One of the most questions we receive at Phantom Trading is “how much money do I need to get started?”. The answer is always, not much and likely much less than you think. Trading unlike most online business models or income generation vehicles does not require much of an upfront investment. There are many paths to financial independence via online income opportunities, but in this article we’ll break down one of the reasons why trading the forex markets is one of the better options especially for those who do not have a ton of capital to invest to begin.
Forex Trading Compared To Most Self-Employed Income Opportunities
One of the reasons forex trading draws so many people in is due to the leverage offered by this income stream. Anyone can learn how to trade and earn 4, 5, 6+ figure months if they keep at it. The best part about it? You don’t need much as far as funds to get started. Most traders starting out will be learning and developing their skills via practice accounts called “demo accounts”. These accounts allow new traders to practice with “pretend” money and trade as if those funds were real. Any trader can practice on a 10k, 100k, 1m account size and enter and exit positions as if they were engaged in real market scenarios and watch as those positions show a return or loss in the relevant denominations.
Compared to most online business models, forex trading is lean at the start. For you to get started as an amazon fba seller, shopify seller, small brick and mortar business or franchise owner, etc, you are required to invest a ton of money up front on stock and various related business expenses just to get things off the ground. With trading, your primary asset is you. It’s your mind and it’s the strategy you’re trading.
What Investments Are Forex Traders Required To Make
The most important thing you’ll be investing into especially at the beginning of your trading journey is your education. You’ll want to find a mentor and program that can shorten the learning curve for you and get you off the ground sooner and with less adversity compared to going it alone and trying to figure things out without support. Any online business can be started without mentorship of course, but it’s advised to seek out help from those who are already actively doing what you desire to do so that you can rise to their level faster and with greater ease.
Aside from education, the only thing you’ll be investing capital into (when you’re ready) is proprietary firm challenges via the top prop firms available right now (ie ftmo.com, myforexfunds.com). The value of these prop firms is that you can now get access to capital funding in the range of $10k to well over $1m. This is what we mean when we refer to leverage. Prior to the recent mass adoption of prop firm opportunities available online, it was very difficult for a trader to get access to large enough funds to generate worthwhile returns in the markets. It was common for traders to have to trade personal capital accounts and compound those accounts up to a decent enough size that profits would be large enough to replace a 9-5 income or produce adequate savings. Nowadays things are very different. The only thing stopping a trader from making their 9-5 income and 2x, 5x, 10x or greater what they make at work via the markets, is their skill set and ability to generate consistent returns via a strategy that’s proven.
To recap, your primary investments as a forex trader will be in yourself (via a program and mentor) and getting access to large capital funding via prop firm challenges and verifications (via prop firms like ftmo and myforexfunds, our top recommendations).
Why Forex Trading Has Become So Popular Over The Last Decade
With the rise of social media, so too has forex trading risen to the top as far as online business opportunities go. People are aware in this generation that they do not want to be working jobs at capped pay until their 60s and so they seek out additional ways to earn an income that they can do from home and that provides them not only with capless income opportunity, but also location independence. For these reasons, trading has become a common choice amongst those trying to escape the so-called “rat race”.
If you can commit yourself to a strategy that’s proven, and save some extra capital for prop firm challenges when you’re ready, you’ll be setting yourself up for a lucrative future assuming you stick with the process and see it through until you realize success in the markets.
What’s our suggestion? Get started and give it a year. Give it 12 months of focused, undivided attention. We promise you that if you commit to this process and give it your all for 12 months, you’ll be shocked at how good you’ll be at this in one year’s time. We speak from a place of confidence only because we’ve witnessed 1000’s of our own community members share transformations of their own having been through the full Phantom roadmap we have laid out internally.
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FX Trader & Analyist
Writer & Editor