How do I get started in FOREX? Any good sites to refer to? How much start up money needed?

by David Jenyns on August 26, 2012

Question by : How do I get started in FOREX? Any good sites to refer to? How much start up money needed?
I want to get into the FOREX trading. Please explain how to get started in the scene and give me some good sites to refer to. Also, how much money will I need to get started first?

Thank you.

Best answer:

Answer by Stead
I recommend you start with a dummy account before you play with real money. Forex trading is very hard, there is no such thing as quick money. It takes a lot of time and effort. Forex is especially difficult due to so much speculative activity.

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msc August 26, 2012 at 12:06 pm

I recommend reading everything you can at your local bookstore about stock trading and Forex trading. That will give you a good introduction. But you’ll still need to develop your own personal trading strategy, and that takes years of study and experience.

You can trade Forex with as little as $ 1,000, but that has to be $ 1,000 that you can afford to lose, because most people do lose money in the beginning.

Most all Forex brokers offer free demo accounts, and you should have 3-4 months of demo profits before you risk real money. Even then, be careful when switching to real money that you don’t risk too much.

Best of luck!

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