect definition about the amount required to open account but it almost certain anyone who is new to the forex world must avoid risking huge capital on the other hand it the person is confident enough then the trader must go with good capital as it gives as it gives them an opportunity to avoid margin call.
     
  8. Nancy Cheah

    Nancy Cheah Sergeant

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    As for me, I started with just 20k.

    Regards.
     
    #8 Nancy Cheah, May 13, 2009
    Last edited: Sep 5, 2011
  9. TheMan

    TheMan Private, 1st Class

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    whats the smallest amount to open account?

    a thousand bucks is still a lot of money. Is it OK to open $100 accounts, or will u just be wiped out by one small spike?

     
  10. Nancy Cheah

    Nancy Cheah Sergeant

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    It really depends how you treat it.

    You can treat it as a casino and gamble it with high stakes or you can be like me treating it as an investment.

    Regards.
     
    #10 Nancy Cheah, May 22, 2009
    Last edited: Sep 5, 2011

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