What You Need To Get Started in FOREX Trading
Many of you have written to us asking what you need in order to start trading with
FOREX this is just what we are going to discuss today. There are so many options which beginners can use to get started in this market and the beauty is that you probably need far less experience and far less money than you may have realized. Let’s take a look then at who can get started with trading FOREX and what you are going to need in order to do so.
What Kind of People Can Get Starter With Trading?
It doesn’t matter what kind of career you have, you can get started in trading. Recently we have supported a medical malpractice lawyer DC –based, a teacher from Wyoming and a road sweeper from NYC in getting started with FOREX, to show that this is really for everyone. What you will need however, no matter what kind of a job you have, is the patience and the commitment to actually learning about what you are going to be doing.
How Much Money Do You Need?
Many people think that you need tens of thousands of dollars in order to invest in FOREX but the reality is that just a few thousand dollars is enough for you to open a FOREX trading account, and following that between 3 and 5 thousand dollars will be enough to trade. Now of course this is not exactly small change, but it is far from the tens of thousands of dollars which many think is required in order to get started.
Where to Learn
It is critical that you take great care when you are learning about FOREX trading. The reason for this is that so many out there share tips which aren’t helpful for beginners or which are somewhat nefarious in their intention, charging money for basic tips which can be found online. The best bet when you are learning how to trade FOREX is to get advice from multiple sources, and only make trades when you fully understand them and feel confident about them. The reality is that you should’t be trading for at least 3 months after you have opened your account, because you need to spend this time learning what exactly you have to do.
How Much Can You Make?
What most experts will tell you is that you should aim for a 55% win rate when you are trading FOREX. Now if you were to start off with a capital of $5,000, this looks like around $2,500 per month. It is important to remember however that this is based on regular trading, with a smart strategy, small bets and consistent bets based on research. This is attainable but it is only possible if you have done your homework and you are prepared to trade consistently.
There are no barriers to anyone who wishes to get involved in FOREX trading, but you must ensure that you take your time to learn about this before you start making any trades.