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Hi, do I need lots of money to start trading forex? If so how much, does anyone know? I don't want to invest a lot in the beginning because I could make mistakes and lose my money before I've even started.
Peter
Hi Peter,
Thanks to a lovely thing called leverage, you can probably start with as little as €50 to €100 but it varies I think according to the type of account you've opened and what the default is set to. However, be careful with leverage because although it allows you to put down part value of your trade, the broker is lending you the rest. Keep in mind that small accounts can get wiped out quickly if you don't manage your risks well. Look up leverage and learn how it works. If you're not sure, don't use it. I've only ever put in what I could afford to lose to be honest. It's a gamble.
- Nick -
Hi @Forexrookie,
Most forex brokers have demo accounts which give you a good way of familiarising yourself with their trading platform as well as how to open and close trades and much more. You will also be able to see what asset classes are available for you to trade on. Be careful to deposit and trade with what is affordable to you. Many brokers accept small deposits between $10 and $50. 🙂
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@Forexrookie You don't need a lot, most brokers let you start with like $5 so not that much. Also remember leverage - look it up if you're not sure. Happy trading!