You can still learn how to trade forex without being 18 years old, but you should try to put yourself in a good position when you reach that age. Trading can take anywhere from 6 months to two years and most people vastly underestimate the learning curve. Before jumping in and setting up a real account, you should have enough experience with paper trading to make the best decision. To learn more about the benefits of paper trading, read on!
There are advantages and disadvantages to being new and experienced in the forex market. The newbie will gain a greater insight into the market and can be just as valuable as an experienced trader. While you should be at least 18 years old, it s important to remember that learning to trade in forex takes time and dedication. Be willing to learn and keep a positive mindset as you continue to develop your trading strategy.
You should avoid trading in the name of a minor. Despite being a highly lucrative field, you shouldn t try to fool anyone else. Many people who open trading accounts for others don t realize that doing so violates the terms and conditions of the brokerage. And it can get you in trouble with your broker. As long as you re willing to take the time to learn and practice, the opportunities aren t going away!
As with any career, forex trading requires a large amount of money to start up and make some gains. A minimum investment of PS20 will get you started, but it s advisable to start off with at least PS1000. If you re unsure of the minimum investment amount, consider your overall goals and the amount of money you can afford to spend. You ll be more likely to make consistent, slow gains with your trading experience if you have sufficient money.
If you have a $1,000 account, you can invest as little as $10 a day. With a $1,000 account, you could invest up to $10 per trade, and assume that you win 100% of your trades. Even if you only make one trade a day, your earnings would be $5 a day or $100 a month. So, if you re 18 and want to start trading forex, you should start small and be sure to invest responsibly.
Trading forex is a highly lucrative profession, but it takes a lot of practice to become successful. Even hedge fund managers make money on the forex market. One such manager is George Soros, who earned PS1 billion by short-selling the British pound in 1992. While there are risks involved, the reward is well worth it! The market is constantly changing, and the right strategies and knowledge are vital for success.