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How to start forex venture

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The first chapter is to learn how to make money and while you learn use a demo account to practice your skills. Almost every reputed broker offer demo account for free so you can download it from anywhere and practice it for at least a minimum of six months before moving to any live trading account.

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On 3/16/2023 at 2:39 PM, relcap23 said:

As a newbie, I want to know how to start getting into forex venture.  How much is the minimum amount to start? 

Forex trading can be an exciting venture, but it's important to remember that it can also be risky, especially for beginners. Here are some tips to get you started:

  1. Learn the basics: Before you start trading, it's important to learn the basics of forex trading, including how the market works, the terminology used, and the risks involved. You can find a wealth of educational resources online, including articles, videos, and courses.

  2. Choose a broker: To trade forex, you'll need to choose a broker. Look for a reputable broker that is regulated by a recognized authority. Consider factors such as fees, trading platforms, and customer support when choosing a broker.

  3. Open a demo account: Many brokers offer demo accounts that allow you to practice trading without risking real money. This is a great way to get familiar with the trading platform and practice your trading strategies before you start trading with real money.

  4. Start small: When you're ready to start trading with real money, it's important to start small. Many brokers allow you to open a trading account with as little as $100, but it's recommended to start with an amount you can afford to lose. As you gain experience and confidence, you can gradually increase your trading capital.

  5. Manage your risk: Forex trading involves risk, and it's important to manage your risk carefully. This means using stop-loss orders to limit your losses, not risking more than 1-2% of your trading capital per trade, and avoiding over-leveraging.

Remember, forex trading can be risky, and there is no guarantee that you will make a profit. Take the time to learn the basics, choose a reputable broker, start small, and manage your risk carefully. Good luck!

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