Granted I dont think you really can. I just meant a small sum of money. I just got into forex trading and have noticed that it seems like you need a large sum of money to make any profit off of it. Is there a way to make enough to quit your day job? What do you think the minimum amount of money is required to invest to make it possible?
As a previous user so eloquently pointed out; leverage allows you to take a small amount of money and trade a much larger sum. Thus you don't need a huge amount of money to make money in forex. The term “rich” is generally the issue for new traders. Can you get rich trading the markets? Yes. But if you go into it with that mindset you're going to make a ton of mistakes trying to make that happen.
The Key
The key to making money in forex is conquering the psychology of trading.You need to set aside whatever notions and goals you have so you are able to take what the market has to offer. Learning a system and strategy isn't hard. Patience and the ability to react appropriately, without emotion clouding your judgment, are the hallmarks of a successful trader.
So long as you're consistently able to gain more than you lose; you've won. Start with $200 and trade a dime a pip. Continue to post wins, build on your balance, and add more as you go.
My advice is to learn on a demo account then move to a live account with a very small amount- a couple hundred bucks- and trade in micro-lots for a few months. Making the transition from demo to live at a high amount is hard for new traders because you're no longer playing with fake money. That brings a new level of anxiety that you have to learn to cope with.
As to how much you'll need to quit your day job and such; that's really going to depend on how you want to live, what you need to survive, and so on. It's not really a question any of us can answer for you because your income is going to be tightly tied to what you are risking.
And finally; if you want to make money through forex you must master risk management. Again- master risk management. Read as much as you can on it, focus your strategy on it, and read even more. Live it. Breathe it. It is essential for honing your ability to pass on less optimal trades and preserving your profits.
This article Turn On, Tune In Or Cop Out - When You Know It's Time To Trade Live. will help you with knowing when to go from demo to live trading.
SOURCE: https://www.quora.com/How-can-you-become-rich-in-forex-starting-with-only-20
So long as you're consistently able to gain more than you lose; you've won. Start with $200 and trade a dime a pip. Continue to post wins, build on your balance, and add more as you go.
My advice is to learn on a demo account then move to a live account with a very small amount- a couple hundred bucks- and trade in micro-lots for a few months. Making the transition from demo to live at a high amount is hard for new traders because you're no longer playing with fake money. That brings a new level of anxiety that you have to learn to cope with.
As to how much you'll need to quit your day job and such; that's really going to depend on how you want to live, what you need to survive, and so on. It's not really a question any of us can answer for you because your income is going to be tightly tied to what you are risking.
And finally; if you want to make money through forex you must master risk management. Again- master risk management. Read as much as you can on it, focus your strategy on it, and read even more. Live it. Breathe it. It is essential for honing your ability to pass on less optimal trades and preserving your profits.
This article Turn On, Tune In Or Cop Out - When You Know It's Time To Trade Live. will help you with knowing when to go from demo to live trading.
SOURCE: https://www.quora.com/How-can-you-become-rich-in-forex-starting-with-only-20
