Trading Forex is seen as a dream job for more than one person on the internet. In fact, it’s one of the most sought-after careers today, especially when it comes to online jobs, but it’s also among the ones that require the most sacrifices, skill, and discipline to master.
Thankfully, starting Forex trading isn’t half as hard as it used to be, and you can find many brokers offering free education, demo accounts, and live accounts that can be opened with as little as $5.
So, I’m here now to give you a quick run through the necessary knowledge to start your trading career with a mere $100 deposit.
1. Is That Money Expendable?
The first question you should ask yourself is whether or not you can really lose your $100 without it messing with your life.
The reason is that $100 is a small amount for trading, so you need to make sure that it’s not a reflection on your overall financial situation. However, if losing it won’t affect your economy, then it’s time to proceed.
2. Set Your Expectations Accordingly
A low initial deposit yields low initial returns. You won’t be making more than a couple of Dollars on your first weeks or even months, so be prepared for that.
When it comes to trading, your profits will be proportional to your investment, so your returns will increase as you increase your capital.
3. Use The Internet To Find Educational Material
A quick Google search grants you hundreds of free books, articles, and videos which you can use to gain knowledge while you start your Forex career. Or simply go through our website.
Make sure to spend enough time understanding the market and all its intricacies before placing your first trade.
4. Find The Best Broker
Keep in mind that most brokers benefit from your investment and not your profitability, so you should avoid choosing a broker based on the initial deposit alone.
Make sure to read reviews and all features included with your account and compare. That way, you can ensure a good deal.
Most brokers today also offer educational material, so if you can access it with the same capital you’re investing, it’s a great plus.
5. Take Trading Seriously Despite Your Funds
We mentioned that you shouldn’t invest more than what you can lose, but if you have over $100,000 in disposable capital, you still shouldn’t “disrespect” your $100 investment.
It’s easy to see small amounts as non-important, and this is detrimental to your career as you won’t take trading seriously and thus kill your career right at the get-go.
6. Try Adding More Funds To Your Account
As mentioned, your return on investment increases along with your funds, so adding more funds over time is a great way to speed up your career.
You can open an account with $100, but that doesn’t mean that you should stick with that forever. Try saving up an extra $100 or more and deposit that as well (as long as you trust your broker), it can double your profits!