How many pairs should you trade?
As a new trader, you should start with one pair. Why? Two or more pairs are hard to follow. Remember that you should check situation on few time frames to take a trade. With two or more pairs you will struggle to follow price actions. Select one pair. It is enough. Every pair has its own characteristic. If you jump between pairs, you won’t notice this.
Also, it is important to check situation on higher time frames. When you do that on many trading pairs, it is hard to follow price action for new traders.
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Do I need 10 displays?
You probably saw photos of trade stations where traders have 4, 6 or even more displays. It is not necessary; you can easily start with your current setup. So why traders use so many displays? Couple of reasons. They follow action on many pairs. They also follow news, check important levels on other time frames. Simply, it is much easier to do all that with few displays.
How much money do I need to start forex trading
This is one of most popular questions about Forex trading – how much money is enough to start trading. I will try to answer this as good as I can. Remember, you can open trading account with as little as 100$ (or even less in some cases). Is it enough to trade? Technically, yes. With that money, you can place trades if broker has nano or micro lots in his offer. So there you go, 100$ is enough to trade forex.
But is it enough if you are serious about trading? No.
No, you won’t earn big $ in a year, starting with 300$. Few hundred bucks are ok for start in learning process. You can play with that money, make some mistakes, learn new things, grow as a young trader. When you learn how to trade, use money you can afford to lose. That is very important. Never trade with money you can’t lose. This is brutal game. Save some money for your trading account. People see all that adverts, read about leverage and think that they do not need that
much capital. That is a huge mistake. Trading full time is different. You need solid capital because with that capital you can
make profits. So how much do you need? Depends from trader, but 10,000$ is a minimum in my opinion. Optimal amount for start is in range 10,000 – 50,000$.
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