To start trading forex efficiently and effectively I believe the minimum account you should start with is $1,000. Most brokers have $200-$500 minimum requirement to open an account.
$1,000 of capital works well if you have only 1-3 trades open at at time with a risk size of .01 to .05. To keep risk in check its ideal to risk only 1% of account capital per trade. That means in this example it would be $10 risk per trade.
Most new forex traders learn how risk and leverage work the hard way and may end up blowing a few accounts on their trading journey. If you have the extra capital I would recommend funding with $5,000 to start and still stick to smaller sizes of .01 - .05. Trading is not easy and you will make many mistakes along the way so knowing this in advance it's best to keep your trades small and focus on the process and executing rather than the profits and losses.
Odds are you are going to lose money especially at the beginning so while learning do not focus on earning. I recommend focusing on percentages and pips not dollars/profits. Trading is one of the most scaleable businesses in the world.
If you have a strategy and edge making money risking 1% on $1,000 and over time it is profitable than you can easily repeat that same strategy with more capital, say $10,000 risking 1% and get the same results but your profits and of course losses will be bigger.
I hope this posts resonates with some of you and if you have any questions or topics you want me to discuss or stream about please let me know. Lastly demo trading in my opinion pointless as there is no emotions involved so does not assist with getting the real world live market experience. Happy Trading!
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