Online trading account : Introduction on how to open an online trading account for Forex trading
How much do I need to open an online trading account in South Africa? Though you don’t need much money at all to get started, minimum deposits are around $50. Returns are always relative to the size of your investment and if you want to get serious about trading, you need to make a serious investment. From my 7-year trading experience, trading a small balance made me take unnecessary risks, which led to nothing but blown accounts and money down the drain.If you are serious about continuing your trading career, I suggest you start with a minimum of 200 dollars.Minimums are just designed so you can get the feel for trading. If you think you are going to make even a part-time salary trading a 1000 RAND account, you’re kidding yourself.
So realistically, how much do I need to start an online trading business?
Okay, let’s take a look. if your intention is to make this your sole source of income and you want 20.000 a month to take out and you average 10% profit on your capital per month, you will need 200.000 as your trading funds Usually, if you want to take less, you need less as a trading fund. The forex market is dynamic, depending on how successful you are at trading. will affect your draw out rate
Opening a trading account with 50 US dollers
While it is possible to open an online trading account with as little as 50 USD, we strongly recommend opening a live account with no less than 200 USD. if you want to play around before you start serious trading, open a demo account first Remember, over 65% of people try to fail, so do your research well before committing your hard-earned capital. A reputable broker broker will provide both a demo account and a live account
Strategies for an online trading account
Next step when you are opening a online trading account read all the pages on this website and get as mutch information as posable then the most importand part watch out for forex scams and chouse a realiable forex broker
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XM holds a Category I Financial Services Provider (FSP) license from the FSCA, which allows the broker to offer forex and CFD trading services to retail and institutional clients in South Africa.19 Jul 2024