- I am planning to add funds to my online FOREX account and I am wondering what would be the appropriate amount of money to start off with in the account to where I can generate enough revenue to earn an income off my profits. I know you need at least $ 1000 just to play in the market but that amount is not enough to make money on. What would I need to have in my account to where I can start compounding the little profits that I make here and there?
Answer by elvie b
Earning a living with Forex is dependent on three factors. First, your starting account balance. Second, your actual performance level. And third, your living requirements.
If you are opening an account with $ 500…the answer is no…you will not be able to make a living at Forex. Even $ 1000, $ 5000, $ 10,000 or $ 25,000 would not be enough of an initial account size to make a comfortable living in the Forex market.
The next area of importance is your skill as a Forex trader or the effectiveness of the strategy that you follow. If you are a 50/50 trader and win on half of your trades and lose the other half you cannot make a living at Forex. If you have the time, the patience, the discipline and the knowledge to make at least 20 pips in 4 out of 5 days of daily trading you may have a good shot at making a living from the Forex market.
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This software is the best software that can help increase your trading profit and user friendly.
- Is there a good forex provider who can guarantee income
Answer by Caroline
The only way to make money on forex is learn how to do it first and make your own trades. It is especially important that you learn how to preserver your capital because you can gain a lot, quickly, and lose it all even faster.
- Do I need to be registered as self-employed and fill in a tax return?
Are profits taxable if they have not been withdrawn from my broker account?Please can someone help as I have spoken to HMRC four times and nobody at the inland revenue can give me an answer.
Answer by Alter
its better you will ask straightly from broker ..ask support system..here some good trading platforms which give one on one trading support for each query from trader.
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