Newbie wanting to start FX trading

[varunk123]

Hi,

I am interested in starting to trade on the FX market.
How much is the minimal amount of money I need, so that transaction costs won't eat up all the profits I could potentially make?
Also, where do I go to start trading (i.e. which website)?

Thanks.

 

[Patricia12]

According to me minimal amount should be $100. However it depends on your profit. If profit is less then it may be just equal to transaction cost but is more than you will have some money in your hand.

For broker: Reviews - Brokers

 

[varunk123]

According to me minimal amount should be $100. However it depends on your profit. If profit is less then it may be just equal to transaction cost but is more than you will have some money in your hand.

For broker: Reviews - Brokers

Thanks for the reply.
I started trading, using hymarkets.com
It has a fixed spread, which is really hard to profit off. Should I be using brokers with transaction costs instead?
Is John J Murphy "Technical Analysis of the Financial Markets", a good book to read while I am starting out?

 

[Alexander0884]

Thanks for the reply.
I started trading, using hymarkets.com
It has a fixed spread, which is really hard to profit off. Should I be using brokers with transaction costs instead?
Is John J Murphy "Technical Analysis of the Financial Markets", a good book to read while I am starting out?

Hi, I read book called "Profiting with Forex" and i found it offers a nice introduction to Fundamental and Technical analysis on the forex markets.

 

[forexanalyst]

type in micro account to google and you'll be fine. 0.01lots as The Last Bear says would be the way forward. A good tip for reducing the influence of transaction costs is to trade on a higher timeframe. Aim for bigger profits in terms of pips and your spread will be a smaller percentage of your profits and you required edge to be profitable becomes smaller hence it's easier to make money.