The thing I like most about Forex Trading is that you can start trading forex with as little as $100 and turn it into $10,000 or even more. In fact, you can open a Free Demo account and start trading with no money at all. So, how do traders increase their wealth by investing $100?
No Forex Trading Experience: What Should I Do?
If you are new in the forex industry and you want to become a successful trader, but you unsure how, then you have come to the right place.
Luckily, if you have no previous trading experience, some platforms offer free demo accounts, and you should consider opening one before you begin trading. Moreover, most demo accounts require a $1 deposit or no deposit at all.
Can I Gain Trading Experience Without Losing Money?
By opening a demo account and placing orders there, you will gain trading experience without putting money into an account straight away and risking them. The easiest way for new forex traders to lose their money is,
The most significant advantage of demo accounts is that you still get access to the same markets and trading tools. This way, you will learn how to analyze the market correctly. Also, you will have more time to see how the market works, and there is no risk of losing your money.
Once you have more knowledge, you are more confident, and you understand how to place trades and how to manage risk, then you are ready to open a live trading account.
How Do I Choose a Brokerage For My Live Trading Account?
When it comes to finding the best brokerages, it is essential to do in-depth research. You have to see what each brokerage has to offer, what trading tools the brokerage has to offer, and, most of all, whether a significant oversight body regulates the brokerage.
Your goal is to find the most trusty brokerage before you open an online account.
Can I Start Trading With $100?
Yes, you can. Opening an online account with $100 is a good start if you want to see your money grow to $10,000. But to ensure your trading success, make sure you follow these steps before you place an order:
- Learn As Much As You Can About Trading
- Understand The Basics of FX Terminology
- Research, Study and Analyze the Market
- Learn More About the Economy of The Country
- Learn How to Calculate Profits Properly
- Learn More About the Major Forex Pairs, Their Nicknames
- Learn How to Read Forex Currency Pair Quotes
- Create a Trading Strategy and Follow it!
If you do follow the mentioned above steps, you will be one step closer to achieving your goal of turning $100 into $10,000. It won’t happen overnight, so you have to be patient.
Why Starting with $100 is A Smart Choice?
The answer is easy: Risk management reasons. Before you place an order, it would be smart to stick to risk management rules. Experienced traders don’t risk more than 1% of their accounts. And that’s how they don’t lose a lot of money.
So, if you begin with $100, then your risk should be $1. Some people might say that $1 won’t help you make money, but you always have to keep your interest!
Imagine what will happen if your risk is $100, and your investment choice was terrible. How will you be able to make $10,000 if you have $0 in your account?
Be patient, invest smart, and over time, your account will grow, and you will reach your goal of making $10,000 with $100.
If you invest more than $100, but you still use everything I shared with you in this article, your chances of achieving your goal sooner, will be higher. When it comes to trading forex, money makes money in this industry.
To learn more about each of the steps I mentioned above, or which are the three best brokerages in 2019, you should read this insightful article.