To be a successful Forex trader requires a lot of specific traits that need to come together synergistically to be successful over the long term. Dr. Jason Gospodarek shares the traits necessary in Do You Have What it Takes to Trade Forex.
You can learn to trade on demo accounts and without a lot of money. You can watch YouTube videos and take part in forums. When the rubber meets the road, you need the funds to start a trading account.
Most brokerages will allow you to open an account with a small amount. These are sometimes called micro or mini accounts. Each brokerage has their own name.
To obtain a lower cost per trade or spread or smaller commission on an ECN account, most brokerages require a deposit of roughly $2000.00 US dollars. This is a pretty good average across the board to unlock lower trading expense. Generally speaking, the higher your deposit the lower your trading expense.
For a VIP account, some brokerages require about $10,000.00 US dollar deposit to get the best trading parameters. This will get you a very small spread or commission on ECN based accounts.
If you don’t have the time to learn, trade and to monitor your trades, you might as well not trade. Put in the time to trade and to journal it. Much like continuing education as a doctor, you need to stay up to date on the newest technologies and the latest trends.
If you stick with the same strategy over the course of your trading career, at some point that strategy is likely to stop working. Forex trading requires a long-term approach to trading and education. You have to have time to dedicate to trading.
To hear the rest of Jason traits for successful Forex trading, download and listen to Do You Have What it Takes to Trade Forex.
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