Trading Forex is commonly associated with enormous amounts of money. Fair enough: here and there, we come across the stories of people making unbelievable profits of five to seven-digit numbers, depositing and withdrawing over and over again, and living their best life.
Is this picture real? Yes, it is. However, many people think that these lucky ones have always been that rich and successful from the very beginning and can hardly imagine that they could have started from scratch, having no money at all. Thus, trading Forex has been treated as an activity that only wealthy people can access.
A few decades ago, it truly was the case as Forex trading was accessible only for banks and powerful financiers. Thanks to the technological breakthrough, the situation has changed significantly. Millions of people got access to the Internet, and trading experienced digitalization. Multiple brokers have made it possible to trade online, track global markets anytime and anywhere, deposit and withdraw money in one click. As a result, the threshold of entering the market has decreased.
Today, Forex is about big profits, but not necessarily about big deposits. Anyone can start trading. Yes, literally, everyone. To open an account with a broker, one needs to have less money than to purchase a cup of coffee. For example, to begin a trading journey with FBS, one may deposit $1 only. ONE DOLLAR ONLY! This is enough to open a Cent account, while only $5 are needed to open a Micro one.
How comes? The point is not to deposit a big amount but to get the most out of the amount traded, be it $1 or $100. And eventually, multiply it!
Here are three easy-peasy steps that traders should take to multiply their initial deposits:
1. Choose a broker with high leverage
Leverage is one of the top assistants of those who make small deposits. The higher it is, the more opportunities a trader receives. By depositing even a tiny amount of money, you will be able to enter trades requiring bigger investments. Do you have only $10 to deposit but wanna play real? Just multiply it by thousands of times and trade to the fullest!
For example, FBS offers one of the highest leverage in the market – 1:3000. It means that by depositing $10, you will trade like if you are using $30 000! This is relevant for three out of six accounts you can open at FBS: Micro, Standard, and Zero Spread. As for the former, the minimum deposit is five dollars only!
You see? With such leverage, you get access to the bigger trades. However, remember to stay wise and make thought-through decisions: larger amounts – wider responsibilities.
2. Practice, practice, practice
This is not money a trader needs to achieve success and get high profits. These are skills. A deposit of $1000 may be lost quickly, while the deposit of $10 may turn into $1000 of profit. It all depends on feeling the market, opening and closing deals at the right time, using proper strategies, et cetera.
Absorb and apply new knowledge and practice as often as you can. FBS provides its clients with plenty of educational materials such as webinars, articles, video lessons, and others. Explore the Analytics&Education section on our website, and arm yourself with all tools needed to achieve amazing heights in the Forex market.
Remember, skills are easier to get in comparison with money, but the former lead to the latter ;)
3. Believe in yourself!
It may sound naive, but this is the fundamental rule for any trader. No matter how big your initial deposit is – if you believe in yourself and do your best to get the most out of your one, five, or ten dollars, you will achieve success!
Thus, you don’t need to deposit a huge amount of money. Neither to enter the FX market, not to get a high profit. You just have to choose a broker carefully, polish your trading skills, and stay confident.
Good luck, hero!