Editorial staff
But, as any bottom-to-top investor will tell you, there’s no reason why you can’t start trading for less and still see sizable returns over time. Sure, you might be more of a slow-burn trader this way, but the wait will be more than worth it.
To reap those long-term rewards, simply keep on reading to find out how you can start trading, even if you have just $1 (or even less) in your pocket.
# 1 - Start Trading Something Other Than Cash
Traders most commonly deal in cash, so it’s easy to assume that you need cash funds to get started here. But, what if we were to tell you that simply isn’t the case? In truth, you can trade just about any asset you can get your hands on if you take the time to find the right market.
Of course, the most obvious examples of asset trading still come from big-ticket items like real estate, but it’s also possible to think much smaller. In fact, you could make your first trades simply based on the birthday presents you didn’t use this year, such as that unsightly gold jewelry or those gift cards that you know you’ll never get around to using.
These smaller trades can start to build your finances in the right ways, opening you to a whole new world of trading opportunities that probably felt closed to you before.
# 2 - Hone Your Skills (And Earnings) With Forex Demo Contests
Forex trading on the foreign exchange market is undeniably lucrative, and in theory, you can start trading for $1. Still, you’ll find that many Forex market deposits start in the thousands, leaving you out in the cold unless you find alternative routes in.
Forex demo contests, which will see you using virtual money against other players to achieve the highest percentage return, can be a great option. Not only do these contests give you a fantastic opportunity to improve your trading strategy for eventually making more with less, but certain competitions can also see you securing prize funds of up to $5,000. This isn’t exactly the high-level earnings you can secure through live trading, but it could form the foundation for your first trade.
# 3 - Become a Trading Affiliate
Affiliate programs, which see affiliated partners earning a small commission, are now a common marketing ploy, and that’s also true in the trading world. By signing up for a trade-based affiliate program, you’ll have the opportunity to grow your trading funds by recommending traders to different account brokers. In most arrangements, your commission will be based on that trader’s activity rather than the referral itself, meaning that you could earn relatively high amounts if your traders do well.
There are obvious downsides to this, including the fact that it can involve a fair amount of referral work with no guarantee of any returns. But, if you have good connections and think this could be a viable option, then it’s a great way to grow the funds for your first trade.
Many brokers offer affiliate programs, but you should seek an option within your trading interest, be that forex, options trading, or other. Then, simply research options like the Funded Trader’s Affiliate program, and sign up to get started.
# 4 - Seek Sign-Up Bonuses
Sometimes, finding your trading in-point doesn’t need to be complicated. It’s also enough to simply seek trading accounts that provide sign-up bonuses or that give free trades when you join with any size of deposit.
Countless platforms offer this benefit, including Moomoo, which will give you up to 60 free stocks, and Robinhood, which provides sign-up bonuses of up to $200. Admittedly, nothing comes for free, and you will need to invest something upfront in order to feel these plus points. For example, with the Moomoo deal, you don’t get the full 60 free stocks unless you invest $5,000. But, even an investment of $100 can earn you 5 free stocks, which are sure to help you find your trade-based footing.
Your best option here is to simply look around and make sure that you’re choosing the best sign-up bonuses for your lower startup trades. It’s also worth noting that many platforms provide referral schemes, which allow you to recoup stocks or funds by simply having other people sign up to that same platform.
# 5 - Consider a Trading Career
While it may seem extreme to choose a career based on your desire to get into trading, this can be a good choice if you’re financially minded anyway. Trading careers can be incredibly lucrative, and they also provide a great opportunity to hone your skills, market understanding, and passion without risking your personal funds.
Of course, this isn’t exactly trading for free, in the sense that these investments aren’t yours alone. But if your client trades do well, they will bump your commission, meaning that you are technically benefiting from those trade returns.
You’ll also be in a better financial position to make personal trades that are more likely to lead to returns, making this a win-win situation if you have ever considered life in the trading epicenter.
Conclusion
Can you trade with less? Absolutely. You can also take positive steps towards trade-based activities that will boost your initial investment pot while also enhancing your knowledge. Over time, this could lead to the best possible foundations for your trades.
The trick is to be willing to put your hat in on things like demo contests and affiliations. Even if it seems like wasted time, remember that these efforts are constantly buying you much-needed experience and connections. You’ll certainly be pleased you took these steps when the returns won’t stop coming!
Editorial staff
