I know how crazy this sounds, but it is possible to make it happen and this is why the forex market is the largest financial market in the world with a daily volume of $ 6.6 trillion according to the 2019 Triennial central bank survey markets.
That being said, the opportunities in the forex market are massive. Today, I am going to prove to you the secret of how to trade forex with $10.
Brokers now offer lower deposits for traders to take advantage of these opportunities. One broker that offers such is XM broker. They offer a low spread, a $30 No deposit bonus on live account opening and profits can be withdrawn.
Table of Contents
HOW TO START TRADING FOREX
There are many articles on how to start trading forex with hundreds of rules and steps to follow, as a trader with experience for more than a decade I can tell you that the most important thing you need to start trading the forex market is to invest time and money in learning market structure, nobody told me this as a beginner. I wasted time and money for years on stupid indicators.
Until I realized that all the tools needed for trading are within the Mt4/Mt5 platform.
I have mentioned market structure as the most important if you want to learn to trade forex, however, there are still a few things I will list below before eventually going live trading.
- Demo trade
- Manage your expectation
- Risk management
- Choose the right forex broker
RELATED: MT4 OR MT5 FOR BEGINNER
HOW MUCH DO I NEED TO TRADE FOREX?
Your Account size really does matter in trading; however, what is more, important is learning the principles of trading forex and risk management.
That being said no matter your account size if you do not apply proper risk management you could lose everything in your trading account. So $100, $1000, or $10000 wouldn’t matter if you do not learn the market structure and risk management.
RELATED: HOW MUCH CAN I MAKE TRADING FOREX?
HOW TO TRADE FOREX WITH $10
I have made this very simple for you, I have filtered all the noise, and these are the three most important tips you need to trade forex with $10:
- market structure
- Focus on 1-3 pairs
This is basically what trading the forex market is about, it is called market structure as a whole because it comprises support and resistance, consolidations, pin bar, Fibonacci, double top, and retest. Etc.
Understanding market structure will help you identify peaks and bottoms and the best possible entry on a lower timeframe for market reversal.
FOCUS ON 1-3 PAIRS
Staying on a few pairs will help you focus and identify all the possible entries after analyzing the market and time frame top-down analysis. When you focus on a few pairs, say 1-3 you could easily tell the dominant trend of the market.
Believe me, this is a big problem for many traders, especially retail traders, they find it very hard to wait for a retracement that will last for hours before the dominant trend continues.
With an understanding of the market structure, focusing on a few pairs (1-3), and being patient for your chart pattern to be complete, you will be able to grow your $10 dollar account.
Another very short answer on how to trade forex with $10 is to focus on lower timeframes for entry aftermarket analysis on H1 and 30mins time frame.
RELATED: HOW TO KNOW WHEN A TREND IS ENDING
HOW TO GROW A SMALL FOREX ACCOUNT
To grow a small forex account, you will have to be patient with lower time frames and smaller lot sizes and I will advise you to use a broker with a tighter spread. You will also have to focus on major pairs to make it work.
If you are experienced with the forex market patterns you will need to focus on one strategy for efficiency and consistency in profit. For example, you can focus on the reversal chart pattern only until your account is big enough for other strategies.
HOW TO TRADE FOREX WITH $30
You can trade forex with $30 on XM, they offer a no deposit bonus for new clients and the profits can be withdrawn. Also to trade forex with $30 you can read on the top of the article how to trade forex with $10.
FOREX BROKERS WITH $10 MINIMUM DEPOSIT
There are many forex brokers with a $10 minimum deposit; however, you will have to choose one. One forex broker with a $10 minimum deposit and tight spread is XM.