We’ve collected all the popular things every new trader thinks and explained them. Can I start trading on Forex without startup capital and practical finance knowledge? The answer to this question you’ll know in the article.
If you’re at the beginning of the trading journey, there may be a question of whether you can start without startup capital and experience or not. The answer isn’t simple, that’s why we’ll try to find an answer in three points.
Myth №1 – A startup capital should be big
Of course, the more money you invest, the more you get. But when we start trading o Forex, it’s always from the ground up, that’s why we can’t risk with huge sums of money. So, if you want to learn how to get profits and build a strategy, an optimal variant is a capital not high than $100. If you lose this sum, it won’t be so hard.
Myth №2 – A stable income will be received at once
Forex market is a place where practical experience in trading is a must. That’s why a new trader won’t get much money, income won’t be stable. Some traders need years of practice and work to reach a good level of income and don’t work anywhere except for Forex. The statistics say about 90% of traders leave the market after the first losses.
Myth №3 – Forex trading is hard to understand
The forex market has its rules, and if you know them, there won’t be a problem to see the tendencies and gain profits. It goes without saying that the trading platform means a lot. That’s why we recommend reading more about AvaTrade, which is a reliable broker for newcomers.
A few months of trading, several money losses and attempts and you’ll get necessary knowledge.