Of course, since you are a novice trader in the forex market, it will be difficult for you to get money to start. Also, you will not make a deposit at the beginning. Still, first, you will learn and study forex well in order not to waste your money in a market that you don’t know much about. The learning period will be 6 months as a minimum to a year of continuous education every day.
Information and experience are very important in the forex market. The more your experience and knowledge, the lower your loss percentage. It’s not bad to focus on how to get money to start the forex market until you prepare to start trading in a Real account. In this article, we will learn the ways to get money and how to start trading in forex.
Best 7 ways to get money to start Forex
There are many ways to get money to start Forex trading and to be able to invest correctly, and the lowest amount you can start with Forex in order not to suffer during your journey in Forex is $1000 less than this amount.
I consider it a waste of time, and its better to focus on how to get money to start in forex instead of wasting your time, it will not benefit you. May you win for some time, but in the long term, the possibility of losing the account will be very high, and we will talk about different people and social situations to get money to start trading in forex, such as (student–employee – housewife – retired)
1 – Get money by Saving
Saving
The first thing that comes to mind when you ask yourself how to get money is savings. It’s a common method worldwide, and many use it, but is it really feasible in all cases? In fact, no, because if you are in a country that does not deal in US dollars, there is a high risk of your capital depreciating.
For Example, If you live in Egypt and saved 40,000 EGP to buy a car in 2005 and have been saving since 2000, will the car price remain the same, or will it change over time? Here lies the question. Of course, the price will not remain the same. Car prices have risen during this period, and saving at such a time will certainly be against you, not in your interest, but not in all cases. Saving still works, prevents you from spending your money, and preserves it over time. The banks give you a return on their annual profits, which is also good.
Inflation
As we said before, banks offer a return on your balance or investments with them. Still, they will not offer a return higher than the inflation rate. Because inflation is the first enemy of any country and is like an insect that eats away at countries’ economies, saving is not the best way to save/get money
- If you are a student, saving will be very easy for you because your daily needs are not many, and if you need the money that your parents give you, you can save 50% or 30% of this money every day. It is preferable to put it in a bank, or online wallets, or phone wallets this is much better in order not to spend your money.
- For the Employee, the matter will be a little easier because the month’s return is greater than the person without work, and you can save 50% and more of your monthly return. If you have important obligations or you are Head of the family, the savings rate is preferable to 10% – 30%
- The situation will be somewhat different for the housewife, as her monthly return is considered 0, but there is a very important feature for her: She is completely free, and this is a strength point that you must focus on during the period of learning and gaining experience and for savings, any return you get from anywhere you can save, obligations are considered non-existent Because the head of the family takes care of everything, and in the event of the need for money, only 50% of the return can be saved so that you can saving, in this case, is not an obstacle to the family.
- In most cases, the retired person will have little needs, and it is possible to save a large percentage of the pension amount, 50% to 80%; he also has a Strength point, which is that he is completely free, and this time can be used for learning and gaining experience in trading
2 – How to get money by copy trading or investments
Copy trading
This is the best way for me, and I personally did it at the beginning of my way in forex, and it is about investing money in Forex; for example, you want to save $100, so instead of depositing money in the bank or putting it in an online wallet, you can deposit this money In forex and you copy from the other trader’s, but you must choose a trader with certain criteria and with very great mastery (the risk ratio is less than 35% – the monthly return is not more than 50% and if it is more in this case, the trader is reckless – the trader’s account history of at least 6 months)
Copy trading is the same as the conditions for saving for different personalities, so copying deals is an investment in itself, as money increases with time. Whenever the trading of the person with whom you invest is successful, you are winning and vice versa; of course, if he loses, you will also lose. So be careful when you choose the trader you copy with because you don’t want to lose your money with a reckless trader who does not care about people’s money.
It is highly recommended that you consult experienced forex traders before starting this type of investment because you will likely lose all your money even when choosing the right person to copy.
3 – Forums Bonus
Forum bonus
Many traders use this method to get money for many reasons (increasing experience – obtaining capital – company experience – sharing experiences – make new friends). This method is considered one of the most beloved ways to my heart to learn Forex in the shortest possible time, increase your information, and get money at the same time.
In short, the forum bonus is a forex broker that creates a forum for traders to share their analyses and ideas or to answer members who ask about something, and you have the answer. Participation is one of the fastest factors that help you to grow.
