What is the minimum salary and experience to be able to trade live?

I have a friend that wants to trade but he doesn't have experience nor does he earn a good salary.
However he wants to apply for a live account and follow what I do.

So my question is if he applies for a live account without any experience and low income would brokers allow him to trade?

Any help or links to explain what I'm asking would be grateful.

They will let ANYONE trade that gives them money. If he loses it all, they still made theirs.

trading forex will not GUARANTEE you monthly income

No, it won't. But I think that he was asking whether he could actually trade or not? THey just provide the service. If your friend wants to put money in? It's honestly no different from any other service. Think poker website. If he wasn't any good at poker... would they still take his money? Yup.

No need to worry about that, there are even brokers offering a minimum of $10 deposit - some offer welcome bonuses. Forex needs deposits from newbies (that they 90% of the time end up losing) to be funded all the time.
Brokers are competing against each other offering the easiest account creation with the lowest minimum deposit and don't really care about your income - as long as you can fund this 'ever-hungry-market'

Brokers absolutely do not care how much he earns and much he can afford to loose.
He is propably a grown man, so he can do whatever he wants with his money, however if he is undercapitalised he has basically chance of a snowman in hell.

serk1 posted:
I have a friend that wants to trade but he doesn't have experience nor does he earn a good salary.
However he wants to apply for a live account and follow what I do.

So my question is if he applies for a live account without any experience and low income would brokers allow him to trade?

Any help or links to explain what I'm asking would be grateful.

Absolutely yes, Exness is a reputable broker that allows small traders to trade from as low as 0.01 cent lot (cent account), minimum deposit is 0$. But your friend is just a newbie in this market so there's a very high probability that he will blow his account for several times before gaining success.

phoenixfxmanager posted:

serk1 posted:
I have a friend that wants to trade but he doesn't have experience nor does he earn a good salary.
However he wants to apply for a live account and follow what I do.

So my question is if he applies for a live account without any experience and low income would brokers allow him to trade?

Any help or links to explain what I'm asking would be grateful.

Absolutely yes, Exness is a reputable broker that allows small traders to trade from as low as 0.01 cent lot (cent account), minimum deposit is 0$. But your friend is just a newbie in this market so there's a very high probability that he will blow his account for several times before gaining success.

HI great news! how cn i deposit $0?? so i can trade forex with zero dollars

I'm sorry for making you misunderstand. Minimum deposit is $0. So the thread opener can deposit a very small amount of money to start trading. He can start trading with as low as 1$. Exness offers a cent account, so this guy is gonna have 100 cents to practise trading. In addition, they also offer a very high leverage, up to 1:2000. But anyways, he should learn how to trade firstly to ensure the longterm success.

davidcraigson posted:
They will let ANYONE trade that gives them money. If he loses it all, they still made theirs.

It does in my case.

https://bit.ly/AutomatedPassiveIncome

Thank you all for your kind comments.

Interesting link you put in. Are you one of the developers? And that is an impressive trading run my friend.

For those who are still young and not-so-young too (18-50), have little 'spare' money/capital, and not so well paying job, but has ambition to make a living from the forex market one day, here are my suggestions:

1) Read/ do research and get yourself thoroughly familiar and educated on the forex market....1-2 months.

2)Join/participate on various forums and ask questions/advice from more experience Traders.....ongoing process

3) Research and select a reputable and well regulated broker or brokers.....same as Item 1

4) Start Demo accounts with at least two different brokers to get familiar with & to learn how to use their trading platform...i.e MT4 & other type of trading platform like Dukascopy JForex platform.
ALWAYS set the trading amount/money to as close to your planned 'live' trading account so that you will know what can happen when you finally & actually start trading with real money. You can have Demo account with usd1 million virtual money, but what can be done with such a large size capital will not be possible on your usd50-1000 live account ..... 2-6 months and more

5) When you have achieved consistent profits on your Demo accounts for at least 3 months, then start a live trading account with real money. Always remember to use money that you can spare.....never borrow or use money that you or your family need. It really doesn't matter how small a trading account to start off with.

6) Limit yourself to trading two or three currencies....and trade those currencies of countries that you have good knowledge & understanding on their economies, political & social situation.

