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Q&A: How much do I need to get started trading in forex?

Question by Brian G: How much do I need to get started trading in forex?
How much money does it take to get started trading in the forex market?

Best answer:

Answer by forexpro1
It depends on which platform you choose to go with. I’ve been through several, and different places have different minimum deposits. There are some proven platforms out there but others are just terrible.

It would be better to start trading on a demo account first before putting up any hard earned money. Trust me, you don’t want to make that mistake and find out the hard way.

There is the potential to make lots of money trading forex and I wish you luck.

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Posted by JasonRocker - August 13, 2012 at 2:36 pm

Categories: Forex Questions   Tags: , , , ,

How much money would I need to make it worth investing in Forex?

Question by chillinginchicago: How much money would I need to make it worth investing in Forex?
Obviously I have a lot to learn before I decide to open an account on Forex and start investing but how much money would I need to start with to be able to make any money and to make it even worth the time and effort investing and researchign? I’m a college student so if it’s more than a couple hundred bucks I’ll probably have to wait.

Best answer:

Answer by Bogdan Grigore (Bucharest)
Hi,

My opinion is that you must not think of how much you can make in Forex in absolute values, but rather in percentage points relative to your initial starting equity (ROE).

I believe that if you can make 30% per annum return it is a huge performance. Remeber the statistics that only 5% of the traders make money consistantly in trading (be it Forex, indexes, commodities, futures, etc).

Therefore if you have USD 1,000 starting equity and by the end of the year you’ll have grown that amount to USD 1,300 it is an outstanding performance. Of course, it might not be “so spectacular” because in absolute value it is only USD 300 but I tell you, when you trade with your cash you’ll see what I mean.

There is an entirely different story if you have USD 500,000 to start with and by the end of the year you’ll have USD 650,000. The amount is incomparable with the first mentioned amount but the return is also 30%.

I also believe that if you start trading you will find it very difficult due to the fact that there is a lot of personal psychology involved – you may get “angry at the market” when you lose as you don’t want to accept the fact that you were wrong. There is an entire range of emotions that you’ll have to control, or at least ackowledge them. I am referring to the famous fear and great.

Another important facts are that you must be extremly disciplined, you must have your own set of rules which you must obey and get in or out if your rules say so. You must try to eliminate emotions from your trading and not get involved in a trade. Know why you got in a trade and have a plan to follow through a trade.

Another thing is that you may want to always hold a position, so that you can feel that you “are in the market” and feed your need or urge to trade. This is dangerous and can affect your equity seriously as the markets are mostly range bound.

The thing with Forex is that all brokers offer up to 400:1 leverage. If you use that amount and make a couple of trades that go wrong and stick with them as you don’t want to admit that you were wrong, you can get wiped out very quickly. You must use strict money management techniques as you want to be able to trade another day. You must be in the market for the long run and not gamble with your equity.

I also find difficult the 24-hours market characteristic of Forex as you can lose some gained profits overnight, if you don’t lose take profit targets or trailing stops (as you hope that you will earn more than you already did) and may get frustrated when you wake up only to see that not only you are not in positive teritory but rather at a loss.

Another danger is that you are undercapitalized is to believe that you can turn that amount into a fortune over night – there are plenty of “black boxes systems”, “market gurus”, “automated signals” that appeal to your gread and desire to get very rich very quicly and then much richer again. You should not fall prey to that and educate yourself.

To wrap up, I can say that yes, you can make money in Forex, but it is not by any means an easy task and you should arm yourself with your tools needed to survive the markets: discipline, money management, following your own rules, not over-leveraging, setting realistic goals, not to get addicted with the markets and block everything else besides them, enjoy the journey you embarked on and know your goals.

I hoped that my personal opinions helped to some degree and I wish to you the best of luck.

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Posted by JasonRocker - July 14, 2012 at 2:36 pm

Categories: Forex Questions   Tags: , , , , , ,

Q&A: To trade in the Forex Market professionally do you need to be registered with the NFA?

Question by Marcus: To trade in the Forex Market professionally do you need to be registered with the NFA?
I have different sources tell me yes and no. I know a lot of new bylaws have been passed to govern the Forex market and the people who trade in it. But for the ordinary person that trades for forex for friends and family do you need to be registered? Are IB and Money Managers the same thing?

Best answer:

Answer by Harold Hsu
Hi,

Different countries have different laws.

Generally speaking, if you’re just trading for your friends and relatives, you probably don’t need to be registered.

However, if you’re looking to trade professionally (on behalf with clients), then it’s a more complicated matter.

Hope this helps.

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Posted by JasonRocker - June 30, 2012 at 10:58 am

Categories: Forex Questions   Tags: , , , , ,

What do i need to have before i could set up a company and sell forex trading alerts to customers?

