First, consider how you are going to be educated. There are many different approaches to learning how to trade: While there are many classes and mentors out there willing to teach forex trading, most will charge a fee. The benefit of this route is that a well-taught class or great mentor can significantly shorten your learning curve and get you on your way to profitability in a much shorter amount of time compared to doing everything yourself.
The downside is the upfront cost for these programs, which can range from a few hundred to a few thousand dollars, depending on which program you go with. For many of those new to trading, the resources money required to purchase these programs are not available. For those of you unable or unwilling to pony up the cash for education, the good news is that most of the information you need to get started can be found for FREE on the internet through forums, brokers, articles and websites like BabyPips.
We should all thank Al Gore for inventing the Internet. Without him, there would be no BabyPips. As long as you are disciplined and laser-focused on learning the markets, your chances of success increase exponentially. You have to be a gung-ho student. Second, is your approach to the markets going to require special tools such as news feeds or charting software?
Well, instantaneous and accurate news feeds run from a few hundred to a few thousand dollars per month. Again, you can get a complimentary news feed from your forex broker, but for some, that extra second or two can be the difference between a profitable or unprofitable trade.
This is a capitalization mistake, which often leads to failure. Losses are part of the game, and you need to have enough capital to weather these losses. So how much trading capital do you need? So if you are unable to start with a large amount of trading capital that you can afford to lose, be patient, save up and learn to trade the right way until you are financially ready. Partner Center Find a Broker. Nothing happens unless first a dream.More...