The quickest and the probably least helpful answer to this question is a fixed amount; say $500 for example.
Many brokers do set a minimum amount required to open a Forex trading account. But if you want a more practical answer, then it gets a bit more complicated!
This is because part of how much money you need to start trading Forex depends on what you are trying to achieve with Forex trading. It all also depends on a number of other factors, including your personal circumstances, trading style, and strategy among others.
First, let’s address an issue that most tend to gloss over: risk management. This is generally the factor that separates successful FX traders from the rest. And how much money you have in your account plays an active role both in mitigating risk as well as shaping your risk management strategy!
It Depends On Risk Management!
There are other articles that get into detail about how to optimize your risk management. But, as a general rule, you don’t want to be risking more than 3% of your account on each trade you take.
This puts a risk-based theoretical limit on your trade size, depending on how much …
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