Question by hunterz: What do i need to have before i could set up a company and sell forex trading alerts to customers?
Apart from having a good strategy and money for initial setup, what do i need to have before i could set up an online company in Singapore and sell forex trading alerts to customers?
Any licences? Qualifications?
Cheers!

Best answer:

Answer by Forex T
Good Luck With that one , you will need to be able to compete with the Best of the Best as of right now forex ring leader is considered the top Forex Signal alert Company and has been around for about 3 years and has never lost a month yet! Then you’re going to have to be able to beat there minimum pip guarantee of 350 pips per month or the next month is free. Last time I check there where giving out free trials still.
Then you’re going to need to be able to send your alerts via e-mail and “sms” around the world and to any country in under 5 seconds. And you’re going to need a detailed trading report that is to verify or risk being called a scam. There are a lot of alert services that pop up every month but never last long due to the stiff completion from the big guys. Before you waste your time take a look at fxringleader track record for ideas on how good you’re going to need to be. And whatever you do when you build a new alert site NEVER post a fake trading history. It’s easy to detect and you will be out of business fast.

This is the current trading report: http://www.fxringleader.com/PastAlerts/View_All_Reports/index.html

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Posted by JasonRocker - June 12, 2012 at 2:52 am

Categories: Forex Questions   Tags: , , , , , , , ,

what do i need to start trading forex in kenya?

Question by Smith: what do i need to start trading forex in kenya?
I live in kenya and i would like to know how i can start my forex trading career and what resources, tools or learning materials i need in order to be successful in forex trading. Thanks.

Best answer:

Answer by ~Grasshopper~
Forex is not a career. It is frequently used for scam purposes. Most people who are successful in this area are already moguls in the stock market or know the entire encyclopedia of finance.

I suggest you Look for a real career

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Posted by JasonRocker - June 8, 2012 at 6:31 pm

Categories: Forex Questions   Tags: , , , ,

How much money do I need to get into Forex Currency Trading?

Question by BarbieDoll: How much money do I need to get into Forex Currency Trading?
How much money do I need to get into Forex Currency Trading??? Like whats the minimum and how much money could expect to make if I do well?

Best answer:

Answer by Alexander Collins
Hello,

My recommendation is to start at least from 100-200$ . Ff you will have less money on your account you need to wait a year to double it.
Your income can depend from your style of trading.
If you will trade manually you can make 100 pips a month. But, for example, if you will use at least semi-automated Forex system that will trade instead of you and can make up to 800 pips it’s completely another situation. When I was started Forex I made the right choice and start automated trading with Forexeasystems.

Hope, you will succeed on Forex.
Best wishes!

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Posted by JasonRocker - June 6, 2012 at 6:44 am

Categories: Forex Questions   Tags: , , , , , ,

Do I need a license to trade forex for others using my software hosted outside Singapore? ?

Question by mellie: Do I need a license to trade forex for others using my software hosted outside Singapore? ?
I am planning to run an automated forex trading platform hosted on a server outside Singapore. Client’s trading platform will be hosted on the server and trades will be executed on their behalf. Do I need a license and how do I obtain the license?

Best answer:

Answer by hope
If you are trading for others, you may need a license based on your countries rules about being an advisor sort of speak. You may want to contact some of your local officals You should be okay if the funds remain in your account. If you are looking for the best forex software, visit this site

http://the-best-forex-software-in-internet.blogspot.com/

This software is the best software that can help increase your trading profit and user friendly.

Best Wishes,

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Posted by JasonRocker - December 8, 2011 at 11:25 am

Categories: Forex Questions   Tags: , , , , , , , , ,

To trade in the Forex Market professionally do you need to be registered with the NFA?

Question by lupita: To trade in the Forex Market professionally do you need to be registered with the NFA?
I have different sources tell me yes and no. I know a lot of new bylaws have been passed to govern the Forex market and the people who trade in it. But for the ordinary person that trades for forex for friends and family do you need to be registered? Are IB and Money Managers the same thing?

Best answer:

Answer by rubye
Hi,

Different countries have different laws.

Generally speaking, if you’re just trading for your friends and relatives, you probably don’t need to be registered.

However, if you’re looking to trade professionally (on behalf with clients), then it’s a more complicated matter.

If you are looking for the best forex software, visit this site

http://the-best-forex-software-in-internet.blogspot.com/

This software is the best software that can help increase your trading profit and user friendly.

Best Wishes,

Give your answer to this question below!

1 comment - What do you think?
Posted by JasonRocker - November 27, 2011 at 2:47 pm

Categories: Forex Questions   Tags: , , , , ,