Hello everyone. I have been into FX trading and analysis for the past seven years. I was trading demo accounts for the most part of time and with very very minimal money (live account) so far. I have been very successful in taking very good profits. I am now, quite confident of trading in a very profitable way, making at least 10% - 20% a month. I like to take this forward to the next level. The problem is I do not have decent money to invest and trade myself. And I believe most of you would agree to the fact that trading FX requires good investment to sustain and reap profits.
Request friends on this forum to please suggest ways for me to move forward from here. Thanks.
You do the same thing that got you started in your live account. learn how to crawl, then walk, then run, then race. You keep building on your knowledge, tweaking your trading method and money management and keep practicing discipline and patience. Look to the long term don’t over risk one trade or session; your overall success will come from a lot of trades and a lot of sessions.
I’m assuming your trading method and money management is written down, if not that’s the first thing you need to do. Writing it down gives you a road map from start to your goals, it also will lessen your chances of running out of gas and/or having an accident along the way. A written plan with rules also reinforces what you’ve already been doing which has gotten you to great success so far. Best wishes and continued success
Gp
Hey there! First of all, congratulations on your strong performance! If you’re looking to up your game, maybe you could consider gradually increasing your risk per trade? Just as long as it doesn’t drastically affect your trading mindset. Another way to take it to the next level might be to look at more pairs and see if your system also works out for those. As long as you’re able to make consistent profits, your capital will continue to grow and result in bigger gains for your investment. Good luck!
If you cannot afford a budget, which would make you feel comfortable in your trading, there are few options, which might be useful for you.
Many brokers or trading websites organize Demo Account competitions with prize awards. You can try one of these. In most of the cases, the duration of these competitions is too short (week or two, or a month) in order to implement proper risk management. Therefore, you may be forced to play risky in order to beat the lucky newbies.
There are people, who are looking for traders, who they want to invest their money in. Therefore, brokers offer managed accounts, where traders are being hired to trade on someone’s behalf for a fee.
Another option is to use the starting capital of some broker in order to start a bank. The most the brokers offer for “free” is about couple hundreds. I say “free” because in most of the cases, you have to complete a long list of requirements before being able to withdraw. For example, they ask you to trade a certain amount of lots, or to complete a total of trading points, by trading different instruments, where the broker provides the list of points every instrument gives for a traded lot. Some of them even want you to deposit before being able to acquire the bonus. For example, they give you $100 for trading, you complete the long list of requirements and you end up with $200 and then they say: “As much you deposit now, as more from the bonus will stay in your account.” Then if you deposit $200, you will end up with $400 - not bad for a start. I remind that this is just an example.
In my opinion, trading is just like any other business. When I need more capital for my business, I can always rely on its profits. But, if that takes too long and if increasing profits means exposing my business to unnecessary risks, I guess I can make structured proposals to invite investors in. Just some thoughts. Good luck in building your business!
Hi lakshman. From your question, it seems to me that even though you have a good trading strategy, you haven’t figure out a good Money Management one. An that’s more important than the trading strategy itself for the long run success. If you have been demo trading for 7 years (way too much), you should have been trading with the same capital and risk you intend to have on your real account. Otherwise my friend your demo time have been a waste. You should have very clear by now that demo trading is one thing and live trading is another and that both trading conditions should be similar to make the psychological leap less stressful (and be able to replicate your success on a live account). Last but don’t least, don’t even consider borrow money or use money you can’t afford to lose.
See if you are making around 20% monthly thats good and if could just reinvest your profit, although its risky but still you can increase your investment.