I’m writing this post out of pure and utter frustration. I don’t even know what to say so I might ramble. I’m stuck. Been studying trading for about a year. Learned a lot. tried trading with my own money back when I had extra to spend in hopes of starting a new life. Well that idea turned to dust. So I kept learning. Now I’m in the army and money isn’t that great but I kept trying. es its a horrible idea to start with only $50 but when its all you got what else can you do? just try. hope you can do it. Either go slow for super long till you have enough to make it or go big and risk blowing it all. Either way… realistically its not gonna happen. I can’t get another job I can’t get out of my contract. all i can do is keep going right? Army messed up my finances now and woohoo. I gotta live off $300 a month the same month I get my wife in my arms after 3 years of being apart talking through cam. I finally get to hold her in my arms for a while and then this happens. Why couldn’t I make it? I trade great in a demo account. I trade consistently I even built my own EA that trades great in AUDUSD it has a lot of potential but it can’t work on a small balance. I’ve gone through the school of pipsology twice and my wife is going through it with me again a third time. Were dedicated to trading and making it work but honestly is it possible to make it with little money? Should we join trading competitions till we win? Has anyone managed to take $50 and grown it into something big enough to live from? I only have one year left in the army and I can’t stand the Idea of renlisting again. I cant stand any more time away from my kids. No education. I have the drive to make it but dang theres no way in hell I can save up the money to actually make the recommended capital. Life is hard and its getting harder by the day dont know If i can actually stick with this. I know its not a get rich scheme but it feels like you have to already be rich to even have a chance. If i had the money that I could afford to loose to start out properly then odds are I wouldn’t need to do it in the first place. I’m just stuck… Any one ever made it please tell me. Because Im really starting to doubt myself here.
Matt
You won’t get enough money to live with trading from just 50$. Or you maybe could do it but it will take years. Of course you can go and try gambling with it but that is a different story.
The best would be to save a little every month and add it up to the trading capital. Can’t you do that?
Also I don’t know where you live and how is the situation there but can’t you find a job nearby your family? there must be something even for people with no education afterall.
Don’t give up and good luck!
Hey man. I think you are going to be disappointed if you start relying on forex. It takes a new trader about a year to master the market and even after that he’ll still be a newbie. So, my advice is that you should just consider your 50$ as a small money to learn and not even think of feeding off it. First you should focus on your trading skills and strategies. Don’t think about the money for now, just make sure your strategies are perfect and continue to follow the market cus it changes everyday. Its going to take you a while to understand many things. So, for now focus on what you receive monthly and trade like you don’t depend on forex and before you know it, your account will increase.
Saving is possible but in the short and long term saving is for other things. I have to prepare for a lot of challenges. Im getting out of the military in about a year. I’m currently stationed in korea. I’m a soldier so getting a second job is almost impossible if not impossible. My wife can’t work for legal reasons. pay just got cut so saving is going to be a huge challenge. I wont give up but… still not sure what to do.
Hi Matt… First off, THANKS for your efforts to secure our Homeland… * Hat tip to you
My Brother is on his 8th tour overseas, ( he’s an OG from 101st-8th level)
Look bro, your here, making an effort!! If there was a way to get rich quick, ( which Forex IS a “get rich quick” scheme) then your at the right place…
I dont care what anyone says, if your trading with less then $50,000— Your chasing a dream, or your using Forex as a hobby to pass time and maybe make a few bucks…
A few principles I have made about Forex,
#1-Entry
#2-Guts
#3-Exit
Thats it…
You prepare for the Entry, you go in fast and heavy, then you get out…
The price moves because of Robots, ( big institutions) that are trading on giant systems, in nanoseconds… We as retail traders have to stick and move, in and out, and call it a day as fast as possible… Be lucky you got out unscathed. Then repeat…
If you can get 20 pips a day, the possibilities are endless… You just have to have the entry,and the guts, to go in and take the pips…
The Entry is crucial, as much as your supporting cast ( $$ )…
My favorite annology i developed on BabyPips, is the Street Crosser… Some are already laughing, I know, lol…
Your on the corner, getting ready to cross a busy street… So, before crossing, you empty out your wallets, but just take $5, and take a shoe off… Then you look both ways, and race across the street safely… Now, your on the other side, with almost none of your money, and 1 dang shoe… But, you safely made it, and you can even leave that $5, incase you get hit by a car on your next trip, you at least have some cash… But now, you have to cross the street again, to grab some more money, and maybe even your shoe, but most likely it wont be both, because you dont want to risk losing it all if a bus blindsides you… Even tho, your approach might be the exact same, the goal is the same, and that is to get to the other side, with a full wallet, and both shoes…
If your trading, you should be precise on entry. If your walking across the street, you better look both ways 5 times… And you shouldnt do either, if your not tentitve on the action…
Im not perfect, Im not rich, Heck, I still havent Made my first $100… SO who Im I to say?
But I will be Wealthy in due time, and you can take that to the bank…
Get off Demo account, throw $20 in Oanda… I do run demo because Im addicted to the action, and have a real account on the side…
Just for numbers, My demo since May 13th, I won 166 out of 169… For a 26% increase, but alot of trades, for entry practice, and exit are all Trailed with 1.5 pips… So I left alot on the table… Should be up around 250%…
My real account in up 19.4% 14 wins, no loses as of right now, since last Wednesday.
