Start Trading with a small account. $500

[oscar010391]

Hi Everyone,

I'm the kind of person who investigates before doing something, so what I have been doing since I became interested in trading is to read.
Found two books (American Authors) and both of them advised not to start without at least $5000 in the account.
I thought the authors were talking about trading really big amounts, so I tweeted one of them with this very same question and he replied back saying no, it is not recommended to do start with $500.

I was planning to start with $500 in a couple of months, and of course not to take a lot of risk on every trade (to risk no more than 5% of my account), what is important for me at this point is to learn the business, improve myself and knowledge, and if I can make on average $5-$3 per day that would be enough. I know I will not become billionaire overnight and will not leave my day time job yet

What do you guys think of this? Can I start with $500 with this perspective?

 

[Pat494]

Hi Everyone,

I'm the kind of person who investigates before doing something, so what I have been doing since I became interested in trading is to read.
Found two books (American Authors) and both of them advised not to start without at least $5000 in the account.
I thought the authors were talking about trading really big amounts, so I tweeted one of them with this very same question and he replied back saying no, it is not recommended to do start with $500.

I was planning to start with $500 in a couple of months, and of course not to take a lot of risk on every trade (to risk no more than 5% of my account), what is important for me at this point is to learn the business, improve myself and knowledge, and if I can make on average $5-$3 per day that would be enough. I know I will not become billionaire overnight and will not leave my day time job yet

What do you guys think of this? Can I start with $500 with this perspective?

Yes Yes YES $500 is plenty to make a start at trading. Many starters blow up 2 or more accounts before they get to grips with the complexities. If you are a self disciplined person you will have no difficulty. Just find a broker like XM or FXPro who do micro accounts..

 

[0007]

Hi Everyone,

I'm the kind of person who investigates before doing something, so what I have been doing since I became interested in trading is to read.
Found two books (American Authors) and both of them advised not to start without at least $5000 in the account.
I thought the authors were talking about trading really big amounts, so I tweeted one of them with this very same question and he replied back saying no, it is not recommended to do start with $500.

I was planning to start with $500 in a couple of months, and of course not to take a lot of risk on every trade (to risk no more than 5% of my account), what is important for me at this point is to learn the business, improve myself and knowledge, and if I can make on average $5-$3 per day that would be enough. I know I will not become billionaire overnight and will not leave my day time job yet

What do you guys think of this? Can I start with $500 with this perspective?

I'm a great fan of Micro accounts. The thing is – as you have already realised – it's not the way to make megabucks but it is the way to learn how to trade properly in its broadest sense. In order to grow a Micro account without going bust you have to have very sound management of money, risk, strategy and every other aspect of trade management. The Micro account will soon find you out if you are lacking in any of these areas.

In my estimation, if you can double the size of a Micro account in one year without taking excessive and stupid risks (anyone can do that and strike it lucky – but it's no good as a long-term strategy) you will probably have the basis of sound trading and the potential for megabucks with a larger trading fund.

Good luck (though with proper trading luck shouldn't come into it) & let us know how you get on.

 

[oscar010391]

Thank you everyone for your comments, now I can continue reading and learning about trading knowing that I can start with a small account to learn more. I am still learning so perhaps by July next year I go live.

I just to focus on improving myself everyday.

 

[manover]

Of course, it is good to start trading with that amount. Even $100 is justifiable. You just need to make sure if you can gain profit and not getting too excited while you are making those profit. And understanding and accepting the losses without too frustrated.

Tip: Always set the leverage to minimum for beginner like you do not blow out your account.