One of the most commonly asked question is how much money does it take to become a trader ,and quit my job, of course
Now this question springs up mostly from newbies looking to start trading and take advantage of this massive opportunity called the forex market. Now there is no specific amount because all this depends on a few things
- Are you going to be going solo or mentor-There are a couple of guys who believe self-education is the way and If you do choose that route then you only bear the cost of the data to watch the videos or going onto websites like babypips.com to get the info or you can get someone to mentor you and just teach you the right stuff from the beginning instead of having to take years to try and figure the smaller so you are looking at anywhere between R 5000 to R 15 000 for a trading course depending on who you choose to go with .With that being said it doesn’t mean that if its expensive its good or if its affordable its low quality do your own due diligence and research by interviewing past students of that institution
- Most brokers have made It inexpensive to get a live account plus minimum accounts can go as low as $ 10 which would roughly be R 120.So that would be the worst account size because if you want to make any considerable trading profits you need a healthy looking account not some skimpy looking account size that you are too embarrassed to even look at. My suggestion would be to go with at least $ 1000 +- R 12 000 .
- The obvious cost of data is not avoidable .With a proper plan you can have a budget of R 600 per month for an uncapped package. Or for more flexible packages you could spend between R 250 to R 350 per monthly .I am not going to include the packages in this blog because I will not going around looking for data packages for you .
Not as much as trading is a personal sport and there is some info on the net you can go through I would never place too much trust or money on channels where the guys doing them only show you screenshots instead of live track records like I do . The prices here are all relative and if you have the funds to do so ,get a mentor ,if not take the longer route but work diligently it might take you a bit longer than someone who has a person with a winning formula