Nothing is impossible, until you doubt yourself…
Matt, Dig deep brother, make this your last career, and set your goals extremely high…
[QUOTE=“avilanch2001;492237”]I’m writing this post out of pure and utter frustration. I don’t even know what to say so I might ramble. I’m stuck. Been studying trading for about a year. Learned a lot. tried trading with my own money back when I had extra to spend in hopes of starting a new life. Well that idea turned to dust. So I kept learning. Now I’m in the army and money isn’t that great but I kept trying. es its a horrible idea to start with only $50 but when its all you got what else can you do? just try. hope you can do it. Either go slow for super long till you have enough to make it or go big and risk blowing it all. Either way… realistically its not gonna happen. I can’t get another job I can’t get out of my contract. all i can do is keep going right? Army messed up my finances now and woohoo. I gotta live off $300 a month the same month I get my wife in my arms after 3 years of being apart talking through cam. I finally get to hold her in my arms for a while and then this happens. Why couldn’t I make it? I trade great in a demo account. I trade consistently I even built my own EA that trades great in AUDUSD it has a lot of potential but it can’t work on a small balance. I’ve gone through the school of pipsology twice and my wife is going through it with me again a third time. Were dedicated to trading and making it work but honestly is it possible to make it with little money? Should we join trading competitions till we win? Has anyone managed to take $50 and grown it into something big enough to live from? I only have one year left in the army and I can’t stand the Idea of renlisting again. I cant stand any more time away from my kids. No education. I have the drive to make it but dang theres no way in hell I can save up the money to actually make the recommended capital. Life is hard and its getting harder by the day dont know If i can actually stick with this. I know its not a get rich scheme but it feels like you have to already be rich to even have a chance. If i had the money that I could afford to loose to start out properly then odds are I wouldn’t need to do it in the first place. I’m just stuck… Any one ever made it please tell me. Because Im really starting to doubt myself here.
Matt[/QUOTE]
Sorry to squash your dream Matt, but you will never be able to support yourself solely off trading an account smaller then $25,000. Even that would be tight. If you have an account smaller then this then your main objective is to trade your balance up to this level, which for all essential purposes, is impossible with the starting balance you are talking about.
Take it from an experienced trader… Do not put any hopes into this as a means for bettering your life. Do it because you find it enjoying or challenging, but under your situation, view it as a hobby not a lifeline.
Never fails, lol…
Psssssssssssssssssssss, ZIP
Just did a recount on my demo account, my last 132 trades, 131 winners, lost 1 for 1/5 of a pip, and that was trail stop error due to MT4 lag…
You need more than a thousand dollars to earn a living with forex. Aside from the money, you need working strategies to make profits. I think you have a very long way to go. Don’t rely on Forex for now.
Can you show a draw-down chart with those stats money, or an fxbook equity curve against balance. Looks like low risk martingale approach, or open and hold until in profit? Interesting either way.
what is dis :eek:
Look at the avg time in a trade compared to avg trade in pips…MoneyNVR pls give me the link to full stats + trades! gimme gimme gimme
MAE would reveal that very well also.
Its just demo, but i went back 1 more day, this shows a loss I had, but still had a nice streak going… Attached EA, and all heck broke loose, lol…
ANDDDD for the demo haters, Heres my real account since 5/15 to present
since were going this rout… Is that software or some kind of stats tracking? If we’re digging into software I could rea.ly use some help with mine. My EA is pretty good but it needs some help. getting entries right. Any attempt i make to use moving averages cuts trading volume down huge and also makes it super touchy as in needing constant adjustments. Mind taking a look?
Heres the link to the thread also. http://forums.babypips.com/free-forex-trading-systems/53982-may-cake-trading-system-video.html
To get back to the discussion… I was just venting. Not to quote Star Trek but I don’t believe in no win situations. I’m fighting with finance to get my pay straightened out. I’m dedicated to getting off the ground with forex. I guess I’m not really sure what I’m looking for by shouting out. More or less I guess I just need a mentor. More or less some one who started from literally scratch and can say been there done that and you can make it too. Wondering though if maybe I’m just the first of my breed on here though? Who knows maybe I’m a future FX Men member or at least a success story. If any one has any Ideas on my expert it would be appreciated. Its based on stochastics and relies on the pull backs I know it can work just cant seem to get it right.
Thanks
Matt
Since we have gotten a bit off track, back to the OP. You can fund your account with $50 as plenty of brokers allow you to do so. Having said that, and I could be wrong, I see it as almost impossible to execute a proper strategy with $50 unless you trade a micro or nano account.
Bro, tell me…How would you do this for a month for example with this frequency, if u dont put SL at all…I was never really great at math so explain it to me real slow bro!?And don’t mind the haters!
Oanda has a nano
ok well nano is great however this isn’t going to become a hobby to pass the time while collecting unemployment because I’m too lazy to support myself. I know of a couple places that allow full sized accounts with small initial deposits. As far as being strategic money management is pretty much out the window at least until I get the balance up. That means well calculated entries and careful supervision of all trades. One thing is for sure if i dont try I wont win. If i try and make it i can be a legend because apparently no one has ever accomplished this before or if they have then they dont care to tell about it. Maybe its the soldier in me. I see it like any other struggle. If your as good as dead what else do you have left to do than to try to survive it? if you fail then you fail if you dont then you dont.
Hey Bro, you cant focus on the money value, I pay attention to the percentages. When I get up around $95,000 a day, the target will be the same, of percentage value and not money value, much easier on the mind…