The short answer is yes. The long answer is that it depends on the strategy you plan to utilize and the broker you want to use. Technically, you can trade with a start capital of only $100 if your broker allows. However, it will never be successful if your strategy is not carefully calculated.
Any capital losses arising out of foreign exchange transactions are non-deductible as they are capital in nature. Foreign exchange differences arising out of transactions that are revenue in nature may be realised or unrealised.