7) Develop your own trading system/style.......EVERY TRADER can & will teach you how to trade, BUT NOBODY can tell you how YOU SHOULD TRADE because what works for successful trader(s) might not work for you for the simple reason that you cannot access his/their brain to have a thorough understanding on their logic and knowledge of the forex market.

8) Always listen to live financial news...i.e CNBC, Bloomberg...to keep yourself updated on world economy and political situation (especially on the currencies you are trading) because of their impact and possible currency movement & direction.

9) Whenever you have some spare money, deposit them into your trading account to build up the account so that, in time, together with profits from your trading, you will eventually have a fairly large trading account of around usd30-80k from which you should be able to derive around usd3-5k profits per month without too much trouble and sweat. If you can live on usd2-3k per month, then you should be able to trade full time to support yourself & your family.
With a usd30-50k trading account, it should be relatively easy to make over usd3k per month trading conservatively and practicing good money management.
You have to discipline yourself and not become greedy, impatient, over-confident & arrogant believing you cannot lose because you can & will if you become careless in your trades.

There are, of course, many more other details in becoming a profitable trader, but you will learn them as you travel & progress along the forex market road.

IF your friend wants to do 'what you're doing', wouldn't you be the best person to ask ? Instead of a bunch of strangers, who have no idea what you do, and what your friends exact financial position, and character is like ?

I really don't understand what you're trying to achieve here.

tankbeta posted:

phoenixfxmanager posted:

serk1 posted:
I have a friend that wants to trade but he doesn't have experience nor does he earn a good salary.
However he wants to apply for a live account and follow what I do.

So my question is if he applies for a live account without any experience and low income would brokers allow him to trade?

Any help or links to explain what I'm asking would be grateful.

Absolutely yes, Exness is a reputable broker that allows small traders to trade from as low as 0.01 cent lot (cent account), minimum deposit is 0$. But your friend is just a newbie in this market so there's a very high probability that he will blow his account for several times before gaining success.

HI great news! how cn i deposit $0?? so i can trade forex with zero dollars

 It is possible. Have a look at what gainsy offers.... 5000 usd which is praticaly demo, but when linked to myfxbook it shows as a real account. Thus making it DEMO. So what you are doing is trading for 5000 usd free, and you can only make profit if you gain clients to follow you there! So you are trading for 0 deposit!

serk1 posted:
I have a friend that wants to trade but he doesn't have experience nor does he earn a good salary.
However he wants to apply for a live account and follow what I do.

So my question is if he applies for a live account without any experience and low income would brokers allow him to trade?

Any help or links to explain what I'm asking would be grateful.

Any experience more then 6 months would be good enough for serious trader.
Minimum salary should be at least 1% of the capital being traded.

wlk1 posted:
IF your friend wants to do 'what you're doing', wouldn't you be the best person to ask ? Instead of a bunch of strangers, who have no idea what you do, and what your friends exact financial position, and character is like ?

I really don't understand what you're trying to achieve here.

I wasn't sure if they accepted inexperienced clients with not much income and savings to open an account with a broker.

serk1 posted:
I have a friend that wants to trade but he doesn't have experience nor does he earn a good salary.
However he wants to apply for a live account and follow what I do.

So my question is if he applies for a live account without any experience and low income would brokers allow him to trade?

Any help or links to explain what I'm asking would be grateful.

@serk1
The question is not whether broker would allow your friend to deposit money and trade. They will allow that.
The question is why would your friend choose to loose his hard earned money this way.
Without experience nor guidance he wont make any profit.

serk1 posted:
I have a friend that wants to trade but he doesn't have experience nor does he earn a good salary.
However he wants to apply for a live account and follow what I do.

So my question is if he applies for a live account without any experience and low income would brokers allow him to trade?

Any help or links to explain what I'm asking would be grateful.

trade with a demo account of the exact amount he want to invest with atleast 3 moths and do a forex trading course online and especially focus on money management lessions on those courses if he doesnt understand anything after 3 months tell him to avoid thi is not gambling it needs an active mind to trade lazy and greedy ppl always end up loosing