Dropping the leverage saved people thousands upon thousands of dollars. It didn’t ruin forex, it gave you a better perspective of the market.
Live your life and stop worrying. I lost more than $3000 to a scam manager who ran away with my capital. Politicians should hurt for scammers and make life meaningful for the citizens. BTW majority of traders loose due to greed and high volatility in it. I am studying hard to recover my lost capital 3 years ago and in the next 3 months, I start live trading with about $100. Gradually I will make my way to 3k and then may say bye to forex, afterall, it is not for EVERYBODY.
I’m interested mastergunner99,
What do you think you could reasonably turn $50 into trading for a month?
I beg to differ, if you have strong odds in your favor in a trade the higher leverage allows you to make more money.
IF you are experienced and only trade with the odds in your favor then your wins will always cover your losses no matter how high the leverage is so in the end the politicians ruined forex by reducing your ability to make more money.
Looks like this thread has been pretty quiet but how about start from anywhere between 1000-5000$ and aim for 10000$. I think it would be a little less ambitious that way of course still allowing you to risk less than starting off from 50$ and aiming for 10000$. As with other posters I agree if you choose the latter more likely you will fail. I said more likely maybe 90% ? if thats the case why would you still want to risk while you’ve got only 10% on your side. If 50$ is not a big deal and im pretty it isnt for many of us. But think about the time and effort that you will be putting in to grow 50$ into 10000$ which is very unlikely and think about the emotional psychological consequences that will have on your future trades.
Is this really from 2012? Well I just came across it today, August 3, 2021.
I don’t use the strategies shown all over the internet, my way is to get in quick and get out quick. But it requires a lot of focus and being attached to the platform every second to watch the prices go up or down.
What I have noticed is that you will make money either way, if it goes up, buy it, if it goes down then sell it.
Either way you will make a few bucks. And that is what I have done. No, I did not get large amounts, but I have in one day of trading made $10 from my $20 investment.
What I did was look at the rates to see which currency pair was moving the most, if it went down more than up then I sold, if it was going up more than down then I bought. It did not matter to me the currency pairs. Yes, I made money when it went down because I had decided to sell before I made the trade, the same when it was going up.
But I had to sit glued to the app to watch it so that when it did go in my direction, I closed it as soon as it hit a few dollars or cents.
Don’t ever allow it to go over a few cents because then you risk losing more. Set a range that you feel comfortable in, don’t ever go beyond it even if you lose a few dollars or cents, because you need to control your own money.
But the number one thing I have learned is to not panic. If you see it going in the opposite direction but you see a history of it quickly coming back, hold on as it is still within your range. And don’t worry, even if you lose a few dollars on one trade, you still have the original investment so keep that in focus.
This is not for big time trading with a lot of money, because you don’t have that kind of money. But even if you did, you still have to set range limits. This is not like betting on lottery tickets, those do not have the same risk as you can’t watch the history of the numbers, it is too random.
I do have to take into consideration what is going on in the country for the currency being traded. For instance, last winter Hungary was having a lot of problems with people freezing to death because electricity was becoming too expensive. That meant the Hungarian Florint was not very valuable. You have to pay attention to these things.
But remember, what goes up must come down, and what comes down will go up, eventually. And that is my advice for making small gains on small investments. It will take time and a lot of effort and attention. This is probably not what experts want you to know, but the truth is, if you do it right, you will make money going up or going down. You just have to know when to buy or sell.
If you don’t have the time to scalp then don’t try. And don’t go beyond what you can afford. But if you want big gains, then get a whole bunch of money to lose, because the few cents or dollars in your range for the small money could be hundreds or thousands in the big money.
Stay with the small gains on small money, it might take a long time, but a dollar a day gained is better than a dollar a day lost.