There is also interaction between traders, Thus increasing the experience of each client. And The Trader receives a bonus without a deposit. The bonus based on his interaction is of value or benefit to others according to the participation that you have made, and the broker deposits this bonus in your wallet in the same company. There are some conditions that You must abide by in the forum, as each forum has its own conditions, so you must read the conditions first before joining to understand how to learn and work in this type of forum.
- If you are a student, it is possible to save 3 hours a day to learn in the forum and share with the rest of the members what you have learned
- As for the employee, if you have the ability to access the Internet during your work, it will be easy for you to do the work, and at the same time, you can learn from the forum. and if you are not able to, it is possible to save some time upon completion of work with a minimum of an hour per day
- As for the housewife and the retired, this will be the easiest and best way for them, as it is considered a very great free time, and at this time, they can work and learn at the same time in the forum and make new friends as well
<<< Why traders lose in forex market >>>
4 – Welcome bonus / No deposit bonus
welcome bonus
Finally, the bonus offered by the company as a reward or gift to Traders for the occasion of what is considered similar to the Forum bonus, but it is somewhat different, so this type of bonus is considered to be given only once. It is a small amount of money that is not dependent on it at all as a start in Forex. Still, it is possible to use it when you learn forex and not before.
This type of bonus is considered real and not Demo, and if you make profits, you can withdraw this money (there are companies that have withdrawal conditions). Although this is considered a free bonus, I do not recommend it as a start for Forex. It is very possible to lose this money, and you are in the beginning, and you do not have enough experience to make a profit from this small capital.
Suitable for all personalities in the event of the availability of experience and appropriate knowledge for this type of bonuses
5 – Expert Advisor (EA)
I do not consider this method a good way to get money because you cannot be relied on, and I consider it an investment. You must have money in your account so that the Expert advisor can start trading on your behalf; according to the strategy followed, it can double your capital. Despite that, it carries many risks because the EA can lose all your money at a time.
<<Understanding the 5 Roles of Expert Advisors>>
6 – Prop firm
This is one of the best ways for experienced traders to get money to start Forex. There are many companies that provide funded accounts through which you can trade and achieve good profits. To get this account, all you have to do is pay a small fee compared to the account size. You must pass the challenge of getting the account. If you fail this challenge, you will not be able to get the funded account. The purpose of the challenge is to prove your worth in trading, so be careful in trading and your decisions to pass this challenge successfully.
Prop firms with Expert advisor
There is a way to pass the challenge to speed up the process of getting the funded account; there are Expert advisors designed to pass the Challenge in a short time. These EAs work on your behalf, and there is no need to worry about passing the challenge.
<<Find out our HFT Expert advisors to pass the challenge>>
7 – Demo Trading competitions ( the best way to get money to start forex)
Why is it the best way to get money to start forex? Many Forex Brokers create weekly and monthly competitions for traders. There are demo competitions and competitions on real accounts. As for demo competitions, This method requires no money, and you can participate in many demo competitions At the same time
Brokers that offer demo contests
Please note that the rules for demo contests are very strict, so please read the rules for each competition before participating. These are the companies that offer competitions on demo accounts.
InstaForex
InstaForex offers 5 Demo contests, and each competition has its own Rules; please Read the rules carefully for each contest to not be Disqualified at the end of the contest. Even if you 1st Place, you will be disqualified if you do anything wrong against the rules.
Sniper: Weekly demo contest, 1st place will get a $500 Bonus account
Fx Rally: Friday (24 hours contest) 1st place will get a $500 Bonus account
Lucky Trader: 14 Days, 1st place will get a $1000 Bonus account
Real scalping: Monthly, 1st place will get a $2000 Bonus account
Great race: Monthly, 1st place will get a $3000 Bonus account
Litefinance has 1 demo contest, and the contest starts at the beginning of the month; the prize pool is $10000 for the winners as a Bonus balance; you can withdraw the profit but not the bonus
The prize pool is $1000, and the demo contest starts every Month
The prize pool is $1800 for the top 3 winners; the contest period is 14 Days and starts at the middle of the month
Summary
In order to get money To start in the forex market, you must first be patient in understanding Forex well, and in order not to waste your money, the minimum amount you must start with is $1000. It is possible to start with less than this amount. Still, your stay in the market will not last, so be patient and learn.
Forex is a long-term investment of up to a year, so it is possible to prepare $1000 after a year in the worst case to start Forex trading. When preparing this amount, you will have learned and will be able to manage your account yourself and be fully aware of what is happening in the market. This is the main goal that you will pursue during the learning period.
