How much money should you have in your FOREX acount in order to earn an income?
I am planning to add funds to my online FOREX account and I am wondering what would be the appropriate amount of money to start off with in the account to where I can generate enough revenue to earn an income off my profits. I know you need at least $1000 just to play in the market but that amount is not enough to make money on. What would I need to have in my account to where I can start compounding the little profits that I make here and there?
June 27th, 2010 at 8:40 pm
Earning a living with Forex is dependent on three factors. First, your starting account balance. Second, your actual performance level. And third, your living requirements.
If you are opening an account with $500…the answer is no…you will not be able to make a living at Forex. Even $1000, $5000, $10,000 or $25,000 would not be enough of an initial account size to make a comfortable living in the Forex market.
The next area of importance is your skill as a Forex trader or the effectiveness of the strategy that you follow. If you are a 50/50 trader and win on half of your trades and lose the other half you cannot make a living at Forex. If you have the time, the patience, the discipline and the knowledge to make at least 20 pips in 4 out of 5 days of daily trading you may have a good shot at making a living from the Forex market.
If you are looking for the best forex software, visit this site
http://the-best-forex-software-in-internet.blogspot.com/
This software is the best software that can help increase your trading profit and user friendly.
Best Wishes,
June 27th, 2010 at 8:46 pm
If you are a beginner, i suggest you to use Marketiva, which is a very good platform to start trading with and very easy to use.
Marketiva gives you 5$ real to start trading so you don’t have to deposit and if you made profit from it you can cash out, this is why it’s very good for beginners. Their platform is very easy to use and they have support during trading hours.
To open your account please visit http://www.marketiva.com/index.ncre?gid=3371
June 27th, 2010 at 8:56 pm
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June 27th, 2010 at 9:55 pm
If your inexperienced as a forex trader I would suggest opening a demo account with a broker using an MT4 platform first to see if you can trade profitably over an extended period of time before investing your hard earned money in a live account, (you can google forex broker to find numerous brokers)
Most (professional traders) are happy to survive the year with15% profits so based on that and how much you want to earn a year you’ll see it takes at least 6 figures plus.
You can still open your account after gaining some experience in forex trading but see if it is in fact for you first with a demo account. Then if you can trade successfully open your live account, you can still make money with an account that size but it wont be as much as one would think.
Never open a live trading account without some experience, loosing money that you cant afford to loose is very disheartening. Youll start your trading career with a bad taste in your mouth, you have to go into trading forex with the mentality that you dont care if you loose it, if not you will loose it. You can only trade successfully with money you can afford to loose.
June 27th, 2010 at 10:45 pm
You just need US$100 and you can be able to open a forex trading account. Not $1000. Of course, the lower your capital, the lower the absolute returns as well.
June 27th, 2010 at 11:39 pm
Here’s how I recommend you approach this question.
First, you need to determine the dollar amount you want to make off of your forex account to have a reasonable income.
1. For hypothetical purposes, let’s say you need to want $2,000 per month to have a sustainable income.
2. What type of return do you expect to make in your account. If you make 10% return per month then you need a $20,000 account in order to have $2,000 in profit. Do you think 10% return is realistic? If not, you need a larger account balance.
3. If only 2% return per month is realistic, then you need a $100,000 account balance in order to make $2,000 in income.
Losses do occur, so you may not be profitable every month either. Some important things to keep in mind…
June 28th, 2010 at 12:23 am
Before you go, work and learn from FOREX tester software,
at:
http://forextradingcourss.blogspot.com/
June 28th, 2010 at 12:35 am
Ive made profits using as little as $300. You should check out this site and learn how some of the sharks trade http://theforexmasters.info
That site really helped me optimize my settings and get on the right track.
good luck
June 28th, 2010 at 12:48 am
Just by reading your questions I can see you need more experience in Forex trading. Please listen to my advice and don’t deposit any money until you have opened a free demo account first and have traded with it for at least a few weeks. This will give you some basic Forex trading experience before you risk real money. You will lose all your money if you start trading now. You also do not need $1000 to start trading. There are many brokers that have no minimum deposit and offer micro accounts. I have a great broker listed in the source below that has no minimum deposit to start and accounts are opened instantly.