arabianights
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Yup. It's impossible to lose more than £1000 in a day trading FX.
amit1986
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I hope you've read arabian's signature, especially the one written in red ;-)
timsk
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Hi Unreal,
Most of the basics are covered in the Trading FAQ forum - this one specifically addresses the tread title: How Much Money Does a Trader Need to Start Trading?
Tim.
Most of the basics are covered in the Trading FAQ forum - this one specifically addresses the tread title: How Much Money Does a Trader Need to Start Trading?
Tim.
Don't listen to Mr Arabianights, he's winding you up.
Losses are down to you and what the market decides to throw at you when your money is on the line.
Why are you concerned with how much you need to start? You can open a spread betting account for less than 100GBP.
If you want to do it for a living, then you might need more than that. This amount is different for everyone. Work out how much you need to earn to be comfortable, try out a system or strategy for a while on paper to work out what it returns on average and then you can work out what you need to invest per trade to achieve your requirements and this in turn gives you your required trading captial. To earn more, you then either need to improve the system or invest more per trade which then requires more capital.
There are a whole load of other factors but hopefully you now see that the "how much?" question is impossible for anyone to answer accurately.
Losses are down to you and what the market decides to throw at you when your money is on the line.
Why are you concerned with how much you need to start? You can open a spread betting account for less than 100GBP.
If you want to do it for a living, then you might need more than that. This amount is different for everyone. Work out how much you need to earn to be comfortable, try out a system or strategy for a while on paper to work out what it returns on average and then you can work out what you need to invest per trade to achieve your requirements and this in turn gives you your required trading captial. To earn more, you then either need to improve the system or invest more per trade which then requires more capital.
There are a whole load of other factors but hopefully you now see that the "how much?" question is impossible for anyone to answer accurately.
Start with 0.00 and paper trade, once you know what you are doing and are ready to put in money, put enough in to make you care about your decisions, but not enough to cause you sleepness nights, i like a little stress to keep me paying attention, but not too much. what figure that comes to in pounds and pennies is down to the individual and their circumstances. Aspects of your plan should tell you whether or not its enough money to trade the particular market/broker.
LiveTradingZone
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Paper trading is good, but can give false hope. Everyone can make millions paper trading, but when real money is involved it really gets hard psychologically. If I were you I would trade paper for a few months and take it seriously. Then take $20k and expect to lose it all. After you have lost it, then you are ready to start again and do well. I think it takes a certain amount of "education" with real money to become successful consistently.
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