Hi everyone, I'm Tien Trong 94 Co-Founder of CHN Pro Trading community In this video I will talk about the 3rd video How much money is required to get started with Forex This video I will talk about how much money you need to start trading Forex And the things that you think are a little bit different from the standard Here we will compare a little bit with external trading and Forex trading First of all, we will talk about how much money an outside business will cost Here I have 5 examples of 5 industries that I know For example, selling clothes You will need 5 million to import goods For those you sell in the form of Order When someone orders, you Order goods to ship for them, I did not say But if you order a lot, it will need about that capital to rotate If you Order a lot With you enter the goods Enter the goods, the clothes have a lot of samples For example my shirt like this, it is white, blue, red .
Many colors and many sizes So you need about 5 million to import goods 2nd branch is Dropship Maybe for those of you who are familiar with the term on MMO That is to make money Online You will know this Dropship is one of the largest online money-making industries Very long time ago If you do not know what Dropship is, you can watch the video above I have a channel specializing in Dropship Make money by selling goods When customers order, we ship goods to them And we get the difference in the middle But you also need capital to get started.
Not without capital It needs capital to start with, but it's a little less.
Only need about 2 million to ship the goods It will be a bit annoying because the money you will not receive immediately Must be after 21 days for beginners That is during that period you have to spend money to ship goods first You take goods first, 21 days later or a bit faster 5-10 days you will receive money In Forex it is faster Just close the order and you will get immediate withdrawal It's different there About the lemon tea franchise As you know, this year (2019) lemon tea is in full bloom Every corner has it And lemon tea franchise for normal brands I know it will cost about 60 million I have asked a few brands Because I also have some friends who want to do this business My question is about 60 million 60 million, you just got their franchise and set up Staff cost is not included Other things like rent are not included I guess the total must be around 100 million Around that Next, the franchise of milk tea or coffee must reach 500 million A friend of mine did about this He opened a chain of milk tea He took the franchise back and made it in different locations He needs to have between 300 and 500 million I invited myself to make a cafe in the corner of the city Corner of the city, not the center But it also costs about 300 million It was a cafe When you invest like that there will be many factors you cannot control For example, how many guests come in and out Do we collect money? The money you spend is definitely the money you buy the franchise Next is the staff cost Hire helpers .
Tuesday you will pay rent These 3 are hard costs And in any business, the hard cost, the more you “die”.
Your money is limited And if you have hard costs too much you will die soon That's for sure Finally, street vendors are worth 10 million The car you see people often push to sell goods on the road It costs about 10 million for you to do Those are the businesses you can do with this capital So how much money does Forex need to get you started? As I see it, you can start with $ 100 (about over 2 million) Depending on the exchange rate, if it is 1 $ = 23, 000 VND, it will be 2.
You can get started So is this number large? I think this number is very small For a person working, you work every month I guess about 5 million or more 5 million, after you allocate spending on everything.
At least it will save 500k – 1 million Those are few If it is 500k, you will need 4 months It only takes 4 months Maybe you don't have any savings Without a penny to use for the future, you're really very poor What matters is not how much you make.
How much you keep Use that money for what It just decides whether you are poor or not Really, you do not have any savings to prevent risks, to invest for the future You are really poor, no matter how much you earn There are my friends working at Samsung and Canon very early They earn 20 million / month from student time And they left no money They also borrowed money, really being very poor They do not have another source of income.
They have only one source, working If they were fired, it would be: (( That's why you should spend some money in your month To do and invest in other fields to generate cash flow for you Secondly, you can start with the number 0 Trading with a Demo account Demo accounts are example accounts of exchanges created for you You can put as much as you want $ 100, $ 5, 000, $ 10, 000 .
Depending on what you like The platform allows you to trade based on its direct number Profitable, loss looking like the real thing But it's different from the other, it's your feeling That's why, I have a little bit of something here Only get involved with idle amounts and you're willing to lose everything Why? Because in investment there is always risk No investment is 100% sure to win Because, if anything is 100% sure to win, people mortgage the house Debt to join and rich already That is not something Therefore, you should only use the idle amount Idle money is money you leave it out of use for a long time And even you are ready to lose everything You have to see if the amount is too large or not? When you put money into Forex and feel, if you lose this amount of life there is a problem.
It takes you a long time to pay, it's hard Do not put in that money, reduce it Less until you feel, “Yeah, if it is lost, only a little.
” If you have several millions, you lose several tens of thousands, then you are okay.
Just a few dozen That is the number you are comfortable with You should just enter that number Do not be too greedy! Let's start with a small number Next, do not borrow or mortgage your home to put on the market Because you will most likely lose everything When your psychology is under pressure Your mind is losing your sanity When your mind lose consciousness Then emotions will go up, IQ will go down.
And I will enter the harrow “Quick order entry without missing a chance” “It's dead, the orders are losing their losses right now.
Enter the double order to get back what was lost” It's like a gambler You lose, you bet twice and then double To remove the previous holes And that is why you lose everything But when you're comfortable, “This is a little bit of a loss, you have to manage your capital” “This hole is in the plan.
” “Cut losses” “This loss order is in a process” “I know this ratio already” “This hole is a must have” “If it doesn't, then it really matters.
” It may make a loss, but those profit orders will offset and eventually profit That is why you need to have a trading plan Emotional control is required And capital management is required In this video series I will guide you all So where does the capital come from? Here are my suggestions for you If you are a working person You can save a little each month, eat less pepper and drink less If you are a student working part-time or making a small deduction when your parents send it to you to raise money I used to work as a part-time employee and deducted money my parents sent me Let me have business capital and investment from my student life Lose then lose small If you get benefits, you will benefit greatly from knowledge and experience Those were the times when my losses were few If you are someone who is making money with MMO That is to make money online Take a little bit of money from your main industry to this side See if it fits Ok, it's good and there's a new way to make it If not, then stop doing the old industry That is our chance, try not lose anything Lose then lose small Fourth, if you are unemployed This is my advice for you You should not do this You should go looking for a job And this is not for you right now If you still want to make money from here, there is a way for you to make money without capital There will be, but not in this video Not in this Free video series I will make other videos Thank you for watching this video And remember to Like, Subcribe, Comment down your comments to let me know I can improve my videos And do not forget to share with friends Thanks for watching the video See you in the next video Hello friends!.