How much initially do I need to make decent money trading forex?
Is $1000 enough to make at least a 10% return in a month if I am skilled enough?
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seriously?
If you make 10% in a month you will be one of the best traders in the world. Thats better than tripling your money in a year. Also, I'd say $1000 is probably too little to invest in really anything given trading fees and whatnot. Even if you did make 10%, thats only $100 before fees and taxes... You don't really stand to make any money
10%/month might be pretty extreme
If youre using 100x leverage, you can do a lot better than 10% in a month. If youre using 100x leverage, youre almost assured to lose it all in a month as well.
Been trading Forex on a personal account for about 3 years now. It is obvious you have no clue da fuq you are talking about, so I'm going to help you out.
a) http://www.babypips.com b) $1000 isn't worth it because you will be trading mini-lots. You can leverage yourself up to a normal lot, but you will be margin called with a very, very slight movement against you. Meaning you will have to predict the bottom/top of the market not to be margin called. c) You aren't a prodigy, you aren't special, you won't return anything over a NEGATIVE number month-to-month if you keep pressing forward.
Anyway, if you ignore me you will just be out $1,000. Building a strategy around returning 10% on $1,000 when you have 0 trading knowledge has under about a 0% success rate.
If trading FX you'll more than likely use leverage, and the average person loses more trades than they win...seems like a fast way to losing $1,000 from the description of your plan.
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