#434: How Much Money Do You Need to Invest in the Forex Market

How Much Money Do You Need to Invest in the Forex Market  Podcast: Click Here to attend the New Traders Webinar (Less than 6 months Experience) Click Here to attend the Experienced Traders Webinar (More than 6 months Experience) Click Here To Learn More About Blueberry Markets #434: How Much Money Do You Need to Invest in the Forex Market In this video: 00:24 – How much should I invest? 00:50– When I started trading 01:25 – You don’t need a lot of money but you do need to learn how to trade 02:30 – Take a look at Blueberry Markets 03:20 – How do I make a living from my trading? 04:07 – Trading with a Prop firm 04:50 – Other ways to earn income from your trading 05:50 – Get onto one of my free webinars to learn more 06:33 – Feel free to share this video and podcast How much money do you really need to invest in the Forex market to make it worthwhile? Let's talk about that and more, right now. Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 434. How much should I invest? I got asked a question this week by a guy in the US and he said to me, "Andrew, how much money should I really need to be investing into the Forex market to make it worthwhile? To make my time worthwhile to do this?" And it's an interesting question, because most people think you need a large amount of cash in order to be a good trader, in order to make it worthwhile. When I started trading And when I started trading some 17 years ago, I thought I would need like hundreds of thousands of dollars. And because I lived in New Zealand, I thought that I would need to put like a $100,000.00 on the New Zealand/US dollar and wait for it to rise or fall, and let's say it was at 70 cents wait for it to rise to 75 cents, take that money out and then go and do the same thing again. That's what I thought Forex trading was. And I think a lot of people do the same thing; they think you need a large amount of money, large amount of capital, in order to make any significant gains. You don’t need a lot of money but you do need to learn how to trade Now, the great news is the reality is far from that, it's the complete opposite. You don't need a lot of money, but what you do need to do is learn how to trade properly. With that, you need to realise that there's two things that affect you with your trading: one is your head, and the other's your heart basically your emotions. And if you can control your emotions by having very low-risk trades and high reward to risk trades, things you hear me talking about all the time, the great thing about the Forex market is you use leverage. With leverage, you only need small movements but you need to have good, consistent, steady gains with low risk and low draw down. So small losses lead, reasonably large gains. That's the key to making your trading work. You need a strategy to actually be able to do that. Then when you look to live with real money, I suggest somewhere between $1,000.00 and $5,000.00 or pounds depending on where you live in the world. And there's lots of other ways that you can make money through your trading, and I'll talk about that shortly. But one thing that I would strongly suggest if you are at that stage where you're ready to go to real money to a live account.