Anyone who proclaims that you need a million dollars to make a million dollars is lying to you, especially in today's world. As a trader, it's your job to understand that $500 could potentially be turned into $1 million with the right amount of money management and a good, sound system. It may take awhile, but it can be done. The best part is, this type of thinking leads to better decisions and much less risk than starting with say $50,000 or more. The main concern for any trader is risk management. If you're buying one stock for $500, then maybe you should reconsider that decision but if you're opening a leveraged trading account where you could be taking trades risking as little as 1 or 2 dollars, well that's a great start to build your account and make mistakes along the way.
Me myself, I would say now I take on trades with medium risk. Not too small, but giving myself a lot of room to be wrong. When I first started out, I traded way too large and eventually lost it all. Next time around, I was super conservative because I never forgot about the pain I had previously. I would take little trades, constantly trying to figure out a system that worked. Took me longer than I expected (8 years) but when I had something that worked, I slowly started increasing the risk and the amount of capital in use, and slowly grew it quite substantially.
Take it from me, a seasoned trader who made all the common mistakes, play small to eventually win big.
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