Hello,
I´m a sucessful forex trader but with a low budget.What are the best ways to make real money from this market when your almost broke?Zulutrade?PAMM account?Any other way?
Define low budget? I’d say open an account with Oanda as they allow you to trade very small position sizes and then look to build your account over the long term and add in additional funds when you have them over time to speed things along. There’s virtually no chance that you’ll make real money quickly with a small account size - most likely scenario is that you’d just end up blowing the account.
Hello Lavourah!
Well, if you are almost broke, would you not rather wait until you
were in a better situation with your money?
I suppose you might say: I want to do it NOW, not when I am much older…
Perhaps you are afraid that if you do not trade forex now, you may lose
interest later, or legislation will change, etc.
Truly, though, from my own experience, I admit that having a very small capital
(I started off with less than 1,000 Pounds) is a real disadvantage, because:
-
you may overtrade and overleverage to try shortening the time it takes to grow your account;
-
you may not do 1) and trade sensibly, in which case it will take DECADES, potentially, to grow
your profits to anything that can noticeably impact your income.
So if I could go back I would take a more profit-driven career path, make more money to invest,
and THEN start trading… When you trade small, it can be a very long journey, or you can lose
patience and try making big money too quickly and end up like the famous 99% of failed traders.
If you have a few weeks of patience you can get a demo account with Zulutrade and if subscribers like what they see they will follow your trades earning you some commission.
Keep in mind that Zulu ranks traders based on pips earned so gamble/martingale strategies dont do well there.
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yay… i know the answare i know the answare! yay
try selling forex tradig systems to newbies?
correct?
I was thinking about Zulutrade but will people folllow me if i trade on demo account?
believe it or not a demo might work better cause you dont have to worry about a signal getting messed up with slippage as much.
you can also subscribe to your own demo signals with a live account and zulu will give you a badge that represents that.
just take a look at the top 100 traders, many of them are just demo users.
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Where it says if they are on demo or real?I´m having a hard time to find.Anyway i´m going to try Zulutrade i think its my best option.
hover over these symbols on their profile. they all represent different things.
Of course they will follow you, even if you trade from a demo account.
However, get to know the Trading rules well, because as plork commented, martingale strategies can cause followers losses and should trade with low risk ones.
What are the best ways to make money trading forex when your almost broke?
Ouch, when your almost broke, try to stop trade first and create leverage or capital. What i did before, i stop and went to the beach to have a moment of silence. After a month i go back trade again, then i learned it hard to trade forex.After two years i go back again and prepared a decent amount around $1000 dollars. And let the learning continue.
To rise from knees is necessary to determine the error. I would start from the beginning with a clean slate and a new strategy.
After loss trader feel bad he should not break his heart with forex , In this business he can make good performance with regular work and practice . Having no money in trading account is no problem he can do much practice on demo to make him a good trader after this phase he can make profit in real trading.
I was reading this today, ‘The power of broke’, and I thought it could be an interesting
article to share on this thread:
Are you sure that you are successful trader, I don’t know successful traders who are broke
The best way to make money trading financial instruments when penniless
is by forgetting about trading financial instruments
Hi Lavourah,
- when you say that you are a “successful forex trader” i assume you mean consistently profitable.
- real money " i assume you mean reaping in the fruits of your labour.
Reaping in the rewards has a lot to do with money management technique. I would like to suggest that you try this. 111122334 positive progression. For example, say you enter every trade with 0.01 lot.
When your account is 2 times the initial amount, continue entering 0.01 lot per trade until your initial account is 4 times the initial amount of your capital. (that is 1111)
After which, you can enter 0.02 lot per trade until your account is 8 times the initial amount.(22)
When your starting capital is above 8 times the initial amount, you can start 0.03 lot per trade until your capital is 14 times the initial amount.(33)
If your equity is above 14 times above the starting amount, you can start entering 0.04 lot per trade until your account reach 18 times the initial capital. (4)
At any point in time when your account decrease to
-less than 4 times you enter 0.01 lot per trade,
-between 4 to 8 times you enter 0.02 lot per trade,
-between 8 to 14 times you enter 0.03 lot per trade,
-above 14 times you enter 0.04 lot per trade
What do you do when your account reach 18 times? I suggest taking out 10 times the amount of your initial capital, and continue trading with 8 times the capital amount as your new starting equity.
With this new starting equity, you start by entering 0.02 lot per trade until this amount is more than 4 times the initial amount. You start 0.04 lot per trade and so on . . .
However, if you are not consistently profitable or using martingale progression when each of your trade is in the red. Then this MM that i suggested is not suitable for you.
- “low budget . . . your almost broke” , i assume your cash flow for daily livelihood is very tight. Now that i do not understand. How can someone who is trying to make ends meet be in a stable state of mind to be consistently profitable. Maybe you are just lying to yourself that you are a “”“successful”"" trader.
Try this meditation technique that i found in youtube to enhance your mind. Search in Youtube for “brain power 15min” and look for "A 15 Minute Mind-Hack to Massively Enhance Your Brain Power and Emotional State: Vishen Lakhiani "
This might just change your life, Best of Luck!!!
:21:
There are some brokers that offer no deposit bonus and contest that you may get money and use it as your capital, just make sure that you have knowledge on how it work so you won’t loss it. Learning is the first thing you need to do before you enter forex trading industry. Manage everything especially your funds so you won’t encounter difficulties when you trade.
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