How much money do you actually need if you are starting out in FOREX?

@niairen01 (1018)
Philippines
October 6, 2012 1:49am CST
I've been reading stuff about Forex, and I'm quite interested to participate. I know that FOREX is not like other money making sites out there and needs to be learned thoroughly, and i'm already in the process of learning, and what i've read is that Buying/Selling usually comes in "lots"... 1,000 - 100,000. Since I don't have that kind of money, I've read that I can start out with just $25... but what's the catch? Are there any Forex traders here on mylot? It would be nice to share your views or even advice about this. Don't worry... I know the risk, and I won't actually participate live on Forex without understanding it... as for starters (or just having a head up) how much money do you actually need if you are starting out in FOREX? How much... so that a small timer like me could participate? thanks!!
1 person likes this
7 responses
@ARIES1973 (9531)
• Legaspi, Philippines
6 Oct 12
Hi niaren! I am also learning about forex and actually I could not understand it yet fully. But my friend told me that he invested $300. I don't know if that is the minimum investment one could have. Do you have a site already where you could invest? Perhaps it varies depending on which site you are investing.
@niairen01 (1018)
• Philippines
6 Oct 12
Hello Aries. Thanks for your response. I've viewed your profile here in mylot and it's nice to see that you're from the philippines too. Is Sorsogon part of Bicol? (Sorry for being too naive with geography!) $300 is quite affordable too. It's nice to know that you have a friend whom you could actually ask about Forex, While on my case... Nada! I'm still learning about it, and no I don't have any site nor have any idea as too what safe site to join. I"m just reading, watching tutorials, reading forums etc. Hopefully, something positive will come out from it too!
1 person likes this
@ARIES1973 (9531)
• Legaspi, Philippines
6 Oct 12
Yes I am from Sorsogon City, one of the 6 provinces of the Bicol region. Actually, I cannot actually find tome to talk to my friend lately so I am trying to learn about forex on my own. Until now I could not start yet with the investment. Well, I think it's really better if we could learn it on our own. We can do it.
@adrians (52)
• Philippines
6 Oct 12
Do you like gambling?? If you don't then this is not well suited for you.. ^^ Taking chances with forex needs strong heart and a heavenly might of luck ^^
@niairen01 (1018)
• Philippines
6 Oct 12
I often get that one. even my dad tells me that forex is gambling. Well, maybe it's kinda like that, but i refuse to believe it, cause if it is then why do you need to learn it? People often advice that you learn it thoroughly before you enter / participate live. But i do brlieve that you would still need a good amount of luck... But of all the money making sites out there, whho doesn't need one? Don't you think? ^__^
@beamer88 (4268)
• Philippines
6 Oct 12
Have you tried checking on forums that discuss Forex trading? I believe there are a couple of sites that you could join. I think you would get more detailed answers to your questions there. But I've heard that trading in Forex is a good choice of investment, but if I were to invest, I think I'd stick to the less risky ones like UITFs which the banks provide. The ROI isn't that big but it's definitely quite larger than just relying on the interest rates
@niairen01 (1018)
• Philippines
6 Oct 12
I ner heard of the UITF, i guess i still got loads to learn. Maybe i'll research that one too. Thanks for your advice!
6 Oct 12
Forex is an online business with low investments and high returns. 70$ should be minimum to invest in Forex.
@niairen01 (1018)
• Philippines
6 Oct 12
Are you participating in forex too? could you be so kind to share your experience? That's nice to hear. $70 is kinda affordable for me. ^__^
@Angel1a1 (54)
• Australia
6 Oct 12
If i were you i won't invest your money in there, forex is just like when you invest in shares. it's up and down the market. i invets in years 2 years ago and i lost thousands of dollars on it. i won't recommend this at all either. if you like why not try term deposit? through the bank. you won't loose your investment instead you make a profit on it and it's safe and secure.
@niairen01 (1018)
• Philippines
6 Oct 12
That's really sad to hear Angel1a1, and thanks for the heads up. I just wanted to try it out like 3 months or so... If I didn't have luck with it then it's bye bye for me. I was just so interested and curious with it. Thanks anyway! ^__^
@natliegleb (5186)
• India
6 Oct 12
it all depends purely on the amount which you are going to put in,for the long run.........
@kiran8 (15360)
• Mangalore, India
6 Oct 12
Hi niairen, there have been many discussions here on mylot regarding forex trading and a lot of its merits and demerits have been discussed.I am giving the link to one that was started very recently where many including myself have posted our views, hope this helps you ...http://www.mylot.com/w/discussions/2707707.aspx all the best and have a great weekend