I’ve been reading and reading and practicing and practicing on demo accounts, micro accounts, Oanda, learning about charts, indicators and it’s very exciting but I have a question, I read in the school of pipsology that realisticaly you need maybe $50k to $100k to be successful, is this true? or is this geared towards being a millionaire in a short time? I was planning on practicing as much as possible in demo accounts and after feeling confident I would invest $500 and continue investing as my knowledege got better doing this in a very disciplined way maybe risking from 2% to 5%, now having said that. Does that mean it will take me many years to see any sizable return? This is where I’ll like to know your input? will it be depending on the risk involved, the capital?
I’ve only read about two or three success stories on forex forums. One, he started with $30,000 and another with around $300,000.
Threads asking for people who made $X into $Y, or just made ANY long-term profit, are very common, and there’s never ever an encouraging answer.
With regards to how long it would take to build up your account, see this post I made recently:
If you can net 100 pips per week then you’re doing extremely well. Not many people manage that, though.
The main failure in all under-funded accounts is “discipline”, trying to
expand the account unnaturally, in fact gambling. Invest your $500 &
trade responsiibly, 1 cent a pip until you know your system inside &
out. At the same time adding to the account level similar to a savings
account, then as the account level grows, increase your stake.
Always follow the 2 to 5% rule, do not get over confident, the forex
market is just waiting for that to “kick you in the butt”
Thank you for the input, I’m seeing a much clearer picture. Something off the subject, how come my original thread is at the end, do I have to do something to fix it.
Perhaps starting with $500 will make you work harder and will mean to have a bit less opportunities, in my view and it happened to some friends that invested in Tradeviewforex the ideal minimum to start is $5000 but if is not possible to start like that start in the way possible for you but know that a fundamental could duplicate your investment in minutes, or it could put you out of business.