Can You Start Forex Trading And Make Money With Only $1000?
A lot of people want to get started in Forex trading, but they don’t have a lot of money to invest. So, I want to explore if you can get started and make money if you start trading Forex with only $1000.
Can You Make Money Trading Forex With Only $1000?
Of course it is possible to “make money” trading Forex and starting with a $1000. The real question is, is the money you make “money that matters” to you and enough to keep you interested in trading over the long term. In my experience, most novice traders are underfunded for their trading goals.
I’ve actually written an entire course about this called the Forex “Money That Matters” Course.
In the course I go over how at home traders are very different than professional traders in terms of the amount of money they have at their disposal. This means at home traders should approach money management differently than pro traders (contrary to what is normally taught). I then explore and lay out the money management strategy I use to make more money trading Forex, even with a smaller account.
So, yes, you can make money. But will it be the money you want to make with only a $1000 investment? Probably not, at least in the beginning.
Should You Start Trading Forex With Only $1000?
I just said you might not make the money you want if you start with just $1000. So it might come as some surprise that I suggest starting out with something like $1000.
I know a lot of people say you should start with DEMO trading. But in my opinion, DEMO trading is only good to learn how the trading platform works. If you want to understand your emotional reactions to trading real money in the live Forex markets, you MUST have real money at risk.
What you don’t want to do is start out with such a large amount of money that the emotions of trading (and the losses), are too much for you to take. As with anything that requires time and experience to be successful, you don’t want to start the learning process with too much at stake. Keep your starting amount low in the beginning, and add to your accounts as you gain confidence and experience.
What You Can Accomplish Starting Trading Forex With $1000
The great thing about Forex trading is you can start out with a low investment and scale your trading up from there. Very few other businesses allow you to do this. And yes, you should be treating your Forex trading as a business. (This is why as part of my Forex “Account Doubling” Project I have included a full business plan).
Start your business small. Grow it over the long term. That is the secret of success as a Forex trader.
Here is an important tip: Since you are starting with a low amount, you need to limit your time commitment for trading. There is nothing worse than sitting in front of the computer for hours battling the currency markets for a $20 profit. I personally limit my trading activity to only 10 minutes a day.
Here is a shortcut to Forex trading success:
- Cut The Learning Curve By Using Signals From An Already Successful Forex Trader
- Cut The Time Commitment By Limiting Your Trading To 10 Minutes A Day
- Boost Your Profits By Using Advanced Money Management (Like I use in the Forex “Account Doubling” Project)
- Treat Your Forex Trading Like A Business
If you want to see how I trade, go to Forex Investing Live (and sign up for a free 14 day trial).
If you do everything stated in this blog post, starting with $1000 can lead to life-changing profits down the road. There is no better time like the present to get started.
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